CBI reports 79% surge in foreign exchange transactions

Shafaq News / The foreign exchange transactions at the Iraqi Central Bank (CBI) auction surged by 79% on Wednesday, reaching $164 million in cash sales.

According to Shafaq News Agency’s correspondent, CBI sold $200,165,854 during its auction for buying and selling the US dollar. The bank covered these sales at a basic exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards. For external remittances, the rate was 1,310 IQD per dollar and 1,310 IQD per dollar for cash transactions.

Most of CBI's dollar sales were directed to bolster balances abroad in the form of remittances and credits, totaling $164,975,854, marking a 79% increase from the cash sales of $35,190,000.

It is noteworthy that nine banks purchased cash dollars, while 18 banks met requests to reinforce balances abroad. Furthermore, the total number of exchange and intermediary companies participating in the auction was 162 companies.