US dollar exchange rate declines in Baghdad, Erbil

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 dropped with the closure of Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, where it reached 1,495 Iraqi dinars compared to 1,497.5 Iraqi dinars on Sunday morning.

The exchange rate in currency exchange shops in Baghdad ranged between 1,505 dinars and 1,485 dinars, Shafaq News reported.

In Erbil, the US dollar exchange rate also declined, fluctuating between 1,496 and 1,495 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.