Central Bank of Iraq Records Over $300 Million in Daily Auction Sales
The Central Bank of Iraq reported significant activity in its daily auction on Monday, with total sales surpassing $300 million. The exact figure reached $301,529,539.
Auction Details
The sales were conducted at an exchange rate of 1,310 dinars to the dollar for documentary credits and international settlements involving electronic cards. For external transfers, the same exchange rate applied, while cash sales were recorded at a slightly lower rate of 1,305 dinars per dollar.
Allocation of Sales
A majority of the auction sales, amounting to $278,079,539, were directed toward enhancing foreign balance reserves through transfers and credits. In contrast, cash withdrawals accounted for $23,450,000.
Participation and Demand
In terms of participation, only one bank engaged in purchasing dollars in cash. However, six banks facilitated requests for bolstering foreign balance reserves, and a total of 29 exchange companies took part in the auction.
This robust performance in the Central Bank’s auction underscores ongoing efforts to stabilize and manage Iraq’s foreign currency reserves effectively.
