CBI sells +$261 million in forex on Wednesday

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

According to Shafaq News Agency correspondent, the CBI sold a total of $261,374,070 during today's auction. The bank covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.

Our correspondent explained that the majority of the sales went to feed foreign balances in the form of transfers and credit transactions, amounting to $247,254,070. The remaining $14,120,000 were allocated for cash deals.

Cash deals were made by six banks, while 12 banks met the requests relevant to foreign balances. A total of 122 exchange and brokerage companies took part in the auction.