CBI auctions +$283 million in forex on Tuesday

Shafaq News / The Central Bank of Iraq's (CBI) dollar sales in the currency auction on Tuesday exceeded $283 million.

According to an official statement by the Bank, CBI sold $283,073,871 in its auction today. This was covered at an exchange rate of 1,310 IQD per dollar for documentary credits, international settlements for electronic cards and foreign transfers, and 1,305 IQD per dollar for cash transactions.

Most of the dollar sales went to strengthen foreign balances in the form of transfers and credits, totaling $261,993,871, which is 94% higher than the cash sales of $21,080,000.

Notably, six banks purchased cash dollars, while seven banks fulfilled requests to boost foreign balances. Additionally, a total of 176 exchange and brokerage companies participated in the auction.