CBI auctions +$254 million in forex on Thursday

Shafaq News / On Thursday, the Central Bank of Iraq's (CBI) currency auction saw sales surpassing $254 million.

Our correspondent reported that CBI sold $251,724,231 in its auction for buying and selling the US dollar. The bank covered these transactions at a basic exchange rate of 1,305 IQD dollar for documentary credits and international settlements for electronic cards, at a rate of 1,310 IQD for external transfers and cash transactions.

The majority of the dollar sales were directed towards bolstering balances abroad through transfers and credits, amounting to $245,194,231, representing a 97% increase compared to the cash sales, which amounted to $6,530,000.

Notably, four banks purchased cash dollars, while 16 banks fulfilled requests to bolster balances abroad. I

In total, 54 exchange and intermediary companies participated in the auction.

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

These auctions enable banks and financial organizations to buy and sell foreign currency, usually the US dollar, to meet the needs of importers, travelers, and other entities that require foreign exchange.

The auctions are an important instrument for the CBI in controlling inflation, managing liquidity in the banking system, and maintaining confidence in the national currency.

In addition, it helps to control Iraq's balance of payments by managing the movement of foreign cash in and out of the country.

Monitoring the results and trends of these auctions offers information about Iraq's general economic health and financial stability.