Mon. Jul 15th, 2024

Remittances of currency abroad in the Central Bank of Iraq’s (CBI) auction rose to over $250 million on Wednesday, representing 87 percent compared to cash sales.

The CBI sold on Wednesday, during its auction for buying and selling the US currency, $281,804,742 at an exchange rate of 1310 Iraqi dinar for letters of credit and international settlements for debit and credit cards.

The CBI sold US dollars at an exchange rate of 1305 Iraqi dinars for cash sales, according to Shafaq News.

Most of the CBI’s US dollar sales, which aimed to enhance balances abroad in the form of transfers and letters of credit, reached $250,324,742, representing 87 percent compared to cash sales, which reached $31.48 million.

A few banks in Iraq bought US dollars in cash, and others met the requests of their customers to enhance their balances abroad.

Currency exchange shops and brokerage companies usually take part in the CBI’s auction.

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