Remittances of currency abroad rise to $220 million in CBI’s auction
The new headquarters of the Central Bank of Iraq in Baghdad. Photo: AFP
Baghdad (IraqiNews.com) – Remittances of currency abroad rose to $220 million in the Central Bank of Iraq’s (CBI) auction on Tuesday, compared to remittances that took place on Monday.
The CBI sold on Tuesday, during its auction for buying and selling the US currency, $220,914,445 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 cash sales and 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 $196,114,445, representing an increase of 87 percent compared to cash sales, which reached $24.77 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.