Surge in foreign transfers in CBI auction

Shafaq News / The foreign transfers surged by 92% in the Iraqi Central Bank auction on Wednesday, reaching $199 million through cash sales.

The Central Bank sold today, in its auction for buying and selling the US dollar, an amount of $214,388,795, covering it at an exchange rate of 1305 dinars per dollar for documentary credits and international settlements for electronic cards, According to Shafaq News Agency's correspondent. For external transfers and cash, it was covered at a rate of 1310 dinars per dollar.

Our correspondent added that most of the bank's dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, totaling $199,798,795, marking a staggering 92% increase from cash sales amounting to $14,590,000.

He noted that 7 banks purchased cash dollars, while 20 banks met requests to bolster balances abroad. The total number of participating exchange and brokerage companies in the auction amounted to 109 companies.