CBI's auction reaches $210 Million in sales

Shafaq News / Foreign transfers surged by 93% in the Iraqi Central Bank's auction on Wednesday, reaching $210 million in cash sales.

As reported by Shafaq News Agency, the Central Bank sold a total of $225,962,123 in its auction for the buying and selling of the US dollar. The Bank covered these sales at a base exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards. The rate stood at 1310 dinars per dollar for foreign transfers and cash transactions.

Our correspondent added that a majority of the bank's dollar sales went towards reinforcing balances abroad in the form of transfers and credits, amounting to $210,252,123—an increase of 93% compared to cash sales, which amounted to $15,710,000.

It was noted that 7 banks purchased cash dollars, while 18 banks fulfilled requests for reinforcing balances abroad. In total, 87 exchange and intermediary companies participated in the auction.