CBI sells +$275 million in forex on Wednesday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned more $275 million on Sunday with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold a total of $275,539,423 during today's auction. It covered these transactions at a base exchange rate of 1,305 dinars per dollar for documentary credits and international settlements of electronic cards, while the rate stood at 1,310 dinars per dollar for foreign transfers and cash transactions.

The report detailed that the majority of the sales ($262,059,423) went to feed foreign balances in the form of transfers and credit transactions. The remaining $13,480,000 were allocated for cash deals.

Cash deals were made by six banks, while 15 banks met the requests relevant to external balances. A total of 98 exchange and brokerage companies took part in the auction.