Shafaq News / Foreign exchange rates increased in the central bank's (CBI) auction on Wednesday, rising by 71% in terms of cash sales to reach $150 million.

According to Shafaq News Agency’s correspondent, CBI sold a total of $194,877,790 in its auction for buying and selling the US dollar.

The bank covered these transactions at an exchange rate of 1,305 IQD per dollar for documentary credits and international settlements for electronic cards, and at a rate of 1,310 IQD per dollar for foreign remittances. The cash sales were also set at a rate of 1,310 IQD per dollar.

Our correspondent noted that the majority of CBI's sales of dollars went to bolster foreign balances in the form of transfers and documentary credits, totaling $150,813,890, marking a 71% increase compared to the cash sales of $44,063,900.

It is noteworthy that six banks purchased cash dollars, while 17 banks met requests to enhance their foreign balances. The total number of exchange and intermediary companies participating in the auction was 41.