Dinar Weakens Against Dollar as Exchange Rate Hits New High

The exchange rate for the US dollar against the Iraqi dinar has increased in both Baghdad and Erbil. In Baghdad's al-Kifah and al-Harithiya stock exchanges, the rate reached 1,580.5 Iraqi dinars per US dollar on Sunday. In currency exchange shops, the rate ranged between 1,585 and 1,575 Iraqi dinars.

In February 2023, the Central Bank of Iraq announced that it would use a new exchange rate of 1,300 dinars for every US dollar. The previous official rate was 1,450 dinars to one US dollar, while the parallel market rate was around 1,550 dinars.

This variation indicates a difference of over 10 percent in the exchange rates between the official and parallel markets.