Remittances of currency abroad rise in CBI’s auction
The new headquarters of the Central Bank of Iraq in Baghdad. Photo: AFP
Baghdad (IraqiNews.com) – Remittances of currency abroad increased in the Central Bank of Iraq’s (CBI) auction on Sunday by 89 percent, compared to cash sales, to reach $198 million.
The CBI sold on Sunday, during its auction for buying and selling the US currency, $219,957,731, at an exchange rate of 1305 Iraqi dinar for letters of credit and international settlements for debit and credit cards.
The CBI sold US dollars at an exchange rate of 1310 Iraqi dinars for remittances abroad, according to Shafaq News.
Most of the CBI’s US dollar sales aimed at enhancing balances abroad in the form of transfers and letters of credit reached $198,137,731, representing an increase of 98 percent compared to cash sales, which reached $21.82 million.
Six banks bought US dollars in cash, and 20 banks met requests to enhance balances abroad. 46 currency exchange shops and brokerage companies took part in the CBI’s auction.