Baghdad (IraqiNews.com) – The Central Bank of Iraq (CBI) reported total foreign currency sales exceeding $1.16 billion during its auctions over four days last week. The average daily sales reached $291.11 million, reflecting a slight decrease compared to the previous week’s daily average of $292.13 million.
Weekly auction highlights
The CBI held auctions on Sunday, Tuesday, Wednesday, and Thursday, with no auction on Monday due to the Iraqi Army Day holiday. Key details include:
- Total sales: $1,164,440,093
- Daily average sales: $291,110,023
- Highest sales day: Sunday, with $297,078,208 in sales.
- Lowest sales day: Thursday, with $286,341,575 in sales.
Breakdown of sales
1. External transfers dominate
The majority of sales last week were for foreign transfers, which totaled $1,098,890,093. These transfers are primarily used to facilitate international trade and support Iraqi businesses.
Also, check out: Iraq ends Dollar Auction Platform: Economic transformation and new challenges.
2. Cash sales remain modest
Direct cash sales accounted for $65,650,000, a much smaller portion compared to external transfers.
Comparative analysis
The Central Bank’s sales showed a slight decline in daily averages compared to the previous week. Despite this, the Sunday auction demonstrated robust activity, registering the highest single-day sales for the week.
