CBI forex transfers surge as cash sales diminish in Tuesday's auction

Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $171 million on Tuesday, with remittances outweighing cash sales by a huge margin.

According to a correspondent from Shafaq News Agency, the CBI sold a total of $171,508,366 during today's auction. The bank covered these sales at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.

Our correspondent explained that the majority of the sales were directed towards bolstering foreign balances in the form of transfers and credits, amounting to $164,408,366. The remaining $7,100,000 was allocated for cash sales.

Five banks participated in purchasing cash dollars, while 24 banks fulfilled requests to strengthen foreign balances. A total of 17 exchange and brokerage companies took part in the auction.