Cash Sales Inch Upward in Central Bank of Iraq's Currency Auction

Shafaq News/ Cash sales registered a slight increase during the currency auction held by the Central Bank of Iraq on Tuesday, totaling $31 million.

According to Shafaq News agency correspondent, the Central Bank conducted its regular auction to buy and sell US dollars.

The auction resulted in the sale of a total of $208,123,963. The transactions were executed at an exchange rate of 1,305 Iraqi dinars per dollar for documentary credits and international settlements of electronic cards. Additionally, the exchange rate for external transfers was set at 1,310 dinars per dollar, with cash sales at the same rate of 1,310 dinars per dollar.

Of the total dollar sales, about $176,613,963 was allocated to bolstering foreign balances through remittances and credits. The remaining $31,510,000 was designated for cash sales, marking a marginal increase compared to Monday's total of $29,120,000 on Monday.

The currency auction attracted participation from a total of nine banks that engaged in the purchase of cash dollars. Simultaneously, 17 banks responded to the bank's efforts to strengthen foreign balances. Moreover, the auction saw active participation from 97 exchange and mediation companies.