CBI records 84% increase in foreign transfers

Shafaq News / The foreign exchange sales at the Iraqi Central Bank's (CBI) auction surged by 84% today, Sunday, reaching $180 million in cash sales.

According to Shafaq News Agency’s correspondent, CBI sold a total of $209,202,684 in its auction for buying and selling the US dollar. The Bank covered these transactions at an exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards. For external transfers and cash sales, the rate was set at 1,310 IQD per dollar.

Most of CBI's sales of the dollar were directed towards bolstering balances abroad in the form of transfers and credits, amounting to $180,262,684, marking an 84% increase compared to cash sales, which amounted to $28,940,000.

Furthermore, four banks purchased cash dollars, while 17 banks met the demands for bolstering balances abroad. The total participation of exchange and intermediary companies in the auction reached 44 companies.