Iraqi Central Bank Auction Sees External Transfers Exceeding 95%
In a recent auction held by the Iraqi Central Bank, external transfers comprised over 95% of the total transactions. The auction results indicated robust activity, with a total of $291,927,533 in dollars sold.
The Central Bank facilitated this sale at a fundamental exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards. For external transfers, the rate was slightly more favorable at 1,305 dinars per dollar.
A significant portion of the dollar sales was directed towards bolstering foreign balances through transfers and credits. This amounted to $278,427,533, representing a notable 95.32% of total sales. In contrast, requests totaling $13,500,000 accounted for the remaining transactions.
It is noteworthy that only one bank participated in buying the monetary dollar, whereas six banks were involved in fulfilling requests aimed at enhancing foreign balances. The auction was supported by the participation of 16 exchange companies.
This auction reflects the ongoing efforts of the Central Bank to effectively manage currency flows and support the economic objectives of Iraq.