US dollar exchange rate slightly rises in Iraq

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As the working day came to a conclusion on Monday at the two major stock markets in the country—Baghdad and Erbil, the capital of Iraq’s Kurdistan region—the exchange rate for the US dollar compared to the Iraqi dinar increased marginally.

The US dollar exchange rate rose with the closure of Baghdad’s Al-Kifah and Al-Harithiya stock exchanges, reaching 1,501.5 Iraqi dinars compared to 1,498 Iraqi dinars on Monday morning.

The exchange rate in currency exchange shops in Baghdad ranged between 1,510 dinars and 1,490 dinars, Shafaq News reported.

In Erbil, the US dollar exchange rate also declined, fluctuating between 1,501.5 and 1,500 Iraqi dinars.

The Central Bank of Iraq (CBI) said in February 2023 that it has begun using the new US dollar exchange rate of 1,300 dinars to every 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.

The official exchange rate was 1,450 dinars per dollar in January 2023, while the US dollar’s value relative to the local currency in Iraq was 1,610 dinars in the same month. This variation represented a more than 10 percent difference in exchange rates.