Central Bank of Iraq’s Currency Auction Insights
On Sunday, the Central Bank of Iraq reported that external transfers constituted over 93% of its hard currency auction sales. During today’s auction, the bank sold a total of 293,340,631 USD, utilizing a fundamental exchange rate of 1,310 Iraqi dinars per dollar for documentary credits and international settlements completed via electronic cards. Furthermore, an exchange rate of 1,310 dinars per dollar was applied to external transfers, while cash withdrawals were priced at 1,305 dinars per dollar.
The bank indicated that the majority of dollar sales were directed towards enhancing foreign balances in the form of transfers and credits, totaling 275,440,631 USD, which represents a substantial 93.82% of the total sales. In contrast, cash withdrawals amounted to only 17,900,000 USD.
Additionally, it was noted that only one bank participated in purchasing monetary dollars, while five banks responded to requests for enhancing foreign balances. The auction included participation from a total of 23 exchange companies.
| Description | Amount (USD) | Exchange Rate (IDR) |
|---|---|---|
| Total Auction Sale | 293,340,631 | 1,310 |
| Total External Transfers | 275,440,631 | 1,310 |
| Total Cash Withdrawals | 17,900,000 | 1,305 |
| Participating Banks for Dollar Purchases | 1 | |
| Participating Banks for Balances Abroad | 5 | |
| Total Exchange Companies | 23 |
