The US dollar moved slightly lower in Erbil on Monday as currency trading began, while Baghdad’s main currency exchanges remained closed for the Arbaeen holiday.
Key Highlights
- Baghdad’s Al-Kifah and Al-Harithiya exchanges were closed due to the Arbaeen holiday.
- In Baghdad exchange shops, the dollar was selling at 152,250 IQD per $100 and buying at 151,250 IQD per $100.
- In Erbil, the dollar was selling at 152,100 IQD per $100 and buying at 152,000 IQD per $100.
- The official Central Bank of Iraq exchange rate remains 132,000 IQD per $100.
Dollar Remains Above Official Rate
Despite the slight decline in Erbil, the US dollar continues to trade significantly above Iraq’s official exchange rate in the parallel market.
According to market data:
Baghdad (Exchange Shops)
- Selling: 152,250 IQD per $100
- Buying: 151,250 IQD per $100
Erbil
- Selling: 152,100 IQD per $100
- Buying: 152,000 IQD per $100
The difference between the official rate and market rate highlights the ongoing gap between Iraq’s regulated currency market and street-market trading.
Baghdad Trading Limited by Holiday
Major currency exchanges in Baghdad, including Al-Kifah and Al-Harithiya, were not operating because of the Arbaeen holiday. As a result, most available prices came from local exchange shops rather than the main trading centers.
Market Outlook
Traders will be watching whether the dollar maintains its current level once Baghdad’s major exchanges reopen after the holiday. Market demand for dollars, oil export revenues, government spending, and regional economic conditions will continue to influence exchange-rate movements in the coming days.
For now, the dollar remains relatively stable near 152,000 dinars per $100 in the parallel market, while the official Central Bank rate stays fixed at 132,000 dinars per $100.
