US dollar exchange rate declines in Baghdad, Erbil
Men exchange US dollars at a currency exchange market in central Baghdad. Photo: Hadi Mizban/AP
Baghdad (IraqiNews.com) – The US dollar exchange rate against the Iraqi dinar declined in Baghdad and the capital of the Kurdistan region of Iraq, Erbil, on Sunday with the closure of the two main stock exchanges in the country.
The US dollar exchange rate fell with the closure of Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, where the US dollar exchange rate reached 1500 dinars compared to 1501 dinars on Sunday morning.
The exchange rate in currency exchange shops in Baghdad ranged between 1510 dinars and 1490 dinars, Shafaq News reported.
In Erbil, the US dollar exchange rate ranged between 1501 dinars and 1500 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 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.