The US dollar kept rising against the Iraqi dinar on Thursday, both in Baghdad and in Erbil.
In Baghdad’s Al-Kifah and Al-Harithiya exchanges, the dollar climbed to 1,531 dinars. Earlier in the morning, it was trading at 1,523 dinars.
In local exchange shops across Baghdad, the rate ranged between 1,525 and 1,535 dinars per dollar.
In Erbil, the dollar also moved higher, trading between 1,529 and 1,530 dinars.
Meanwhile, the Central Bank of Iraq had announced in February 2023 that it adopted a new official exchange rate of 1,300 dinars per US dollar.
Before that, the official rate was 1,450 dinars per dollar. But in the parallel market, the dollar was trading much higher — around 1,550 dinars at the time.
In January 2023, while the official rate stood at 1,450 dinars, the parallel market rate had jumped to 1,610 dinars per dollar. That created a gap of more than 10 percent between the official and market rates.
The latest rise shows that pressure on the dinar continues in the parallel market, even though the official rate remains fixed.
