Shafaq News/ The Central Bank of Iraq (CBI) auctioned nearly $280 million on Wednesday, with remittances outweighing cash sales by a considerable margin.

According to an official statement by the Bank, the CBI sold $279,556,200 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.

The statement explained that $266,256,200 of the sales went to feed foreign balances in transfers and credit transactions, and the remaining $13,300,000 was allocated for cash deals.

Six banks made cash deals, while 12 banks met the requests relevant to foreign balances. A total of 117 exchange and brokerage companies took part in the auction.