CBI sells US$192 million in its Sunday auction

[rockhound60]

CBI sells US$192 million in its Sunday auction

12/18/2011 6:52 PM

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) has sold in its Sunday opening auction's session US $192 million, at an average exchange rate of 1,170 dinars per dollar, exceeding its previous session of 142 million dollars, according to CBI's daily bulletin.

"The total size of the demand on the US dollar had reached 192 millions and 939,000, covered by the CBI on an exchange rate of 1,170 dinars per dollar, whilst its sales in its previous session had registered 142 millions and 134,000 US dollars," the bulletin stressed.

"The auction's sales were distributed on 24 millions and 332,000 dollars, on an exchange rate of 1,170 dinars per dollar, along with the CBI's commission of 13 dinars per dollar, whilst none of the banks, including the 24 banks that attended the day's auction had offered a single dollar for sale.

The CBI holds 5 auctions per week, beginning on Sunday and ending on Thursday, for the sale and purchase of foreign currencies, charging a 13 dinar interest per dollar, along with 13 dinars per dollar for its foreign transfers.

SKH (TP)/SR

http://en.aswataliraq.info/(S(utkak1aquw55dy45s03kwj55))/Default1.aspx?page=article_page&id=146075&l=1

[zigmeister]

Interesting it appears they had a good day at the auction.

[Matt330]

If Iraqis don't trust that their dinar is worth 1/1170 of a dollar, why on earth would they trust it to hold a 1 to 1 value?