CBI auctions +$276 million in forex on Thursday

Shafaq News / The Iraqi Central Bank's (CBI) sales of the US dollar surpassed $276 million in the currency auction on Thursday.

According to an official statement by the Bank, the CBI sold $276,669,620 during today's auction.

The Bank covered these transactions at a base exchange rate of 1,310 IQD per dollar for documentary credits, international settlements of electronic cards, and foreign transfers, while the rate stood at 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 $266,319,520, representing a 96% increase compared to cash sales, which amounted to $10,350,000.

2 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 16 companies.