During its currency auction on Tuesday, the Central Bank of Iraq (CBI) sold more dollars than $250 million.
CBI sold $253,928,810 today in its auction, according to an official statement from the bank. The sale was covered at a rate of 1,310 IQD per dollar for documentary credits and international settlements for electronic cards, 1,310 IQD per dollar for foreign transfers, and 1,305 IQD per dollar for cash transactions.
In comparison to the $5,400,000 in cash sales, the majority of dollar sales were used to increase foreign balances through transfers and credits, amounting to $248,528,810, or 98% of the total sales.
One thing to note is that only one bank bought dollars in cash, but 14 banks handled requests to boost balances overseas. Additionally, the auction was attended by nine exchange businesses.
