CBI sales exceed $254 million іn today's auction
Baghdad, Shafaq News/ The sales ?f the Central Bank ?f Iraq (CBI) ?n the currency auction today, Tuesday, exceeded $254 million.
Our correspondent reported that CBI sold a total ?f $254,619,916 today. The Bank covered ?t at an exchange rate ?f 1305 dinars per dollar for documentary credits and international settlements for electronic cards, and at a rate ?f 1310 dinars per dollar for foreign remittances and cash dealings.
Most ?f the bank's dollar sales went t? bolster balances abroad ?n the form ?f remittances and credits, amounted t? $233,649,916, marking a 87% increase compared t? the cash sales, which totaled t? $30,970,000.
Notably, six banks purchased cash dollars, while 7 banks fulfilled requests t? enhance balances abroad. The total number ?f exchange companies and intermediaries participating ?n the auction was 142.
CBI conducts regular currency auctions t? manage the country's monetary policy and stabilize the exchange rate ?f the local currency.
These auctions serve as a mechanism for banks and financial institutions t? buy and sell foreign currency, primarily the US dollar, t? meet the demands ?f importers, travelers, and other entities requiring foreign exchange.
The auctions are a crucial tool for CBI t? control inflation, manage liquidity ?n the banking system, and maintain confidence ?n the national currency. Additionally, the auctions play a role ?n regulating the flow ?f foreign currency ?n and out ?f the country, helping t? manage Iraq's balance ?f payments.
Monitoring the results and trends ?f these auctions provides insights into the overall economic health and stability ?f Iraq's financial system.
