CBI sells $200 million in foreign currency at auction

Shafaq News / The Iraqi Central Bank reported on Sunday that it conducted a foreign currency auction, selling approximately $200 million.

Shafaq News Agency's correspondent reported that the Central Bank sold a total of $197,331,889 during its currency auction. These transactions were executed at an exchange rate of 1,305 Iraqi dinars per US dollar for documentary credits and international settlements for electronic cards. For external transfers and cash transactions, the exchange rate was set at 1,310 Iraqi dinars per US dollar.

The majority of these sales were allocated to bolstering balances abroad in the form of transfers and documentary credits, amounting to $170,591,889. Cash sales accounted for $26,740,000.

The correspondent noted that five banks participated in purchasing cash dollars, while 20 banks fulfilled requests to reinforce balances abroad. In total, 25 exchange and intermediary companies participated in the auction.