CBI reports 83% surge in foreign exchange sales

Shafaq News / Foreign exchange sales at the Central Bank of Iraq's (CBI) auction rose by 83% on Wednesday, reaching $190 million, compared to cash sales.

According to Shafaq News Agency’s correspondent, CBI sold $222,599,204 during its auction for buying and selling US dollars. The bank covered these transactions at an exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards. For foreign remittances, the rate was 1,310 IQD per dollar, and for cash transactions, it stood at 1,310 IQD per dollar.

Our correspondent added that most of the dollar sales were aimed at bolstering balances abroad through transfers and credits amounting to $190,189,204, marking an 83% increase from the cash sales which were $32,410,000.