Foreign exchange surges by 78% in CBI auction

Shafaq News / In the Central Bank's (CBI) auction on Thursday, foreign exchange increased by 78%, reaching $163 million in cash sales.

Shafaq News Agency’s correspondent reported that CBI sold $199,123,090 in its auction for buying and selling the US dollar today. The bank covered these transactions at an exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards. The rate for foreign remittances was also 1,310 IQD per dollar, and the same rate applied for cash transactions.

Our correspondent added that most of the bank's sales went towards bolstering foreign balances in the form of transfers and credits, totaling $163,593,090. This amount marks a 78% increase from cash sales, which amounted to $35,530,900.

Five banks purchased cash dollars, while 21 banks met requests to bolster foreign balances abroad. In total, 60 exchange and intermediary companies participated in the auction.