US dollar exchange rate slightly increases in Baghdad, Erbil

US dollar exchange rate slightly increases in Baghdad, Erbil

The closing of the nation’s two major stock markets on Thursday resulted in an increase in the value of the US dollar relative to the Iraqi dinar in both Baghdad and Erbil.

With the closing of the Al-Kifah and Al-Harithiya stock markets in Baghdad, the US dollar exchange rate rose, reaching 1524.5 dinars after it had been 1523 dinars on Thursday morning.

According to Shafaq News, the exchange rates in Baghdad’s currency exchange businesses varied from 1535 dinars to 1515 dinars.

The US dollar exchange rate fluctuated between 1523 and 1522 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.