Cash Sales Surge to Over $45 Million in CBI Auction

Shafaq News/ Cash sales increased in Wednesday's auction held by the Central Bank of Iraq, with transactions surpassing $45 million.

Shafaq News agency correspondent reported that the Central Bank achieved total sales of $222,888,377 during its auction for buying and selling US dollars.

The bank executed these transactions at an exchange rate of 1,305 dinars per dollar for documentary credits, international settlements of electronic cards, and external transfers. The exact exchange rate was also applied to cash transactions.

A substantial portion of the dollar sales, totaling $176,388,377, was allocated to fortify overseas balances through transfers and credits. Notably, the remainder, amounting to $46,500,000, saw a significant increase from the previous day, Tuesday, which registered cash sales of $34,860,000.

Our correspondent highlighted that nine banks purchased cash dollars in this auction, while 20 banks responded to requests for bolstering overseas balances. Moreover, the auction saw participation from 120 exchange and mediation companies.