BAGHDAD, Dec. 15 (Xinhuanet) -- The Iraqi Central Bank has succeeded in maintaining the exchange rates of the Iraqi dinar against the US dollar and other foreign currencies, despite a huge demand for the dollar by the market, the Al Mashriq newspaper reported Wednesday.

    "The bank sold yesterday 25.6 million dollars with 1,460 dinars against one dollar," said sources of the bank, adding that the money was sold through public auction and 14 banks participated in the transaction.

    Sinan Al Shibibi, governor of the Central Bank, was quoted as saying that lowering debts, according to an agreement of the Paris Club, would help Iraq's reconstruction, which would increase demandfor foreign currencies to meet the needs of development.

    The exchange rate of the Iraqi dinar against the dollar fluctuated between 1,450 and 1,460 dinars for one dollar, and the bank's move to sell a large amount of US dollars in the public auction would seek a balance between supply and demand in the market. Enditem