Iraqi Dinar Falls Against US Dollar as Exchange Rates See Slight Uptick

The US dollar saw a slight increase against the Iraqi dinar in both Baghdad and Erbil on Wednesday. In Baghdad's al-Kifah and al-Harithiya stock exchanges, the exchange rate rose to 1,521.5 Iraqi dinars per US dollar, up from 1,519.5 dinars earlier that morning.

In currency exchange shops in Baghdad, the rate fluctuated between 1,525 and 1,515 Iraqi dinars. Similarly, in Erbil, the rate rose to between 1,524 and 1,523.5 Iraqi dinars.

The Central Bank of Iraq introduced a new official exchange rate of 1,300 dinars per US dollar in February 2023, which is significantly lower than the previous rate of 1,450 dinars. This move aims to reduce the difference between the official and parallel market rates, which had reached over 10 percent.