CBI auctions +$250M in forex on Thursday

Shafaq News/ On Thursday, the Central Bank of Iraq's (CBI) dollar sales exceeded $250 million during its currency auction.

According to an official statement by the bank, CBI sold $250,578,573 at an exchange rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards, and at the same rate for foreign transfers. The cash rate was slightly lower at 1,305 IQD per dollar.

Most of the dollar sales, about $236,778,573 (93%), were used to bolster foreign reserves through transfers and credits, while only $13,800,000 was sold in cash.

Notably, only one bank purchased the cash dollars, while 13 banks participated in foreign reserve transfers, with 15 currency exchange companies involved in the auction.