CBI sales witnesses 82% surge in foreign transfers

Shafaq News / The Iraqi Central Bank's foreign currency auction recorded a substantial 82% increase in external transfers during Wednesday's session, totaling $167 million in cash sales.

According to Shafaq News Agency's correspondent, the Central Bank auctioned a total of $197,154,228 today for buying and selling the US dollar. The bank covered these transactions at a base exchange rate of 1,305 Iraqi dinars for each dollar for documentary credits and international settlements via electronic cards. The rate was 1,310 Iraqi dinars for each dollar for foreign transfers and cash transactions, all at the same rate.

Our correspondent noted that the majority of the bank's dollar sales were allocated to bolster foreign reserves in the form of transfers and documentary credits, amounting to $173,446,464. This represents an 82% increase compared to the cash sales, which amounted to $29,880,764.

The Central Bank's dollar auction involved eight banks as buyers of physical dollars, while 18 banks fulfilled requests for strengthening foreign reserves abroad. Additionally, a total of 110 exchange and intermediary companies participated in the auction.