CBI auctions +$279M in forex on Sunday

Shafaq News/ On Sunday, the Central Bank of Iraq's (CBI) auction witnessed a significant increase in foreign transfer sales, rising by 92% compared to cash sales, totaling over $257 million.

According to a CBI statement, the bank sold $279,390,704 in today's auction, with an average exchange rate of 1,310 IQD per dollar for documentary credits and international electronic card settlements, and the same rate for foreign transfers. This rate was higher than the cash rate of 1,305 IQD per dollar.

Most of the dollar sales were directed towards enhancing foreign balances, with a total of $257,640,704, marking a 92% increase over the cash sales, which amounted to $21,750,000.

Notably, only one bank purchased cash dollars, while 15 banks fulfilled requests for enhancing foreign balances. Additionally, 15 exchange companies participated in the auction.