CBI auction sees 87% surge in external transfers

Shafaq News / The foreign exchange rate rose by 87% at the Central Bank (CBI) auction on Wednesday, reaching $188 million in cash sales.

According to Shafaq News Agency’s correspondent, "CBI sold today $212,932,948 in its auction for buying and selling US dollars, covering them at the basic exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 IQD per dollar for external remittances, along with a cash rate of 1,310 IQD per dollar."

Our correspondent added that the majority of the bank's dollar sales went towards financing balances abroad in the form of remittances and credits, amounting to $188,602,948, representing an 87% increase compared to the cash sales, which amounted to $24,330,000.

Moreover, nine banks purchased cash dollars, while 18 banks met requests to boost foreign balances. In total, 130 exchange companies and intermediaries participated in the auction.