CBI auctions +$1 billion during the past week

Shafaq News / The total sales of the Iraqi Central Bank (CBI) in US dollar during the past week amounted to over one billion dollars.

According to our correspondent, CBI sold during the past week, over the course of five days, a total of $1,062,587,198, with a daily average of $212,517,439, lower than the previous week's total of $1,087,575,084.

The highest dollar sales were recorded last Thursday, reaching $217,488,077, while the lowest sales were recorded on Tuesday, totaling $207,430,098.

Foreign remittance sales during the past week amounted to $951,667,189, representing an 88% increase compared to cash sales, which amounted to $110,920,000.

The sales were in the form of cash and remittances abroad to finance foreign trade, with the selling price of documentary credits and international settlements for electronic cards reaching 1.305 IQD per dollar, while the selling price for remittances abroad and cash sales was 1.310 IQD per dollar.

Noteworthy, CBI conducts regular currency auctions to manage the country's monetary policy and stabilize the exchange rate of the local currency.

These auctions serve as a mechanism for banks and financial institutions to buy and sell foreign currency, primarily the US dollar, to meet the demands of importers, travelers, and other entities requiring foreign exchange.

The auctions are a crucial tool for CBI to control inflation, manage liquidity in the banking system, and maintain confidence in the national currency.

Additionally, the auctions play a role in regulating the flow of foreign currency in and out of the country, helping to manage Iraq's balance of payments.

Monitoring the results and trends of these auctions provides insights into the overall economic health and stability of Iraq's financial system