CBI sells +$276 million in forex on Wednesday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned over $276 million on Wednesday, with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold $276,840,395 during today's auction. It covered these transactions at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements of electronic cards, as well as for foreign transfers, while the rate stood at 1,305 dinars per dollar for cash transactions.

The report detailed that most of the sales 201,280,395 went to feed foreign balances in the form of transfers and credit transactions. The remaining $75,560,000 were allocated for cash deals.

Seven banks made cash deals, while 16 banks met the requests relevant to external balances. A total of 46 exchange and brokerage companies took part in the auction.