US dollar exchange rate continues to fall in Iraq

US dollar exchange rate continues to fall in Iraq

The US dollar conversion standard against the Iraqi dinar kept on declining in Baghdad and the capital of the Kurdistan area of Iraq, Erbil, on Monday with the launch of the two primary stock trades in the country.

With the opening of the Al-Kifah and Al-Harithiya stock exchanges in Baghdad, the US dollar exchange rate dropped to 1447.5 dinars, down from 1457 dinars on Sunday.

According to Shafaq News, the exchange rate in currency exchange shops in Baghdad ranged from 1457.5 to 1437.5 dinars.

In Erbil, the US dollar conversion scale ran between 1452 dinars and 1451 dinars.

In February 2023, the Central Bank of Iraq (CBI) made the announcement that it had begun using the new US dollar exchange rate, which is 1,300 dinars for one US dollar.

The past true conversion scale was 1450 dinars to one US dollar, which was being traded in the equal market at a pace of 1550 dinars.

The official exchange rate remained at 1450 dinars per dollar in January 2023, but the US dollar’s exchange rate against the local currency reached 1610 dinars in January 2023. The difference between the two rates was more than 10%.