Shafaq News / The Iraqi Central Bank announced on Tuesday that its auction for buying and selling the US dollar resulted in sales exceeding $220 million.

According to Shafaq News Agency’s correspondent, the Central Bank sold a total of $220,034,407 in today's auction at an exchange rate of 1,305 Iraqi dinars per dollar for documentary credits, international settlements for electronic cards, and at a rate of 1,310 Iraqi dinars per dollar for external remittances. The same exchange rate was applied for cash transactions.

Our correspondent added that a significant portion of the dollar sales were aimed at bolstering foreign reserves in the form of remittances and documentary credits, totaling $170,564,407. The remaining $49,470,000 was sold in cash transactions.

It was noted that 15 banks purchased the cash dollars, while 28 banks fulfilled requests to enhance foreign reserves. Additionally, a total of 189 exchange and brokerage companies participated in the auction.