US dollar exchange rate stabilizes in Baghdad, rises in Erbil

A man counting US dollars in a currency exchange shop in Erbil. Photo: Rudaw News Baghdad (IraqiNews.com) – The exchange rate of the US dollar against the Iraqi dinar remained stable on Tuesday in Baghdad, the capital of Iraq, while it experienced a slight increase in Erbil, the capital of the Kurdistan region. The US dollar exchange rate stabilized at 1,542.5 Iraqi dinars in Baghdad’s Al-Kifah and Al-Harithiya stock exchanges throughout the day. The exchange rate in currency exchange shops in Baghdad remained stable, ranging between 1,547.5 Iraqi dinars and 1,537.5 Iraqi dinars, Shafaq News reported. In Erbil, the US dollar exchange rate increased slightly, fluctuating between 1,542 and 1,541.5 Iraqi dinars. The Central Bank of Iraq (CBI) said in February 2023 that it has begun using the new US dollar exchange rate of 1,300 dinars to every US dollar. The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars. While the official exchange rate was 1,450 dinars per dollar in January 2023, the US currency was being exchanged at 1,610 dinars during the same month in the parallel market in Iraq. This variation represented more than a 10 percent difference in exchange rates.