US dollar exchange rate declines in Baghdad, Erbil

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US dollar exchange rate declines in Baghdad, Erbil

The US dollar exchange rate against the Iraqi dinar fell in Baghdad and Erbil on Thursday as the country’s two main stock exchanges closed.

The Al-Kifah and Al-Harithiya stock exchange closures caused the US dollar exchange rate to decline from 1539 dinars on Thursday morning to 1530 dinars.

In Baghdad’s currency exchange businesses, the exchange rate varied between 1540 and 1520 dinars.

The exchange rate of the US dollar in Erbil varied between 1528 dinars and 1530 dinars.

The Central Bank of Iraq (CBI) announced in February that it has started applying a new exchange rate for the US dollar, which is 1,450 dinars per US dollar.

The previous official exchange rate was 1450 dinars per US dollar, while the parallel market was exchanging it at a rate of 1550 dinars per dollar.

In January 2023, the exchange rate of the US dollar against the local currency rose to 1610 dinars, while the official exchange rate remained at 1450 dinars per dollar. This resulted in a gap of over 10% between the two exchange rates.