CBI auctions +$285M in forex on Tuesday

Shafaq News/ The Iraqi Central Bank's (CBI) sales of the US dollar surpassed $285 million in the currency auction on Tuesday.

According to an official statement by the Bank, the CBI sold $285,468,819 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 $273,168,819, representing a 95% increase compared to cash sales, which amounted to $12,300,000.

Two Banks purchased cash dollars, while 14 fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 11 companies.