CBI auctions +$260 million in forex on Sunday

Shafaq News/ The Central Bank of Iraq (CBI) sales of the US dollar surpassed $260 million in the currency auction on Sunday.

According to an official statement by the Bank, the CBI sold $264,946,501 during today's auction.

The Bank covered these transactions at a base exchange rate of 1,310 IQD per dollar for documentary credits, international settlements of electronic cards, and foreign transfers, while the rate stood at 1,305 IQD per dollar for cash transactions.

Most dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, amounting to $259,996,501, representing a 98% increase compared to cash sales, which amounted to $4,950,000.

Two banks purchased cash dollars, while 15 fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 9 companies.