CBI auctions +$251M in forex on Monday

Shafaq News/ The Central Bank of Iraq (CBI) reported a sharp increase in foreign transfer sales during its auction on Monday, with a 96% rise in transfers compared to cash sales, reaching over $241 million.

According to an official statement by the bank, CBI sold a total of $251,351,976 during its auction, with an exchange rate of 1,310 IQD per US dollar for documentary credits and international settlements for electronic cards, and the same rate for foreign transfers. Cash sales were conducted at a slightly lower rate of 1,305 IQD.

The majority of the sales, amounting to $241,501,976, were designated to foreign balances in the form of transfers and credits, marking a significant 96% increase compared to the $9,850,000 in cash sales.

Notably, only one bank participated in purchasing cash dollars, while 14 banks fulfilled requests for foreign balance transfers. Additionally, 14 exchange companies took part in the auction.