US dollar exchange rate drops in Baghdad, rises in Erbil
Baghdad (IraqiNews.com) – The exchange rate for the US dollar compared to the Iraqi dinar declined on Tuesday in Baghdad and rose in the capital of Iraqi Kurdistan, Erbil.
The US dollar exchange rate declined in Baghdad's Al-Kifah and Al-Harithiya stock exchanges, reaching 1,457 Iraqi dinars compared to 1,459 Iraqi dinars on Tuesday morning.
The exchange rate in currency exchange shops in Baghdad ranged between 1,467.5 dinars and 1,447.5 dinars, Shafaq News reported.
In Erbil, the US dollar exchange rate increased, fluctuating between 1,462 and 1,461 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 a more than 10 percent difference in exchange rates.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Iraq Business
4 hours ago
- Iraq Business
Iraq Imposes Additional Tariffs on Imported Beverage Cans
By John Lee. As part of efforts to protect domestic industry, the Iraqi Cabinet has approved the imposition of an additional 20% customs duty on imported aluminium cans used for carbonated beverages, juices, and energy drinks. This brings the total tariff to 50% per unit of measurement, applicable to imports from all countries and origins. The measure will be in effect for four years without reduction, with implementation to begin four months after the decision date. The General Authority for Customs has been tasked with enforcing the additional tariff and regularly informing the Ministry of Industry and Minerals of the quantity and value of imports, as well as the additional revenues collected. The ministry will assess the effectiveness of the tariff in protecting the domestic producer, including the complainant's ability to meet local market demand, and will review the policy one year after implementation in line with the Product Protection Law. (Source: Iraqi Government)
Iraq Business
7 hours ago
- Iraq Business
Iraqi Dinar Q&A: Dinar Revaluation (RV) and Israeli Airstrikes on Iran
By Guest Blogger. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News. Q: What effect will Israel's airstrikes on Iran have on any potential revaluation of the Iraqi dinar? A: This week's Israeli airstrikes on Iran, targeting nuclear and military sites, will likely have a negative effect on any potential revaluation of the Iraqi Dinar, at least in the short term. Here's why: Increased Regional Instability The conflict between Israel and Iran is a major source of instability in the Middle East. Iraq, being a direct neighbour to Iran and having complex political and economic ties with both countries, is highly susceptible to the fallout from such tensions. Increased regional conflict generally leads to capital flight and a preference for safer currencies like the US dollar, which puts downward pressure on local currencies like the Iraqi Dinar. Safe-Haven Demand for USD As investors and even ordinary citizens become more apprehensive about the future, they tend to move their assets into more stable and liquid currencies. The US dollar is traditionally seen as a global safe-haven currency. This increased demand for USD in Iraq would further weaken the Dinar against the dollar in the parallel markets, making any revaluation less likely. Impact on Oil Prices While a spike in oil prices due to regional conflict might seem beneficial for an oil-dependent economy like Iraq's, the immediate effect on the Dinar is often outweighed by the increased instability. Furthermore, if the conflict were to escalate and impact shipping routes like the Strait of Hormuz, Iraq's oil export revenues could be severely affected, which would be detrimental to the Dinar. Smuggling and Sanctions Concerns Iraq has faced challenges with dollar smuggling to Iran, partly due to US sanctions on Iran. Escalated tensions and potential new sanctions could exacerbate these issues, further disrupting Iraq's financial system and the Dinar's stability. Political and Economic Uncertainty in Iraq The Iraqi Dinar's value is already influenced by a range of internal factors, including political stability, government spending, and efforts to control corruption. Regional conflicts add another layer of uncertainty, making it harder for the Central Bank of Iraq to manage the exchange rate and implement policies that could lead to a revaluation.
Iraqi News
11 hours ago
- Iraqi News
Iraq Investment Forum postponed due to regional instability and airspace closures
Baghdad ( – The highly anticipated Iraq Investment Forum, which was scheduled to take place in Baghdad on June 14-15, has been postponed until further notice, the Iraqi Economic Council announced on Friday (June 13, 2025). In a statement, the council explained the decision was made due to the ramifications and unstable conditions currently witnessed in the region. These developments have directly affected Iraq and neighboring countries, leading to the closure of airspace and airports in several nations, including Iraq. The preparatory committee confirmed that final preparations for the forum had been fully completed, and official invitations had already been sent to guests from more than 35 Arab and foreign countries. The High Organizing Committee decided to postpone the event, with a new date to be determined and announced later. The forum was set to showcase over 140 pre-approved investment opportunities to local and international businesses.
