CBI sells +$278 million in forex on Tuesday

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

According to Shafaq News Agency correspondent, the CBI sold $278,833,388 during today’s auction.

The bank 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.

Our correspondent explained that the majority of the sales went to feed foreign balances in the form of transfers and credit transactions, amounting to $255,513,388. The remaining $23,320,000 were allocated for cash deals.

Four banks made cash deals, while nine banks met the requests relevant to foreign balances. A total of 119 exchange and brokerage companies took part in the auction.