US Dollar Holds Steady in Baghdad, Edges Higher in Erbil

The US dollar remained stable against the Iraqi dinar in Baghdad on Wednesday, while experiencing a slight increase in Erbil. In Baghdad's al-Kifah and al-Harithiya exchange markets, the rate held steady at 1,536 dinars throughout the day. Retail exchange bureaus in the capital traded the dollar within a range of 1,530 to 1,540 dinars. Meanwhile, the exchange rate in Erbil fluctuated between 1,534 and 1,535 dinars. These parallel market rates persist despite the Central Bank of Iraq's implementation of a new official exchange rate of 1,300 dinars in February 2023. This official rate replaced the previous benchmark of 1,450 dinars, at a time when parallel market rates had climbed as high as 1,550 dinars.