CBI sales surpass $80 billion in 2024 as electronic platform ends
Shafaq News/ The Central Bank of Iraq (CBI) reported sales exceeding $80billion in foreign exchange auctions in 2024, according to the Iraq FutureFoundation for Economic Studies and Consultations.
Manar Al-Abidi, head of the Foundation, revealed that “the total salesamounted to $81 billion, with a significant portion allocated to bolstering thecountry’s foreign currency reserves,” explaining that 72% of the sales weredirected to correspondent banks to enhance foreign currency reserves.
He also noted that 24% of the total sales were allocated through the CentralBank’s commercial transaction platform, which officially ceased operations atthe end of 2024. Only 4% of the sales were in cash for travelers at Iraqiairports.
The Central Bank of Iraq launched the electronic platform at the startof 2023 to facilitate the purchase of US dollars, making it the sole avenue fordollar purchases. However, the platform faced criticism for a lack oftransparency regarding the sources of funds, the goods traders intended toimport, and the origins of these goods.
In a statement, the Central Bank confirmed that agreements withinternational partners would lead to the replacement of the electronic platformwith direct banking relationships by the end of 2024. The new system willinvolve expanding the network of correspondent banks, with participation from13 Iraqi banks.
