CBI auctions +$260M in forex on Wednesday

Shafaq News/ The Iraqi Central Bank's (CBI) dollar sales rose, on Wednesday, reaching over $260 million during its currency auction, an increase from the previous day’s figures.

According to an official statement by the bank, CBI sold a total of $260,421,412 at a base exchange rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards, with the same rate for foreign transfers. The cash sale rate was 1,305 IQD per dollar.

Most of the sales, around $247.8 million, were for strengthening foreign balances through transfers and credits, representing 95% of the total sales. Only $12.6 million were sold in cash.

Notably, only two banks purchased cash dollars, while 14 banks fulfilled requests for foreign balance transfers, and seven exchange companies participated in the auction.