CBI auctions +$4 billion during March 2024

Shafaq News / The Central Bank of Iraq's (CBI) US dollar sales exceeded $4 billion in March.

Our correspondent reported that CBI sold $4,397,196,710 during the days it conducted its auction for buying and selling the US dollar, at a daily average of $221,431,405.

Foreign remittance sales amounted to $4,086,748,847 during the past month, marking a 92% increase compared to cash sales, which amounted to $310,447,863.

These sales were distributed between remittances abroad to finance foreign trade and cash sales to banks, with the selling rate of documentary credits and international settlements for electronic cards reaching 1,305 IQD per dollar. The selling rate for remittances abroad and cash sales was 1,310 IQD per dollar.

Notably, CBI’s total sales of hard currency in US dollars amounted to over $1 billion during the past week.

CBI conducts regular currency auctions to manage the country's monetary policy and stabilize the local currency exchange rate.

These auctions enable banks and financial organizations to buy and sell foreign currency, usually, the US dollar, to meet the needs of importers, travelers, and other entities that require foreign exchange.

The auctions are an important instrument for the CBI in controlling inflation, managing liquidity in the banking system, and maintaining confidence in the national currency.

In addition, it helps to control Iraq's balance of payments by managing the movement of foreign cash in and out of the country.

Monitoring the results and trends of these auctions offers information about Iraq's general economic health and financial stability.