Banking and FinanceCurrencies

Iraq’s Dollar Remittances Surge Over $281 Million in One Day

Central Bank of Iraq’s Dollar Auction Activity Surges

In a recent auction facilitated by the Central Bank of Iraq, external remittances in U.S. dollars reached an impressive 94% on Monday. The bank reported total sales in the auction amounting to $297,459,852, utilizing a primary exchange rate of 1,310 dinars per dollar for documentary credits and international transactions through electronic cards.

For external transfers, the exchange rate remained consistent at 1,310 dinars per dollar, while cash transactions were processed at a slightly lower rate of 1,305 dinars per dollar. The auction’s data revealed that the majority of dollar sales were allocated to bolstering foreign balances through transfers and credits, totaling $281,409,852. This represented approximately 94.31% of the total sales, in contrast to monetary withdrawals, which accounted for $16,050,000.

Analysis of the auction’s participants indicated that only one bank engaged in cash dollar purchases, whereas six banks were involved in requests for enhancing international balances. The total number of exchange companies participating in the auction reached 19.

Transaction Type Amount (USD) Exchange Rate (IQD/USD)
Total Sales $297,459,852 1,310
External Transfers and Credits $281,409,852 1,310
Cash Transactions $16,050,000 1,305

This auction highlights the Central Bank’s ongoing efforts to manage currency allocation effectively, responding to demand while providing necessary liquidity in the foreign exchange market.

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