CBI auctions +$260M in forex on Monday

Shafaq News/ On Monday, external transfer sales in the Iraqi Central Bank's (CBI) auction surged by 95% compared to cash sales, reaching over $250 million.

According to an official statement by the bank, CBI sold a total of $263,026,598 during its auction, with the exchange rate set at 1,310 IQD per US dollar for documentary credits and international settlements for electronic cards. The rate for external transfers was also 1,310 IQD, while cash sales were priced at 1,305 IQD.

The bulk of the sales, amounting to $250,776,598, were allocated to strengthening foreign reserves through transfers and credits, reflecting a 95% increase over cash sales, which totaled $12,250,000.

Notably, only one bank purchased cash dollars, while 16 banks handled requests for foreign transfers. Additionally, 20 currency exchange companies participated in the auction.