Foreign remittances surge by 97% in CBI auction

Shafaq News / The Central Bank's (CBI) auction today, Thursday, saw a 97% increase in foreign remittances compared to cash sales, totaling $209 million.

According to our correspondent, CBI sold a total of $215,490,165 in its auction for buying and selling US dollars. The bank covered these transactions at an exchange rate of 1305 IQD per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1310 IQD per dollar for foreign remittances. The cash exchange rate was also set at 1310 IQD per dollar.

Most of the bank's dollar sales went towards bolstering balances abroad in the form of remittances and credits, reaching $209,870,165, marking a 97% increase over cash sales, which totaled $5,620,000.

Our correspondent noted that four banks purchased cash dollars, while 15 banks met requests to bolster balances abroad. In total, 24 exchange companies and intermediaries participated in the auction.