Why is there a diference?

[Copedawg]

Why is there a diference?

Exchange Rates

The 819 daily currency auction was held in the Central Bank of Iraq day Tuesday 2006 / 12/ 5 so the results were as follows :

Details Notes
Number of banks 9 -----
Auction price selling dinar / US $ 1429 -----
Auction price buying dinar / US $ 1427 -----

(then below)

Daily price Bulletin buying and selling Tuesday 2006/12/5

Currency
Currency Code
Selling Price In IQD 1430.000
Buying Price In IQD 1429.285

[PegBundy]

Any kiosk will buy back currency at a lower rate than they would sell it. Same example with a car dealership - buy it low and mark it up.

[Copedawg]

So the price up top is what CBI sells and buys?
and the price on the bottom is what banks sell and buy?

[cnbmis]

I'd put it like this -- the top half of the daily CBI "Exchange Rates" page is what actually took place in their auction to member banks. The lower half is there to show more of a market-type reference not only for the USD, but various other currencies. This could also be seen as a wholesale versus retail thing (I think) -- though the two are obviously quite close.

As the text towards the bottom of the CBI page says, the chart in the lower half "does not from any commitment on the Central Bank of Iraq"

It does, however, give us all some interesting numbers to look at and chart (if you have nothing better to do with your time like me :) )

Chris :)