CBI sells $501m this week, lowers exchange rate by 1 point

BAGHDAD / IraqiNews.com: Total demand on the dollar went up during the two Central Bank of Iraq (CBI) sessions this week to hit $501.945 million while decreased the Iraqi dinar’s exchange rate versus the dollar by one point to settle at 1,171 per dollar. Total dollar sales during last week’s sessions had reached $380.705 million at an exchange rate of ID1,172 per one dollar. Two sessions were held this week out of five usually held on a weekly basis from Sunday to Thursday. Sunday (Jan. 4) coincided the closing of balance sheets while Tuesday (Jan. 6) and Wednesday (Jan. 7) were official holidays celebrating the Army Day and Ashuraa respectively. Total demand on cash this week hit $169.885 million at an exchange rate of ID1,177 per dollar, including the CBI commission of ID6 per each dollar. This week’s total foreign transfers demand registered $332.060 million at an exchange rate of ID1,174 per dollar, including the CBI commission of ID3 per each dollar. AmR (P) 1