Shafaq News / The Iraqi Central Bank witnessed a significant uptick in foreign transfers during its auction on Monday, marking a staggering 77% increase, totaling 160 million dollars in cash sales.

According to Shafaq News Agency’s correspondent the Central Bank today traded a total of 197,840,296 US dollars. The Bank covered these transactions at the basic exchange rate of 1,305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 dinars per dollar for foreign transfers, as well as for cash transactions.

Our correspondent added that the majority of the Bank's dollar sales were directed towards bolstering reserves abroad in the form of transfers and credits, reaching 160,860,296 dollars, showcasing a remarkable 77% surge compared to the cash sales which amounted to 36,980,000 dollars.

He further noted that seven banks purchased cash dollars, while twenty banks met the requirements for reinforcing their foreign reserves. The total number of exchange and intermediary companies participating in the auction was 69.