Central Bank of Iraq Achieves Significant Dollar Sales
On Thursday, the Central Bank of Iraq reported robust sales of hard currency, exceeding $300 million. The bank’s auction revealed total sales amounting to $307,931,825.
Exchange Rates and Transaction Details
The currency auction was conducted at a foundational exchange rate of 1,310 Iraqi dinars per dollar for documentary credits related to international settlements involving electronic cards. The same rate applied to external transfers, while cash transactions were executed at a slightly lower rate of 1,305 dinars per dollar.
Allocation of Dollar Sales
A significant portion of the dollar sales was allocated to enhancing foreign balances through transfers and credits, which totaled $290,581,825—accounting for 94% of the overall sales. This marks a notable increase compared to the $17,350,000 allocated for different uses.
Participation and Activity
In terms of participation, only one bank purchased the monetary dollar, whereas eight banks facilitated requests for strengthening foreign balances. Additionally, ten exchange companies were involved in the auction process.
The Central Bank’s strategic currency management efforts continue to serve as a critical mechanism in stabilizing the Iraqi economy and fostering international financial connections.
