CBI auctions +$273 million in forex on Wednesday

Shafaq News / The Central Bank of Iraq (CBI) sales of the US dollar reached more than $273 million in the currency auction on Wednesday.

According to the CBI's data, the Bank sold today $273,691,666 in its auction.

These sales were covered at a basic exchange rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards and external transfers, and at a rate of 1,305 IQD per dollar for cash transactions.

The majority of dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, amounting to $247,701,666, representing a 90% increase compared to cash sales, which amounted to $25,990,000.

Five banks purchased cash dollars, while 15 fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 124 companies.