CBI sells $715m in auctions this week

BAGHDAD / IraqiNews.com: Total demand on the dollar went down slightly in the Central Bank of Iraq (CBI) auctions this week, reaching $715.729 million compared to last week’s $739.873 million at a stable exchange rate of 1,170 Iraqi dinars (ID) per dollar for the 20th week in a row. CBI monetary sales nosedived during the second half of April and the first half of May, blamed by experts on the CBI’s stringent measures of requiring additional official documents. “The demand hit $222.160 million in cash, covered by the bank at an exchange rate of 1,176 Iraqi dinars, compared to $206.890 million last week, while foreign transfers outside the country reached $493.569 million against $532.983 million, covered at an exchange rate of 1,173 Iraqi dinars per dollar,” according to a CBI news bulletin received by IraqiNews.com news agency. The Central Bank of Iraq runs a daily auction from Sunday to Thursday. AmR (P) 1