The demand hit $70,000 in cash and $12.730 million in money transfers outside the country, all covered by the bank at an exchange rate of 1,216 Iraqi dinars per dollar, unchanged for the tenth session in a row," according to the central bank's daily bulletin.
The 7 banks participating in the auction, the lowest number in 2007, offered to sell $1.390 million, which the bank bought at an exchange rate of 1,214 Iraqi dinars per dollar.
Speaking to VOI, Ali al-Yasseri, a trader, attributed the poor participation of banks during the session to their busyness with the annual balance sheets and final statements of account, which he said will last until the beginning of 2008.
Describing the current recession as "temporary," al-Yasseri envisioned an increase in the overall volume of dealings by tomorrow.
The Iraqi Central Bank runs a daily auction from Sunday to Thursday.(Source)VOIraq