Dollar Falls in Baghdad Markets, Rises in Erbil

The US dollar moved in opposite directions in Iraq’s Baghdad and Erbil markets on Monday, falling slightly in the capital while rising in the Kurdistan Region’s center. The mixed trading underscores continued pressure in the parallel market despite the Central Bank of Iraq’s official rate of 1,300 dinars since February 2023. In Baghdad, the dollar slipped to 1,532.5 dinars at the Al-Kifah and Al-Harithiya stock exchanges. Money changers in the city quoted rates between 1,527.5 and 1,537.5 dinars, indicating a broadly stable market. In Erbil, the dollar moved higher and traded between 1,528.5 and 1,529.5 dinars. The divergence between the two markets reflects ongoing fluctuations in local currency trading across Iraq. Before February 2023, the official exchange rate stood at 1,450 dinars. At that time, prices in the parallel market had risen as high as 1,550 to 1,610 dinars.