Remittances of currency abroad rise to $220 million in CBI’s auction

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Remittances of currency abroad rise to $220 million in CBI’s auction

Remittances of money overseas increased to $220 million during the Central Bank of Iraq’s (CBI) auction on Tuesday, compared to Monday.

On Tuesday, at its auction for purchasing and selling US cash, the CBI sold $220,914,445 at an exchange rate of 1305 Iraqi dinar for letters of credit and foreign settlements for debit and credit cards.

The CBI offered US dollars at an exchange rate of 1310 Iraqi dinars for cash sales and international transfers.

The majority of the CBI’s US dollar sales aimed at improving balances overseas in the form of transfers and letters of credit totaled $196,114,445, indicating an 87 percent increase above cash sales of $24.77 million.

A few Iraqi banks purchased US dollars in cash, while others accepted the requests of their customers to increase their foreign holdings.

Currency exchange and brokerage firms typically participate in the CBI’s auction.