Remittances of currency abroad rise in CBI’s auction

Baghdad (IraqiNews.com) – At the Central Bank of Iraq’s (CBI) auction on Thursday, foreign currency remittances increased by 98 percent when compared to cash sales, totaling $246 million.

During its auction on Thursday to purchase and sell US cash, the CBI offered $253.7 million for letters of credit and foreign settlements for debit and credit cards at an exchange rate of 1305 Iraqi dinar.

Shafaq News reports that the CBI offered US dollars for cash sales and transfers overseas at an exchange rate of 1310 Iraqi dinars.

Most of the CBI’s US dollar sales aimed at enhancing balances abroad in the form of transfers and letters of credit reached $246.9 million, representing an increase of 98 percent compared to cash sales, which reached $6.7 million.

Four banks in Iraq bought US dollars in cash, and 17 other banks met the requests of their customers to enhance their balances abroad.

40 currency exchange shops and brokerage companies took part in the CBI’s auction.