Shafaq News / The dollar exchange rates rose in the Iraqi market today, Thursday  (December 31, 2020).

•             The Kifah Stock Exchange recorded 144,800 dinars, for $ 100.

•             The Al-Harthiya Stock Exchange recorded 144,800 dinars for 100 dollars.

In Baghdad

Selling prices in the banking stores in the local markets

•Sale price:  145,750 dinars for $ 100

•             Purchase price: 143,750 dinars for $ 100

Earlier, according to a directive seen by Shafaq News Agency, Iraq’s central bank increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.

 For its part, Al-Rafidain Bank started adopting the new rate for dollar, based on the directives of the Central Bank of Iraq. (1460 Dinars = 1 $).

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources.

“The financial crisis which Iraq suffered due to the coronavirus pandemic caused a decline in oil prices that caused decreasing oil revenues, altogether have caused a large deficit in the federal budget,” the central bank said in a statement.