The US dollar rose slightly against the Iraqi dinar on Thursday in both Baghdad and Erbil.
At Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, the dollar reached 1,683 dinars, up from 1,682 dinars earlier in the day.
Currency exchange shops in Baghdad were selling the dollar at around 1,687.5 dinars and buying it at 1,677.5 dinars, Shafaq News reported.
In Erbil, the dollar also saw a small increase, trading between 1,681.5 and 1,682.5 dinars.
The parallel market has faced major changes since October 7, when the Iraqi cabinet approved a new official exchange rate for the dinar. The decision caused a sharp rise in dollar prices across Baghdad and Erbil.
Under the new policy, Iraq lowered the official value of its currency, changing the exchange rate from around 1,300 dinars to 1,500 dinars per dollar.
This marked a 14.5% devaluation compared to the previous rate, which had remained in place since early 2023.
After the announcement, dollar prices in the parallel market jumped sharply, with some exchange shops reporting rates above 1,700 dinars per dollar.