CBI reports over $4Bn in foreign currency auction sales

Shafaq News / During the past month of July, the Iraqi Central Bank's foreign currency auction witnessed sales exceeding $4 billion.

According to Shafaq News Agency's correspondent, the Central Bank sold a total of $4,062,704,047 through its auctions for buying and selling the US dollar. The average daily sales amounted to $213,816,528, indicating a 20% decrease compared to the previous month, which saw sales of $267,947,062. Additionally, the sales for July 2023 decreased by 18% when compared to the same period last year in 2022.

Furthermore, the report highlighted that foreign remittances during the previous month reached $3,583,724,047, representing an 86.6% increase compared to the cash sales, which totaled $478,980,000.

Our correspondent emphasized that these sales were divided between foreign remittances to finance foreign trade and cash sales to banks. The selling rate for documentary credits and international settlements for electronic cards stood at 1,305 Iraqi dinars per dollar, while the selling rate for foreign remittances and cash sales was set at 1,310 Iraqi dinars per dollar.