Foreign remittances surge at Central Bank of Iraq Auction

Shafaq News/ Foreign remittances at the Central Bank of Iraq auction witnessed a significant increase on Wednesday, rising by 88% compared to cash sales, totaling $177 million.

According to Shafaq News Agency correspondent, the Central Bank sold $198,915,364 during its auction for buying and selling the US dollar. The bank covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards.

Transfers abroad were also conducted at a rate of 1,310 dinars per dollar. Notably, most of the bank's dollar sales were allocated to strengthening balances abroad through remittances and credits, reaching $177,215,364. This marked an 88% increase compared to cash sales amounting to $21,700,000.

Eight banks participated in purchasing cash dollars, while 21 banks responded to requests to enhance balances abroad. Additionally, a total of 85 exchange and brokerage companies took part in the auction