Baghdad, Iraq- The exchange rate of the US dollar against the Iraqi dinar saw a slight decrease in Baghdad on Thursday, while it remained steady in Erbil, the capital of the Kurdistan region.
In Baghdad, the rate dropped in both the Al-Kifah and Al-Harithiya stock exchanges, reaching 1,503.5 Iraqi dinars per US dollar, down from 1,505 dinars earlier in the morning. Currency exchange shops in the capital were offering the dollar at rates ranging from 1,495 to 1,515 dinars.
Meanwhile, the exchange rate in Erbil remained stable, fluctuating between 1,501.5 and 1,500.5 Iraqi dinars per US dollar.
The Central Bank of Iraq (CBI) had announced in February 2023 that it would begin using a new official exchange rate of 1,300 dinars for every US dollar. This was a shift from the previous official rate of 1,450 dinars, which had been reflected in the parallel market at a higher rate of 1,550 dinars.
In January 2023, the official exchange rate was 1,450 dinars per dollar, while in the parallel market, the US dollar was being exchanged for as high as 1,610 dinars. This difference showed a more than 10% gap between official and market rates.
