CBI auctions +$283M on Tuesday

Shafaq News/ The Iraqi Central Bank's (CBI) sales of the US dollar surged by 99%, exceeding $281 million in the currency auction on Tuesday.

According to an official statement by the Bank, the CBI sold $283,782,147 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 $281,632,147, representing a 99% of the total amount, compared to cash sales, which amounted to $2,150,000.

Only two banks purchased cash dollars, while 12 banks fulfilled requests to bolster balances abroad.

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