CBI sells +$206 million in forex on Monday

CBI sells +$206 million in forex on Monday

On Monday, the Central Bank of Iraq (CBI) held an auction of over $206 million, with remittances significantly outperforming cash sales.

Correspondent reports that the CBI sold $206,555,016 in total at 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—$176,252,016—went toward funding international balances through credit transactions and transfers. The remaining $30,030,000 was set aside for transactions using cash.

Two banks dealt with cash, while fourteen institutions fulfilled demands pertaining to foreign balances. Thirty-two exchange and brokerage firms participated in the auction.