ECONOMY: Central Bank of Iraq closes its weekly session with huge sales drop

[E. 1999]

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) has closed its weekly

sessions for the sale and purchase of foreign currencies on Thursday with a sharp

drop in its auction for the second continuous day, to reach 4 millions and 321,000

US dollars, on an exchange rate of 1,166 dinars per dollar, the CBI's daily bullet

reported.

"The total demand on the US dollar has reached 4 millions and 321,000, covered

by the CBS on an exchange rate of 1,166 dinars per dollar, whilst the Wednesday sales

had reached 3 millions and 250,000 dollars, compared with the Tuesday sales that

exceeded 199 million dollars, which is an average for the CBI's daily sales since the

beginning of the current month, due to the drop caused in Iraq due to the events in

Syria and the transfer of the merchants to re-export for Syria, according to the CBI's

statements and the impact of the recent economic sanctions against Iran.

The CBI's sales were distributed on cash sales for 500,000 dollars, on an exchange

rate of 1,179 dinars per dollar, including the Bank's interest rate of 13 dinars per

dollar, whilst the foreign transfers have reached 3 millions and 821,000 dollars, on

an exchange rate of 1,179 dinars per dollar, including the CBI's interest of 13 dinars

per dollar .

The CBI's bulletin repeated its daily comment that none of the banks that attended

its sessions, including the 4 banks that attended today's session had offered a single

dollar for sale.

The CBI holds 5 weekly sessions for the sale and purchase of foreign currencies,

beginning on Sunday and ending on Thursday, charging 13 dinars per dollar as its

interest on cash sales, whilst it also charges 13 dinars per dollar for its foreign

transfers.

SKH (ST)

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