Iraqi Central Bank sells +$60B in foreign currency auctions in 2024

Shafaq News/ The Central Bank of Iraq's (CBI) sales of US dollars in its foreign currency auctions exceeded $60 billion in 2024, a significant increase compared to the previous year.

According to the CBI’s data, the CBI's currency auctions show total sales of $60,154,755,191 during 2024. This marks a 47% increase from 2023, which recorded total sales of $40,925,383,937.

The average monthly sales in 2024 were approximately $5,012,383,000.

Breakdown of Sales:

-Foreign Transfers for Trade Finance: Amounted to $58,691,005,191, allocated to fund international trade.

-Cash Sales to Banks: Reached $1,463,750,000.

The Bank covered the transactions at a base exchange rate of 1,310 IQD per dollar for documentary credits, international settlements of electronic cards, and foreign transfers, while the rate is 1,305 IQD per dollar for cash transactions.