Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $220 million on Monday with remittances outweighing cash sales by a huge margin.

According to a correspondent from Shafaq News Agency, the CBI sold a total of $220,562,548, during today's auction. The bank covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.

Our correspondent explained that the majority of the sales were directed towards bolstering foreign balances in the form of transfers and credits, amounting to $204,502,584. The remaining $16,060,000 were allocated for cash deals.

Cash deals were made by five banks, while 20 banks met the requests relevant to foreign balances. A total of 71 exchange and brokerage companies took part in the auction.