Iraqi Dinar Continues to Plummet Against US Dollar

The US dollar exchange rate against the Iraqi dinar continues to fall in both Baghdad and Erbil. According to recent data, the exchange rate in Baghdad's al-Kifah and al-Harithiya stock exchanges dropped to 1,539.5 Iraqi dinars per US dollar, down from 1,542.5 dinars on Wednesday morning. In currency exchange shops in Baghdad, the rate ranged between 1,545 and 1,535 dinars.

In Erbil, the exchange rate also declined, fluctuating between 1,539.5 and 1,539 Iraqi dinars. The Central Bank of Iraq (CBI) began using a new US dollar exchange rate of 1,300 dinars to every US dollar in February 2023, replacing the previous official rate of 1,450 dinars per dollar.

The difference between the official and parallel market exchange rates is significant, with the US currency being exchanged at 1,610 dinars during January 2023 in the parallel market. This variation indicates a difference of over 10 percent in the exchange rates.