CBI auctions +$275 million in forex on Monday

Shafaq News / The Iraqi Central Bank's (CBI) sales of the US dollar surpassed $257 million in the currency auction on Monday.

According to Shafaq News correspondent, the Bank sold today $275,665,912 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 $257,755,912, representing a 93% increase compared to cash sales, which amounted to $17,910,000.

5 Banks purchased cash dollars, while 14 fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 65 companies.