CBI auctions +$278 million in forex on Monday

Shafaq News / The Iraqi Central Bank's (CBI) sales of the US dollar reached more than $278 million in the currency auction, on Monday.

Our correspondent reported that CBI sold a total of $278,098,540 in its auction today.

These sales were covered at a basic 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 external transfers and cash transactions.

The majority of dollar sales were directed towards bolstering balances abroad in the form of transfers and credits, amounting to $261,578,540, representing a 96% increase compared to cash sales, which amounted to $16,520,000.

Notably, three banks purchased cash dollars, while 14 banks fulfilled requests to bolster balances abroad.

The total number of exchange and brokerage companies participating in the auction was 39 companies.