Iraq's dollar rate climbs past 157,000 dinar on parallel market as experts cite speculation

BAGHDAD, Iraq — The US dollar's selling price on Iraq's parallel foreign exchange market has climbed above 157,000 dinar, prompting public concern and renewed scrutiny from financial specialists who attribute much of the move to speculation rather than official policy. Financial and banking expert Mustafa Hantush said the rise has been driven largely by rumors of an imminent exchange rate change, which he said pushed traders and speculators toward the dollar. The resulting demand, he added, has pulled prices higher, though no official statement or signal has been issued by the Central Bank of Iraq. Hantush said any rate adjustment should be considered within the bank's monetary policy framework. Economic researcher Ahmed Eid said the increase reflects a combination of internal and external pressures. He pointed to concerns over navigation safety in the Strait of Hormuz, which he said has raised fears about the impact on Iraq's oil exports and foreign currency revenues. Eid also noted that Iraq's recent placement on the Financial Action Task Force's grey list has heightened concerns about the country's external trade, with those worries feeding indirectly into the currency market. No further details on potential central bank measures were immediately available.