CBI auction sees 86% surge in Forex

Shafaq News / The central bank's (CBI) foreign currency auction witnessed an 86% increase in external transfers on Wednesday, reaching a total of $168 million, primarily accounting for cash sales.

According to Shafaq News Agency’s correspondent, CBI conducted its auction for buying and selling US dollars today, with a total transaction volume of $192.4 million. The bank offered a basic exchange rate of 1,305 IQD per dollar for documentary credits and international settlements related to electronic cards. Additionally, it set the exchange rate at 1,310 IQD per dollar for foreign transfers and for cash transactions.

It is noteworthy that a significant portion of CBI's sales were directed toward bolstering foreign balances in the form of transfers and documentary credits, totaling $168.9 million, representing an impressive 86% increase compared to the $23.5 million in cash sales.

Our correspondent further noted that a total of 10 banks purchased cash US dollars in today's auction. In contrast, 17 banks met requests to enhance their foreign balances abroad. In total, 86 exchange and intermediary companies participated in the auction.