Foreign remittances surge by 95% in CBI auction

Shafaq News / The foreign remittances at the Central Bank (CBI) auction rose by 95% on Thursday, reaching $209 million in cash sales.

As reported by our correspondent, CBI sold a total of $220,021,732 in its auction for buying and selling the US dollar today. The bank covered these transactions at a base exchange rate of 1305 IQD per dollar for documentary credits and international settlements for electronic cards. For external transfers and cash transactions, the rate was set at 1310 IQD per dollar.

The majority of the bank's dollar sales were directed towards reinforcing balances abroad, primarily in the form of remittances and credits, totaling $209,481,732. This marks a significant 95% increase compared to the cash sales of $10,540,000.

Our correspondent pointed out that seven banks purchased the cash dollars, while 20 banks fulfilled requests to enhance foreign balances. The total number of exchange and intermediary companies participating in the auction was 62.