Dollar demand plunges in CBI auction

Al- Misr? al-Yawm, August 8, 2008 BAGHDAD / IraqiNews.com: Demand for the dollar was significantly down at the Central Bank of Iraq (CBI) auction on Sunday, registering at $68.86 million, compared to $120.475 million in the previous session. “The demand hit $20.61 million in cash, covered by the bank at an exchange rate of 1,179 Iraqi dinars per dollar; and $48.25 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 10 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)/SR 1