CBI sells +$199 million in forex on Sunday

CBI sells +$199 million in forex on Sunday

Sunday’s more than $199 million auction was held by the Central Bank of Iraq (CBI), with remittances far outperforming cash sales.

Correspondent reports that the CBI sold $213, 672, 851 in total during today’s auction. For documentary credits and international settlements of electronic cards, the bank covered these transactions at a base exchange rate of 1,305 dinars per dollar; for overseas transfers and cash transactions, the rate was 1,310 dinars per dollar.

According to our correspondent, the bulk of the sales—$179,082,851—went toward feeding foreign accounts through credit transactions and transfers. The remaining $22,890,000, or 93% more than the $14,590,000 in cash sales, was set aside for cash transactions.

Four banks performed cash transactions, while seventeen institutions fulfilled requests pertaining to foreign balances. In all, 58 brokerage and exchange firms participated in the sale.