Shafaq News/ The Central Bank of Iraq (CBI) auctioned nearly $250 million on Tuesday, with remittances outweighing cash sales by a considerable margin.

According to a statement by the CBI, the bank sold $273,300,122 during today's auction. The bank covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits, international settlements of electronic cards, and foreign transfers. The rate in cash transactions stood at 1,305 dinars per dollar.

The statement explained that most of the sales went to feed foreign balances in transfers and credit transactions, amounting to $245,890,122. The remaining $27,410,000 were allocated for cash deals.

Five banks made cash deals, while 15 banks met the requests relevant to foreign balances. A total of 199 exchange and brokerage companies took part in the auction.