CBI sells +209$ million in the forex auction on Thursday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned more than $209 million in foreign currency (forex) today, Sunday.

Shafaq News Agency correspondent said that the CBI sales of foreign currency in today's auction amounted to $209,502,224. The transactions were made at a weighted average of 1460 dinars to one dollar. 

Our correspondent explained that only $20.6 million were cashed out today, while the remaining $188,903,224 went to boost funds abroad in the form of credit and non-cash transactions.

Financial expert Hilal al-Tahan attributed the recent growing forex outflux to the three-month importation window the government opened to counterbalance the surge of food prices in the Iraqi market. 

"The external remittances will account for a larger chunk of the CBI sales throughout the three-month duration," he added.

Al-Tahhan expected a spike in the CBI cash sales in the next few days to cover the demand for cash funds ahead of Eid al-Fetr holidays.