CBI sells +$278 million in forex on Sunday

Shafaq News/ The Central Bank of Iraq (CBI) auctioned more $278 million on Sunday with remittances outweighing cash sales by a huge margin.

According to a CBI report, the Bank sold a total of $278,464,759 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 266,244,759 went to feed foreign balances in the form of transfers and credit transactions. The remaining $12,220,000 were allocated for cash deals.

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