The Central Bank of Iraq (CBI) recorded over $60 billion in US dollar sales through its foreign currency auctions in 2024, marking a significant 47% increase compared to 2023.

According to official data, total sales reached $60,154,755,191, a sharp rise from the $40,925,383,937 sold in 2023. The average monthly sales in 2024 were approximately $5 billion, reflecting a notable surge in foreign currency transactions.

Breakdown of Dollar Sales

Foreign Transfers for Trade Finance: The bulk of the sales, $58,691,005,191, was allocated to support international trade.

Cash Sales to Banks: An additional $1,463,750,000 was sold directly to banks.
The CBI facilitated these transactions at an exchange rate of 1,310 IQD per dollar for documentary credits, international electronic card settlements, and foreign transfers. For cash transactions, the rate was slightly lower at 1,305 IQD per dollar.

Economic Implications

The significant increase in dollar sales highlights Iraq’s growing international trade activities and the Central Bank’s role in stabilizing foreign exchange markets. Observers note that this rise may also reflect increased demand for foreign currency due to heightened trade volumes or economic adjustments within Iraq’s financial system.

The CBI has reiterated its commitment to supporting trade and maintaining currency stability as Iraq continues to navigate global and regional economic challenges.