Current Trends in Iraq’s Foreign Currency Auction
Today, the Central Bank of Iraq reported an impressive 94% of external transfers in its hard currency auction.
In the latest auction, the bank facilitated sales amounting to $292,546,760, utilizing a primary exchange rate of 1310 dinars per dollar for documentary credits and electronic card international settlements. This same rate applied to external transfers, while cash transactions were priced slightly lower at 1305 dinars per dollar.
Auction Breakdown
The majority of today’s dollar sales were directed towards enhancing foreign balances through transfers and credits, totaling $277,246,760—representing 94.58% of the total sales. Cash withdrawals accounted for a modest $15,300,000.
From this auction, only one bank participated in cash dollar purchases, while seven banks engaged in operations to boost foreign balances. Overall, the auction featured participation from 15 exchange companies.
Summary of Sales Data
| Transaction Type | Amount (USD) | Percentage (%) |
|---|---|---|
| Foreign Transfers | $277,246,760 | 94.58% |
| Cash Withdrawals | $15,300,000 | 5.42% |
| Total Sales | $292,546,760 | 100% |
This recent auction reflects robust activity in Iraq’s foreign exchange market and highlights the ongoing demand for dollar access, primarily aimed at bolstering international trade and transactions.
