CBI auctions +$290M in forex on Monday

Shafaq News/ On Monday, the Iraqi Central Bank's (CBI) dollar sales surged to over $290 million in its currency auction, marking an increase compared to Sunday.

According to an official statement by the bank, CBI sold $290,265,623 today. The sales were covered at an exchange rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards, and 1,310 IQD per dollar for foreign transfers, while the cash sale rate was 1,305 IQD per dollar.

The majority of dollar sales were directed towards strengthening foreign balances in the form of transfers and credits, which amounted to $264,465,623—an increase of 90% compared to cash sales, which totaled $25,800,000.

Notably, only two banks purchased cash dollars, while 15 banks met requests for enhancing foreign balances. Additionally, 17 exchange companies participated in the auction.