- BIST10011,628-1.44%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,145.50+0.07%
- INTEREST37.00%-1.00
- BITCOIN83,739+0.96%
- October 21, 202621°
- BIST10011,628-1.44%
- USD49.58+0.05%
- EUR55.62+0.09%
- GOLD4,145.50+0.07%
- INTEREST37.00%-1.00
- BITCOIN83,739+0.96%
- October 21, 202621°
Dollar rises at close in Iraq: rates up in Baghdad and Erbil
In the Iraqi market, the US dollar rose again at Wednesday's close, reaching approximately 156,200 dinars per 100 dollars. While prices in Baghdad and Erbil also showed increases, Mahmud Dagher said expectations have raised dollar demand.
The US dollar recorded a rise at the close of the Iraqi market on Wednesday, trading at around 156,200 dinars per 100 dollars.
At the al-Kifah and al-Harithiya currency markets in Baghdad, the rate rose to 156,250 dinars per 100 dollars. This level exceeded the 156,000 dinars seen in morning trading.
At exchange bureaus in the Iraqi capital, the selling price of the dollar was 156,750 dinars, while the buying price stood at 155,750 dinars.
In Erbil, the selling price reached 155,700 dinars and the buying price was 155,650 dinars.
Background of the market rise
Mahmud Dagher, former Director General of the Central Bank of Iraq, said that expectations of a depreciation of the Iraqi dinar due to economic pressures and existing debt obligations have increased demand for the dollar.
Dagher noted that statements and leaks regarding the Central Bank's policies or possible exchange rate changes often fuel speculation in the market.
Stating that such news creates uncertainty, Dagher explained that economic actors tend to increase their dollar positions, which in turn intensifies pressure on the local currency.
According to Dagher, the expectation of a weakening dinar also strengthens the tendency of individuals and companies to convert their savings into foreign currency.
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