CBI records 91% surge in external remittances

Shafaq News / External remittances in the currency auction of the Central Bank of Iraq (CBI) increased by 91%, on Monday.

Our correspondent reported that CBI sold today during its auction for buying and selling the US dollar, $213,419,068, covered at an exchange rate of 1305 IQD per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 IQD per dollar for external remittances and cash transactions.

Most of the bank's dollar sales went to bolster balances abroad in the form of remittances and credits, reaching $195,840,125, an increase of 91% compared to cash sales totaling $17,578,000.

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

These auctions serve as a mechanism for banks and financial institutions to buy and sell foreign currency, primarily the US dollar, to meet the demands of importers, travelers, and other entities requiring foreign exchange.

The auctions are a crucial tool for CBI to control inflation, manage liquidity in the banking system, and maintain confidence in the national currency.

Additionally, the auctions play a role in regulating the flow of foreign currency in and out of the country, helping to manage Iraq's balance of payments.

Monitoring the results and trends of these auctions provides insights into the overall economic health and stability of Iraq's financial system.