Surge in dollar demand in CBI auction

BAGHDAD / IraqiNews.com: Demand for the dollar was remarkably higher at the Central Bank of Iraq (CBI) auction on Monday, registering at $221.33 million, compared to $68.86 million in the previous session. “The demand hit $60.33 million in cash, covered by the bank at an exchange rate of 1,179 Iraqi dinars per dollar; and $161 million in foreign transfers outside the country at an exchange rate of 1,176 Iraqi dinars per dollar,” according to a release issued by the CBI. None of the 13 banks that participated in the session offered to sell dollars. The Central Bank of Iraq runs a daily auction from Sunday to Thursday. SS (P) 1