Iraqi Central Bank External Transfers Reach 94% of Total Sales
In a recent auction, the Iraqi Central Bank reported that external transfer transactions accounted for more than 94% of its overall sales.
During today’s auction, the bank facilitated sales amounting to $285,860,624, applying an exchange rate of 1,310 Iraqi dinars per dollar for documentary credits and international electronic cards. A slightly different rate of 1,305 dinars per dollar was utilized for cash transactions.
External remittances represented a significant portion of these sales, totaling $271,260,624 or 94.83% of the overall sales volume. In contrast, cash dispensing saw a lower figure of $15,600,000.
The auction revealed that a single bank participated in purchasing the monetary dollar, while six banks fulfilled requests for augmenting foreign balances. Additionally, 19 exchange companies were involved in this auction.
Summary of Auction Results
| Type of Transaction | Amount (USD) | Percentage of Total Sales |
|---|---|---|
| External Remittances | $271,260,624 | 94.83% |
| Cash Withdrawals | $15,600,000 | 5.17% |
| Total Sales | $285,860,624 | 100% |
This distribution highlights the continued strong demand for external remittances within Iraq’s banking sector, reflecting shifting preferences among banks and customers in their approach to foreign currency transactions.
