The bulletin issued by the Bank on the status of the auction showed that 17 million, 380 thousand dollars were cash purchase orders, while 51 million, 610 thousand dollars were in the form of remittances outside the country. They were fully covered by the Bank at an exchange rate of 1260 iraqi dinar, one point above yesterday's rate of 1259 iraqi dinars; this is the first exchange rate increase in more than two months.
None of the 15 banks participating in the auction made any offers to sell dollars to the Bank.
Ali Al-Yasiri, a dealer with the bank, explained that dealers waited for depreciation of the exchange rate to make remittances and buy quantities of foreign currency, but the opposite development led to increased late transactions yesterday once they knew the rate would not fall throughout today and tomorrow.(Source)Brian Hall