Dollar prices decline in Iraq amidst market volatility

Shafaq News/ Dollar prices in Baghdad and Erbil witnessed a significant decline on Tuesday, easing concerns in the market after recent fluctuations.

With the closure of Al-Kifah and Al-Harithiya central stock exchanges in Baghdad the dollar's value drop from 163,000 dinars to 161,800 dinars against 100 dollars.

Exchange shops in local markets followed suit, with selling prices averaging 162,750 Iraqi dinars for 100 dollars and purchase prices at 160,750 dinars for the same amount.

In Erbil, the selling price reached 161,850 dinars for 100 dollars, and the purchase price at 161,750 dinars for every 100 dollars.

The official spokesperson for the Sulaymaniyah, Kurdistan Region stock market, expressed concerns over the rising dollar exchange rate.

Jabbar Gorran attributed the spike to internal factors such as statements made by Iraqi officials, especially those from the Central Bank of Iraq, causing anxiety among citizens due to the current situation. External factors like the ongoing events in Palestine also contributed to market volatility.

Gorran highlighted the lack of control by the Central Bank of Iraq over private banks and the citizens' decreasing confidence in the local currency. He emphasized the need for adherence to decisions from the American Treasury, which are currently in Iraq's best interest.