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Friday, May 6, 2011

iraqi dinar news may 5 2011

Central bank of iraq sells $20 million at an exchange rate of 1170 Iraqi dinar on Monday May 05, 2011

  • "The demand hit $3.999 million in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $16.937 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.
  • None of the 6 banks that participated in today’s session offered to sell dollars.
  • The Central Bank of Iraq runs a daily auction from Sunday to Thursday. (Source)Aswat Iraq

Central bank of iraq sells $12 million an exchange rate of 1170 Iraqi dinars on Wednesday May 05, 2011

  • "The demand hit $6.836 million in cash today, covered at an exchange rate of 1,183 Iraqi dinars per dollar, and $6.097 million in foreign transfers outside the country, covered at an exchange rate of 1,183 Iraqi dinars per dollar," according to a CBI news bulletin received by Aswat al-Iraq news agency.
  • None of the 12 banks that participated in today’s session offered to sell dollars. The Central Bank of Iraq runs a daily auction from Sunday to Thursday. (Source)Aswat Iraq

Iraq cabinet okays $37 billion for infrastructure
  • The cabinet's plans, which must now be approved by parliament, are the latest in efforts by the government to placate protesters who have railed against poor public services and a lack of improvement in their daily lives, eight years on from the US-led invasion that ousted Saddam Hussein.
  • "The total cost of the proposed development programme is estimated at $37-billion spread over various vital sectors," government spokesman Ali al-Dabbagh said in a statement.
  • The allocated funds will be spread over several years, he said.
  • The draft law to authorise the investment has been languishing for more than a year, with Maliki having initially proposed it before March 2010 election.
  • Opposition parties at the time objected to it, viewing it as a pre-election spending spree to lure voters.
  • Of the areas that will receive investment, the biggest commitment is to transport infrastructure, with $10 billion worth of spending planned, with an additional $1.5 billion for highways.
  • Three separate allocations of $5 billion each were made for education, water and sewage, and agriculture. Another $3 billion was committed for health infrastructure, and a further $2 billion for higher education.
  • Much of Iraq's infrastructure remains in a poor state, with little investment having been made into the country since Saddam's 1980-1988 war with Iran.
  • Shortly after that war, Saddam invaded Kuwait in 1990, which led to more than a decade of international sanctions, followed by the 2003 US-led invasion ousted him.(Source)Zawya
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