Shafaq News/ The Central Bank of Iraq (CBI) experienced a significant downturn in its dollar sales at Monday's forex auction, witnessing a 27% reduction in sales and reaching a total of $127 million.

This decline starkly contrasts Sunday's sales, which amounted to a robust $174.6 million.

According to Shafaq News Agency correspondent, the CBI offloaded $127,085,570, utilizing an exchange rate of 1,305 Iraqi dinars per dollar for documentary credits and international settlements pertaining to electronic cards. Conversely, a slightly higher rate of 1,310 dinars per dollar was employed for foreign transfers and cash transactions.

Data showed that the preponderance of dollar sales, approximately $81.8 million, was allocated to bolstering external balances in the form of credits and transfers. The residual sum of $45.3 million was apportioned to cash sales.

Monday's auction attracted a diverse array of financial institutions, with 18 banks procuring cash dollars and 21 banks fulfilling requests to prop up offshore balances. Additionally, the event saw the participation of 153 exchange and brokerage firms.