CBI auctions +$280 million in forex on Wednesday

Shafaq News / The Central Bank of Iraq (CBI) reported sales exceeding $280 million in its currency auction, on Wednesday.

According to an official statement by the Bank, CBI sold a total of $280,112,118 at the auction. The bank covered these sales at an exchange rate of 1,310 IQD per dollar for documentary credits, international settlements of electronic cards, and foreign transfers. The cash sales were covered at a rate of 1,305 IQD per dollar.

Most of the dollar sales were aimed at bolstering foreign balances through remittances and credits, totaling $256,202,188. This figure represents 91% of the total sales, with the remaining $23,910,000 sold as cash.

The auction saw participation from four banks purchasing cash dollars and 15 banks fulfilling requests to boost foreign balances. Additionally, 100 exchange and mediation companies took part in the auction.