Iraq's Central Bank sold $280.31mn at its currency auction on November 6, with most sales directed towards overseas account settlements.
The CBI is the country's leading lender to commercial banks and controls the forex markets in Baghdad, Irbil and Basrah.
The bank set an exchange rate of IQD1,310 per dollar for documentary credits and international electronic card settlements, IQD1,310 for external transfers, and IQD1,305 for cash transactions.
Foreign transfer credits and documentary credits dominated sales at $278.61mn, representing 99% of total transactions. Cash sales amounted to just $1.7mn.
Fourteen banks participated in fulfilling overseas account credit requests, while only one bank purchased cash dollars. Five exchange companies took part in the auction.
Related Articles
Iraq loses over $8bn in unrepaid business loans amid corruption concerns
Iraq has lost more than IQD10 trillion ($8bn) in unrepaid loans to businessmen and contractors over two decades, with only 1% of borrowed funds returned to state coffers, according to regulatory ... more
Iraq accuses Kurdish govt. of causing significant losses
The Iraqi Ministry of Oil has sharply criticised the Kurdistan Regional Government (KRG) for its persistent failure to hand over crude oil revenues, a standoff that Baghdad claims is inflicting ... more
Iraqi-US relations sour following deal with Kurdistan Regional Government
Iraq’s position on US oil sector investment has soured, with the country filing a lawsuit on May 26 that accused the US government of allowing companies under its control to agree to oil ... more