CBI records 89% surge in foreign transfers

Shafaq News / Foreign currency transfers surged by 89% in the Iraqi Central Bank's (CBI) auction on Sunday, reaching $188 million against cash sales.

According to Shafaq News agency’s correspondent, CBI sold today, in its auction for buying and selling the US dollar, a total of $210,253,270, covered by an exchange rate of 1,305 IQS 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 dollar sales were directed towards financing balances abroad in the form of transfers and documentary credits, amounting to $188,893,270, marking an 89% increase from the cash sales totaling $21,360,000.

Our correspondent highlighted that five banks purchased cash dollars, while 16 banks fulfilled requests to bolster balances abroad.

Furthermore, the total number of participating exchange and mediation companies in the auction amounted to 69 companies.