CBI sells $861m, lowers exchange rate 1 point

BAGHDAD / IraqiNews.com: Total demand on the dollar went down at the Central Bank of Iraq (CBI) auctions this week to reach $861 million with an exchange rate that was less one point at 1,170 Iraqi dinars (ID) compared to last week’s. The CBI sales last week hit $1.106 billion while the exchange rate was stable at ID1,171 after it was decreased by one point compared to the previous week. The demand reached $129.260 million in cash at an exchange rate of ID1,176, while foreign transfers hit $731.765 million at an exchange rate of ID1,173. “The CBI policy in its foreign exchange sessions hinges on fixing and enhancing the Iraqi dinar’s rate versus the dollar in a bid to face the inflation pressures,” CBI advisor Madhar Muhammad Saleh told IraqiNews.com news agency. The CBI holds five weekly foreign exchange sessions from Sunday to Thursday. AmR (P) 3