Iraq's Central Bank sold $280.31mn at its currency auction on November 6, with most sales directed towards overseas account settlements.
The CBI is the country's leading lender to commercial banks and controls the forex markets in Baghdad, Irbil and Basrah.
The bank set an exchange rate of IQD1,310 per dollar for documentary credits and international electronic card settlements, IQD1,310 for external transfers, and IQD1,305 for cash transactions.
Foreign transfer credits and documentary credits dominated sales at $278.61mn, representing 99% of total transactions. Cash sales amounted to just $1.7mn.
Fourteen banks participated in fulfilling overseas account credit requests, while only one bank purchased cash dollars. Five exchange companies took part in the auction.
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