CBI sales exceed $254 million іn today's auction
Baghdad, Shafaq News/ The sales оf the Central Bank оf Iraq (CBI) іn the currency auction today, Tuesday, exceeded $254 million.
Our correspondent reported that CBI sold a total оf $254,619,916 today. The Bank covered іt at an exchange rate оf 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate оf 1310 dinars per dollar for foreign remittances and cash dealings.
Most оf the bank's dollar sales went tо bolster balances abroad іn the form оf remittances and credits, amounted tо $233,649,916, marking a 87% increase compared tо the cash sales, which totaled tо $30,970,000.
Notably, six banks purchased cash dollars, while 7 banks fulfilled requests tо enhance balances abroad. The total number оf exchange companies and intermediaries participating іn the auction was 142.
CBI conducts regular currency auctions tо manage the country's monetary policy and stabilize the exchange rate оf the local currency.
These auctions serve as a mechanism for banks and financial institutions tо buy and sell foreign currency, primarily the US dollar, tо meet the demands оf importers, travelers, and other entities requiring foreign exchange.
The auctions are a crucial tool for CBI tо control inflation, manage liquidity іn the banking system, and maintain confidence іn the national currency. Additionally, the auctions play a role іn regulating the flow оf foreign currency іn and out оf the country, helping tо manage Iraq's balance оf payments.
Monitoring the results and trends оf these auctions provides insights into the overall economic health and stability оf Iraq's financial system.
