External dollar transfers surge to $188 million in Central Bank auction

Dollar sales allocated to strengthening banks’ foreign balances surged by 87% in Wednesday’s Central Bank of Iraq auction, reaching more than $188.6 million.

According to the auction data, the Central Bank sold a total of $212.93 million, with a base exchange rate of 1,305 Iraqi dinars per dollar for documentary credits and international electronic-card settlements. The exchange rate for external transfers and cash sales stood at 1,310 dinars per dollar.

The bulk of the dollar sales went toward external transfers and credits, totaling $188.6 million, compared with $24.33 million in cash sales.

A total of nine banks purchased dollars in cash, while 18 banks submitted requests to strengthen their foreign balances. The auction also saw the participation of 130 exchange and brokerage companies.