CBI auctions +$300 million in forex on Wednesday

Shafaq News / The Iraqi Central Bank’s (CBI) sales of the US dollar surpassed $300 million in the currency auction on Wednesday.

According to the CBI’s data, the Bank sold today $281,804,742 in its auction.

These sales were covered at a basic exchange rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards and external transfers and at a rate of 1,305 IQD per dollar for cash transactions.

The majority of dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, amounting to $250,324,742, representing an 87% increase compared to cash sales, which amounted to $31,480,000.

Six banks purchased cash dollars, while 14 fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 186 companies.