CBI auctions +$262M in forex on Tuesday

Shafaq News/ On Tuesday, the Central Bank of Iraq (CBI) saw a significant increase in its dollar sales, reaching over $262 million in the currency auction, compared to the previous day.

According to an official statement by the Bank, CBI sold $262,712,750 at an exchange rate of 1,310 IQD per dollar for documentary credits and international card settlements, and the same rate for foreign transfers, with a cash rate of 1,305 IQD per dollar.

The majority of the sales were allocated to foreign reserves through transfers and credits, totaling $256,412,750, which represents a 98% increase over the $6,300,000 in cash sales.

Notably, only one bank purchased cash dollars, while 12 banks handled foreign reserve requests, and a total of nine exchange companies participated in the auction.