Sudden rise in US dollar prices in Iraqi market (this is strange?)

4/4/2012 5:11 PM
BAGHDAD/ Aswat al-Iraq: US dollar price increased in the Iraqi market in a sudden move to reach 122.6 dinars for each dollar, while the Central Bank of Iraq (CBI) announced no sales of foreign currency unless it received a tax clearance from the company and the documents for covering trade remittance.

Following CBI new regulations, the price of the dollar jumped to… reach 1260 for each dollar, compared to 1240 dinars per dollar during the last two months.
Adviser of the CBI Mudh’hir Mohammed Saleh informed Aswat al-Iraq that the bank will not cover trade remittances unless has the tax clearance for the amount to be used for trade purposes.
He added that these regulations are intended to preserve Iraqi foreign currency.
 Today’s CBI dollar auction reached 90 million dollars in comparison to yesterday’s which reached to 238 million dollars.