US dollar exchange rate declines in Baghdad, Erbil

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US dollar exchange rate declines in Baghdad, Erbil

Due to the closing of the nation’s two major stock markets on Sunday, the value of the US dollar relative to the Iraqi dinar somewhat decreased in Baghdad and Erbil.

With the closing of the Al-Kifah and Al-Harithiya stock markets in Baghdad, the US dollar exchange rate fell, reaching 1522 dinars against the rate on Sunday morning.

In Baghdad’s currency exchange businesses, the exchange rate varied between 1532.5 and 1512.5 dinars.The US dollar exchange rate fluctuated between 1520 and 1519 dinars in Erbil.

The Central Bank of Iraq (CBI) declared in February of last year that it has begun using the new US dollar exchange rate of 1,300 dinars to every US dollar.

In the parallel market, the exchange rate for the previous official rate—1450 dinars to one US dollar—was 1550 dinars.

The official exchange rate was 1450 dinars per dollar in January 2023, although there was a discrepancy of almost 10 percent between the two. At that time, the US dollar was worth 1610 dinars to the local currency.