Iraqi Dinar Value - What Does The Future Hold?

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The Iraq Central Bank's sales exceeded 2 billion dollars in February
March 04, 2009

The Iraq Central Bank's adviser Mudhir Mohammed Saleh stated with regard to the high volume of sales during last January as "a result for the new contracts being concluded by traders for the importation of various types of goods in the first month of the year as well as the decline in commodity prices globally which urged importers to buy more."

Regarding the reasons for stabilizing exchange rates throughout the month of February he said "because of world prices declining of imported goods, which would give a value of Iraqi dinar against the dollar, even if we did not raise the value."

The sales were distributed on total cash demand of $ 561 million and 600 thousand dollars at the exchange rate 1176 dinars per dollar, which includes the commission of the Central Bank amounting to six dinars per dollar.

While foreign remittances recorded a size of request amounted to one billion and 801 million and 958 thousand dollars, at an exchange rate of 1173 dinars per dollar, inclusive of the Central Bank's commission amounted to three dinars per dollar.

While the daily demand recorded of 124 million and 397 thousand dollars during the 19 sessions were held during February, lower than last December which recorded 179 million and 698 thousand, during 17 sessions.

None of the February's meetings witnessed any offers for selling dollar by the contributing banks in the auction.

The central bank holds an auction of five sessions weekly from Sunday to Thursday for the sale and purchase of foreign currencies, and receives a commission for the cash sale amounted to six dinars per dollar, and a commission of three dinars per dollar for the remittances outside the country.(Source)AlSabah