iraqi dinar news jan 10 2012

iraqi dinar news jan 10 2012 - Central bank of iraq sells US$198 million worth of iraqi dinar in its Monday auction : "The CBI's cash sales on Monday had reached 29 millions and 500,000 US dollars, including the Bank's interest of 13 dinars per dollar, whilst the foreign transfers had reached 169 millions and 500,000 dollars, on an exchange rate of 1,183 dinars per dollar, including the Bank's interest of 13 dinars per dollar," the bulletin pointed out, adding that none of the 22 banks that shared in today's auction had offered a single dollar for sale in today's auction," it stressed.

The CBI holds 5 auction sessions per week, beginning on Sunday and ending on Thursday, charging an interest of 13 dinars per dollar for its cash sales and another 13 dinars per dollar for its foreign transfers.

Central banks as well as investors have lost their faith in currency markets after the turmoil in the USA in 2008 and Europe in 2011. The USA and some of the European countries have a huge trade deficit and are bound to grow at a very slow rate. The USA has a debt of nearly $15 trillion and a current account deficit of over $110 billion. Near zero interest rates have so far been ineffective. Even flooding the markets with free money by the Federal Reserve, the Bank of England and the European central bank has failed. The Federal Reserve has said in 2011 it will protect large US corporations from failing in the future. In 2008 they conceptualized the concept of “too big to fail” for USA banks and financial corporations. Europe, USA and the UK, all the champions of capitalism and capitalism based democracy, are resorting to protectionism in some form or the other. For the latest updates on the stock market, visit Stock Market Today

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