CBI auctions +$253 million in forex on Sunday

Shafaq News / The Central Bank of Iraq's (CBI) foreign exchange auction saw a 92% increase on Sunday, reaching $253 million.

Our correspondent reported that CBI sold $274,280,798 in its auction today, covering it at an exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 IQD per dollar for foreign remittances, and in cash.

Most of the dollar sales went towards bolstering balances abroad in the form of remittances and credits, totaling $253,903,802, marking a 92% increase from the cash sales, which amounted to $20,376,996.

Notably, four banks purchased cash dollars, while 15 banks met requests to boost balances abroad.

The total number of exchange and intermediary companies participating in the auction was 50.