CBI Weekly Report

[Carrello]

ECONOMY: Central Bank of Iraq (CBI) sells US$279 million in its Thursday hard currency exchange

1/5/2012

BAGHDAD / Aswat al-Iraq: The Central Bank of Iraq (CBI) has closed its weekly session for sale and purchase

of foreign currencies with selling 279 million US dollars, on an exchange rate of 1,170 Iraqi dinars per

dollar, a figure higher than the previous session that sold 248 million dollars, the CBI's daily bulletin

reported.

"The total size of demand on the US dollar has reached 279 millions and 100,000, covered by the CBI on an

average exchange rate of 1,170 dinars per dollar, whilst the Bank's sales for Wednesday session had reached

248 millions and 305,000 dollars," the bulletin stressed.

It pointed out that the "cash sales had reached 13 million dollars, on an exchange rate of 1,183 dinars per

dollar, with the CBI's interest of 13 dinars per dollar, whilst the foreign transfers reached 266 millions and

100,000 dollars, also on exchange rate of 1,183 dinars per dollar, including the Bank's interest of 13 dinars

per dollar." The bulletin repeated its daily comment that none of the banks that attend its sessions,

including the 25 banks that attended today's session, have presented any dollar for sale.

The Central Bank of Iraq holds 5 weekly sessions, beginning on Sunday and ending on Thursday for

sale and purchase of foreign currencies, charging 13 dinars per dollar interest, along with another 13

dinars per dollar for its foreign transfers.

[zigmeister]

Thanks Ms. C.....looks like a prosperous week for CBI.

[yota691]

bump

[Abarvets]

Interesting, thanks Carrello!

[zigmeister]

It pointed out that the "cash sales had reached 13 million dollars, on an exchange rate of 1,183 dinars per

dollar, with the CBI's interest of 13 dinars per dollar, whilst the foreign transfers reached 266 millions and

100,000 dollars, also on exchange rate of 1,183 dinars per dollar, including the Bank's interest of 13 dinars

per dollar." The bulletin repeated its daily comment that none of the banks that attend its sessions,

including the 25 banks that attended today's session, have presented any dollar for sale.

Read more:

Here it is again, these auctions are exchanging cash not electronic cash. So they are pulling in the physical currency.

[MovieMaker]

Here it is again, these auctions are exchanging cash not electronic cash. So they are pulling in the physical currency.

NICE! And Thanks Carrello

[kaRV]

Looks like only $13 million was cash and the rest was electronic though.

[zigmeister]

Central Bank announces rise in Iraq's reserves of foreign currency

6.1.2012 | (Voice of Iraq) - Add comments - Sumerian News / Baghdad said the Iraqi Central Bank, on Thursday, the high foreign currency reserves to $ 60 billion, for the first time in the history of Iraq, while stressing its ability to curb inflation if What arrived in two places decimal places, it was considered that the current levels do not raise concern. The deputy governor of the Central Bank of the appearance of Mohammed Saleh in an interview for "Alsumaria News", "The central bank's reserves of foreign currency amounted to $ 60 billion for the first time in the history of Iraq," noting that "reserves the highest previously recorded year-end 2010 and arrived in time to the $ 50 billion, while the recorded beginning of September of the year 2011, up reserves reached $ 58 billion." Saleh added that "high reserves would strengthen the value of the Iraqi currency," he said. " rise in central bank reserves will increase confidence in local currency and increases stability. " Meanwhile, Salih stressed that "the Bank was able during the last period of trade finance to the private sector and to maintain market stability and to curb high inflation that existed during the periods of the past," noting that "inflation in the the country does not raise concerns under control and within the policy of price stability that make the increases in the market are reasonable. " Saleh indicated that "reserves the strong hard currency makes bank is able to curb inflation in the moments when it arrived in inflation to two places decimal places," asserting that "the Bank able during the month of January of last year to reduce inflation to 3% rise gradually to about 7% in August to return to fall back to less than 6% through the end of last year. " The Ministry of Planning announced in the 18 a month December 2011, a rise in annual inflation index during the last November, by 5% compared with same month of last year, and higher monthly indicator slightly by 0.1% compared to last October. The central bank held the Iraqi daily sessions for the sale and purchase of foreign currency with the participation of Iraqi banks, except for public holidays on which depends the World Bank for these auctions, and sales are either cash, or in the form of money orders sold abroad in return for a certain commission.

You might be right, but this was the article that really caught my attention.