Rise in US dollar prices against Iraqi dinar with market closure

Shafaq News/ On Wednesday, the US dollar surged against the Iraqi dinar in Baghdad and Erbil markets.

With the closure of the central Al-Kifah and Al-Harithiya stock exchanges, the dollar reached 158,000 Iraqi dinars for 100 dollars in Baghdad, compared to the morning rate of 156,500 dinars for 100 dollars.

Exchange shops in local markets also reported an increase, with the selling price at 159,000 Iraqi dinars for 100 dollars and the purchase price at 157,000 dinars for 100 dollars.

In Erbil, the capital of the Kurdistan Region, the dollar reached 159,000 dinars for every 100 dollars, with a purchase price of 158,900 dinars.

Earlier, Economic expert Nabil Al-Marsoumi anticipated a future rise in the dollar's price due to unresolved issues, particularly related to trade with Iran and Syria. He highlighted the problem Iraqi travelers face in these countries, deprived of obtaining the dollar at the official rate.

In an interview with Shafaq News Agency, Al-Marsoumi stated, "The recent rise in the dinar's exchange rate against the dollar is a result of good market sentiment and optimistic expectations associated with the agreement between the US Federal Bank and the Central Bank of Iraq on a combination of policies and procedures."

Additionally, he pointed to other factors contributing to the rise, such as the dual tax and customs tariff systems in Iraq, the presence of illegal ports, weak control over official border ports, and the circulation of goods outside the electronic platform, including alcoholic beverages, cigarettes, and drugs.