Dollar-dinar exchange rate expected to hold steady in Iraq
Shafaq News/ The exchange rate of the US dollar against the Iraqi dinar is expected to stabilize between 140,000 and 143,000 IQD per $100, according to Iraqi economic expert Mohammed al-Hassani.
Speaking to Shafaq News, al-Hassani said the relative stabilization in Iraq's parallel market is driven by monetary policies implemented by the Central Bank of Iraq (CBI) and ongoing domestic market contraction, which has increased dollar supply amid weakened demand.
'The current range is likely to hold for a while due to these combined factors,' he noted.
However, Al-Hassani pointed out that a return to the official exchange rate set by CBI remains unlikely in the near term, citing continued instability in Iraq's market conditions.
The US dollar has seen a gradual decline in recent weeks. As of Monday, it traded at 142,500 IQD per $100 on local currency exchanges.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Shafaq News
2 hours ago
- Shafaq News
Iraqis rank 5th in Turkish property purchases in May
Shafaq News/ Iraqis ranked fifth among the top foreign buyers of Turkish real estate in May 2025, the Turkish Statistical Institute (TURKSTAT) announced on Thursday. According to a report by TURKSTAT, home sales in Turkiye rose by 17.6% in May compared to the same month in 2024, reaching 130,025 units. However, sales to foreign buyers declined by 14.2% year-on-year in May, totaling 1,771 homes. The institute reported that Russian nationals led foreign purchases with 274 homes, followed by Iranians with 133 homes. Germany ranked third, purchasing 127 homes, while Ukraine came in fourth with 113 units. Iraq followed in fifth place with 104 homes, Azerbaijan ranked sixth with 75, Kazakhstan seventh with 66, Saudi Arabia eighth with 62, China ninth with 59, and the UK tenth with 49 homes. Iraqis have consistently topped the list of foreign property buyers in Turkiye since 2015. However, they fell to second place behind the Iranians in early 2021 before dropping to third place in April 2022, following Russia's dominance in the Turkish real estate market.
Iraqi News
4 hours ago
- Iraqi News
Iraq says oil exports unaffected despite Iran-Israel conflict
Baghdad ( – Iraq has confirmed that its crude oil exports continue without disruption, even as military tensions escalate between Israel and neighboring Iran. Shada Al-Azzawi, a member of Iraq's Parliamentary Oil and Gas Committee, stated that export operations through the Strait of Hormuz remain stable, with no signs of interruption due to the regional conflict. The Iraqi Ministry of Oil reported that in May, the country's oil production slightly exceeded 4 million barrels per day (bpd), with approximately 3.3 million bpd exported—mainly to China and India, Iraq's largest buyers. Despite concerns that the Strait of Hormuz, a crucial water entrance for global oil supplies, may become a flashpoint if Iran chooses to retaliate or limit access in retaliation to Israeli bombings, Iraqi officials have stated that oil flows remain stable. As OPEC's second-largest oil producer, Iraq depends heavily on Hormuz for transporting the bulk of its crude exports. Any disruption to this route could have serious implications for both Iraq's economy and global energy markets.
Iraqi News
4 hours ago
- Iraqi News
UGT Renewables plans 3,000-megawatt solar energy project in Iraq
Baghdad ( – In a move to support Iraq's efforts to diversify its energy sources, UGT Renewables, a well-known supplier of renewable energy solutions, plans to establish a large solar energy project in Iraq with a capacity of 3,000 megawatts. The Iraqi Minister of Electricity, Ziyad Ali Fadel, met on Wednesday with the British Ambassador to Iraq, Irfan Siddiq, and other officials to discuss the details of the memorandum of understanding the Iraqi government signed last month with US-based UGT Renewables to build a 3,000-megawatt solar power plant in Iraq, according to a statement released by the Iraqi Electricity Ministry. The project includes the construction of energy storage systems with capacities of up to 500 megawatts, as well as 1,000 kilometers of high-voltage direct current (HVDC) transmission lines to improve the efficiency and stability of Iraq's electricity grid. Fadel clarified that the ministry aims to produce 12,000 megawatts of solar energy by 2030, in addition to developing different renewable energy projects that will help achieve sustainable development and environmental preservation. The officials who attended the meeting underlined their desire to expand their collaboration with Iraq, reaffirming their commitment to transferring experience and modern technologies while also contributing to the Iraqi electrical sector's long-term growth. In light of the country's growing need for power, the Iraqi government is taking measures to diversify its energy sources and attain sustainability in the energy industry. In 2023, the Iraqi Ministry of Electricity sought to sign contracts with big businesses, such as France-based TotalEnergies, to build a 1,000-megawatt power plant in Basra, and China-based PetroChina to develop another power plant in Muthanna with a capacity of 750 megawatts. The Iraqi cabinet has approved a plan to assign projects to specialized companies for the generation of 7,500 megawatts of solar energy by 2030. These initiatives are part of a broader national strategy that aims to produce a total of 12,000 megawatts of solar energy.
