CBI auctions +$260M in forex on Monday

Shafaq News/ On Monday, the Central Bank of Iraq's (CBI) dollar sales increased to more than $260 million during its currency auction.

According to an official statement by the bank, CBI sold $260,547,910 at its auction today, covered at an exchange rate of 1,310 IQD per dollar for documentary credits and international settlements of electronic cards, 1,310 IQD per dollar for foreign transfers, and 1,305 IQD per dollar for cash sales.

Most of the dollar sales, amounting to $253,147,910 (97% of the total sales), were directed to foreign transfers and credits. Cash sales totaled only $7,400,000.

Notably, only one bank purchased the cash dollars, while 12 banks fulfilled the foreign balance reinforcement requests. A total of 17 currency exchange companies participated in the auction.