Dollar hits 168,500 in Iraq as new rate takes effect
Shafaq News- Baghdad/ Erbil
The US dollar surged in Baghdad and Erbil on Wednesday as Iraq’s revised official exchange rate took effect, with sharp volatility in the parallel market prompting some exchange shops to suspend dollar sales.
According to a Shafaq News market survey, in Baghdad’s Al-Kifah and Al-Harithiya central exchanges, the dollar rose to 168,500 Iraqi dinars per $100, up from 159,800 dinars on Tuesday.
Exchange shops in Baghdad sold the dollar at 169,000 dinars per $100 and bought it at 168,000.
In Erbil, the dollar also rose, with selling rates reaching 168,200 dinars per $100 and buying rates at 168,100.
Iraq’s Cabinet on Tuesday approved new official rates ranging from 1,500 dinars per dollar for purchases from the Finance Ministry to 1,520 dinars for sales by banks and non-bank financial institutions to end users.
Read more: Why Iraq's dinar keeps sliding despite fresh US cash
