US dollar exchange rate rises in Baghdad but remains stable in Erbil
An Iraqi customer exchanges US dollars for stacks of Iraqi dinar in the main Shurja market in central Baghdad, Iraq. Photo: Hadi Mizban/AP
Baghdad (IraqiNews.com) – The US dollar exchange rate against the Iraqi dinar slightly increased in Baghdad and remained stable in Erbil on Wednesday 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 the US dollar exchange rate reached 1523 dinars compared to 1522 dinars on Wednesday morning.
The exchange rate in currency exchange shops in Baghdad ranged between 1532.5 dinars and 1512.5 dinars, Shafaq News reported.
In Erbil, the US dollar exchange rate ranged between 1519.5 dinars and 1518.5 dinars.
The Central Bank of Iraq (CBI) announced last February 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 1450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1550 dinars.
In January 2023, the exchange rate of the US dollar against the local currency reached 1610 dinars, while the official exchange rate remained 1450 dinars per dollar, with a gap between the two exchange rates of more than 10 percent.