Remittances of currency abroad rise to $185 million in CBI’s auction

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Remittances of currency abroad rise to $185 million in CBI’s auction

At the Central Bank of Iraq’s (CBI) auction on Thursday, foreign currency remittances increased by 88% as compared to cash sales, totaling $185 million.

At an exchange rate of 1305 Iraqi dinar per US dollar, the CBI sold $208,407,735 on Thursday at its auction for the purchase and sale of US currency for foreign settlements for debit and credit cards as well as letters of credit.

For cash sales and international transfers, the CBI offered US dollars at an exchange rate of 1310 Iraqi dinars.

The majority of the CBI’s US dollar sales, which were directed toward improving accounts overseas through letters of credit and transfers, came to $185,517,735, an 88 percent increase above cash sales of $22.89 million.

Six banks purchased US dollars with cash, while sixteen institutions complied with requests to increase foreign holdings.

The CBI’s auction featured 69 brokerage firms and currency exchange outlets.