Central Bank Auction Highlights Significant Foreign Currency Transfers
On Thursday, the central bank reported that external transfers accounted for over 93% of its foreign currency auction, underscoring strong demand in the market.
According to the central bank’s latest figures, a total of $292,561,679 was sold during today’s auction. This transaction was facilitated at a base exchange rate of 1,310 Iraqi dinars per U.S. dollar for documentary credits and international electronic card settlements. The same rate applied to external transfers, with a slightly advantageous rate of 1,305 dinars per dollar for cash transactions.
A substantial portion of the dollar sales, approximately $274,561,679, or 93.43%, was directed towards enhancing foreign balances through transfers and credits. In contrast, cash withdrawals amounted to just $18 million.
Our analysis indicates that only one bank participated in purchasing monetary dollars, while eight banks were active in meeting foreign balance enhancement requests. Additionally, a total of 21 exchange companies took part in the auction.
Summary of Central Bank Auction Data
| Category | Amount (USD) | Exchange Rate (IQD/USD) |
|---|---|---|
| Total Sales | $292,561,679 | 1,310 |
| Foreign Transfers | $274,561,679 | 1,310 |
| Cash Withdrawals | $18 million | 1,305 |
| Participating Banks | 8 | N/A |
| Buying Banks | 1 | N/A |
| Exchange Companies | 21 | N/A |
This uptick in auction activity indicates ongoing confidence in foreign currency availability and highlights the central bank’s continued role in stabilizing the Iraqi dinar.
