Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $271 million on Tuesday, with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold $271,378,606 during today's auction. It covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements of electronic cards, as well as for foreign transfers, while the rate stood at 1,305 dinars per dollar for cash transactions.

The report detailed that most of the sales $187,128,606 went to feed foreign balances in the form of transfers and credit transactions. The remaining $19,110,000 were allocated for cash deals.

Four banks made cash deals, while 15 banks met the requests relevant to external balances. A total of 36 exchange and brokerage companies took part in the auction.