CBI sells +$260 million in forex on Sunday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned nearly $261 million on Sunday, with remittances outweighing cash sales by a considerable margin.

According to a Shafaq News Agency correspondent, the CBI sold $275,227,267 during today's auction. The bank covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits, international settlements of electronic cards and foreign transfers. The rate in cash transactions stood at 1,305 dinars per dollar.

Our correspondent explained that most of the sales went to feed foreign balances in transfers and credit transactions, amounting to $261,037,267. The remaining $14,190,000 were allocated for cash deals.

Foor banks made cash deals, while 14 banks met the requests relevant to foreign balances. A total of 42 exchange and brokerage companies took part in the auction.