Iraqi Dinar Sees Slight Fluctuations as CBI Introduces New Exchange Rate

The exchange rate of the US dollar against the Iraqi dinar has stabilized in Baghdad and experienced a slight increase in Erbil, according to recent reports. The Central Bank of Iraq (CBI) implemented a new official exchange rate of 1,300 dinars per US dollar in February 2023, down from 1,450 dinars previously.

In Baghdad, the exchange rate has remained stable throughout the day at 1,542.5 Iraqi dinars in Al-Kifah and Al-Harithiya stock exchanges. However, currency exchange shops in the capital have reported a slightly wider range of rates between 1,547.5 and 1,537.5 Iraqi dinars.

In contrast, Erbil has seen a slight increase in the US dollar exchange rate, fluctuating between 1,542 and 1,541.5 Iraqi dinars. The CBI's new official rate aims to reduce the significant difference between the official and parallel market exchange rates, which was over 10% in January 2023.