Central Bank of Iraq’s Daily Auction Sees Strong External Currency Activity
On Wednesday, external transfers accounted for a remarkable 95% of the total sales registered by the Central Bank of Iraq during its daily auction.
The Central Bank reported sales amounting to $288,620,427 at an exchange rate of 1,310 dinars per dollar for documentary credits and international settlements associated with electronic cards and external transfers. For cash withdrawals, the rate was slightly lower at 1,305 dinars per dollar.
The breakdown of these sales indicates that a significant portion was allocated to bolster foreign balances via transfers and credits, totaling $276,320,427, which represents 95.65% of the overall sales. By contrast, cash withdrawals comprised a modest $12,300,000.
Notably, our correspondent observed that only one bank engaged in buying the monetary dollar, while five banks processed requests focused on enhancing foreign balances. In total, 13 exchange companies participated in the auction, showcasing a robust involvement in currency trading activities.
| Transaction Type | Amount (USD) | Exchange Rate (Dinars/USD) |
|---|---|---|
| Total Sales | $288,620,427 | $1,310 for Transfers/Credits |
| Cash Withdrawals | $12,300,000 | $1,305 for Cash Withdrawals |
| External Transfers & Credits | $276,320,427 |
This concentration of sales in external transfers underscores a significant trend in the Central Bank’s daily operations, highlighting its focus on international financial engagements.
