Dollar exchange rates in Iraq
Shafaq News / The dollar exchange rates stabilized in the Iraqi market today, Monday (December 28, 2020).
• The Kifah Stock Exchange recorded 141,900 dinars, for $ 100.
• The Al-Harthiya Stock Exchange recorded 141,950 dinars for 100 dollars.
In Baghdad
Selling prices in the banking stores in the local markets
•Sale price: 143,000 dinars for $ 100
• Purchase price: 141,000 dinars for $ 100
In Erbil
Selling prices in the banking stores in the local markets
•Sale price: 142,000 dinars for $ 100
• Purchase price: 141,000 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.
The devaluation decision came as a preemptive move to prevent “draining Iraq’s foreign reserves” and help government to secure public servants’ salaries, the bank said.
Iraq depends on oil revenue for 95 percent of its income. The last devaluation was in December 2015 when it raised the sale price of U.S. dollars to 1,182 dinars from 1,166.
