Shafaq News- Baghdad/ Erbil (Updated at 12:40)

The US dollar opened Monday’s trading higher in Iraq, hovering around 156,000 dinars per 100 dollars.

According to a Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 155,600 dinars per 100 dollars, up from the previous session’s 154,900 dinars.

In the Iraqi capital, exchange shops sold the dollar at 156,000 dinars and bought it at 155,000 dinars, while in Erbil, selling prices stood at 155,500 dinars and buying prices at 155,400 dinars.

Mahmoud Dagher, a former director general at the Central Bank of Iraq (CBI), told Shafaq News that the dollar's rise against the Iraqi dinar over the past two days was a response to instability and a loss of confidence stemming from the crisis at Al-Taif Islamic Bank,

Last week, the CBI placed Al-Taif Islamic Bank under receivership as “a supervisory step to safeguard depositors' money” rather than a declaration of bankruptcy or liquidation. The move came after the US Treasury restricted the bank's access to US dollars, part of a wider set of controls affecting several Iraqi banks.

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