Central Bank of Iraq Achieves Significant Dollar Sales in External Remittance Market
The Central Bank of Iraq has reported that its sales today accounted for over 97% of total external remittances. The latest auction revealed a sales figure of $287,406,857, with transactions priced at a foundational exchange rate of 1,310 Iraqi dinars per dollar for documentary credits and international electronic card settlements. In cash transactions, the exchange rate was slightly lower at 1,305 dinars per dollar.
A significant portion of the dollar sales—amounting to $278,556,857, or 97.49%—was allocated to enhancing foreign balances through transfers and credits. In contrast, cash withdrawals totaled only $7,850,000.
In this auction, only one bank participated in cash transactions, while nine banks facilitated requests for enhancing foreign balances. Additionally, thirteen exchange companies were involved in the auction proceedings.
| Transaction Type | Amount (USD) | Exchange Rate (IQD/USD) |
|---|---|---|
| Total Sales | $287,406,857 | 1,310 |
| Cash Transactions | $7,850,000 | 1,305 |
| Transfers and Credits | $278,556,857 | 1,310 |
This snapshot of the Central Bank’s operations underlines the critical role it plays in facilitating external remittances and sustaining liquidity in the foreign exchange market.
