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.
Don’t just follow the news—understand it.
The IntelliNews PRO service includes access to reports, exclusive market data, and more news that decision-makers care about. Stay ahead of the market with IntelliNews PRO.
Sign Up NowRelated Articles
Iranian drones hit Kurdistan PM's office in Erbil, KRG says
Two explosive drones launched from Iran struck the office of Kurdistan Regional Government Prime Minister Masrour Barzani and the security council chief's residence in Erbil, local media reported. ... ... more
Excelerate Energy begins dredging work on Iraq’s first LNG import terminal
US LNG developer Excelerate Energy has begun dredging work on its floating storage and regasification unit (FSRU) for Iraq, the company announced in its second quarter report on August 5. A ... more
KRG and Pearl clash over Khor Mor gas to Kirkuk
The Kurdistan Regional Government (KRG) has accused Khor Mor gas field operators of breaching contract by unilaterally routing supplies to federal Iraq. The consortium sharply rebutted the claim. ... more