CBI sales surpass $80 billion in 2024 as electronic platform ends

CBI sales surpass $80 billion in 2024 as electronic platform ends
2025-01-15 07:21

Shafaq News/ The Central Bank of Iraq (CBI) reported sales exceeding $80 billion in foreign exchange auctions in 2024, according to the Iraq Future Foundation for Economic Studies and Consultations.

Manar Al-Abidi, head of the Foundation, revealed that “the total sales amounted to $81 billion, with a significant portion allocated to bolstering the country’s foreign currency reserves,” explaining that 72% of the sales were directed to correspondent banks to enhance foreign currency reserves.

He also noted that 24% of the total sales were allocated through the Central Bank’s commercial transaction platform, which officially ceased operations at the end of 2024. Only 4% of the sales were in cash for travelers at Iraqi airports.

The Central Bank of Iraq launched the electronic platform at the start of 2023 to facilitate the purchase of US dollars, making it the sole avenue for dollar purchases. However, the platform faced criticism for a lack of transparency regarding the sources of funds, the goods traders intended to import, and the origins of these goods.

In a statement, the Central Bank confirmed that agreements with international partners would lead to the replacement of the electronic platform with direct banking relationships by the end of 2024. The new system will involve expanding the network of correspondent banks, with participation from 13 Iraqi banks.

00:00
00:00
Shafaq Live
Radio radio icon