US dollar exchange rate continues to rise in Iraq
An employee of a currency exchange shop shows a stack of Iraqi dinars in the southern Iraqi city of Nasiriyah in Dhi Qar governorate. Photo: AFP/Getty Images
Baghdad (IraqiNews.com) – The US dollar exchange rate against the Iraqi dinar continued to increase in Baghdad and the capital of the Kurdistan region of Iraq, Erbil, on Tuesday with the closure of the two main stock exchanges in the country.
The US dollar exchange rate rose with the closure of Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, where it reached 1,476 Iraqi dinars compared to 1,471.5 Iraqi dinars on Tuesday morning.
The exchange rate in currency exchange shops in Baghdad ranged between 1,487.5 dinars and 1,467.5 dinars, Shafaq News reported.
In Erbil, the US dollar exchange rate rose, fluctuating between 1,473 and 1,472 Iraqi dinars.
The Central Bank of Iraq (CBI) announced in February 2023 that it started applying the new exchange rate of the US dollar, which is 1,300 dinars against one US dollar.
The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars.
In January 2023, the US dollar exchange rate against the local currency reached 1,610 dinars, while the official exchange rate remained 1,450 dinars per dollar, with a gap between the two exchange rates of more than 10 percent.