USD/IQD rate drops in Baghdad, Erbil

Shafaq News/ The U.S. dollar (USD) exchange transactions against the Iraqi dinar (IQD) edged higher in the markets of Baghdad and Erbil today, Saturday.

Shafaq News Agency correspondent said that the USD closed at a rate of 157900 IQD to 100 in al-Kifah and al-Harithiya Central Exchanges.

The selling and buying rates of the USD in Baghdad's parallel markets settled at 158500 and 157500 IQD to 100, respectively.

In Erbil, the USD selling and buying rates opened at 157800 and 157500 to 100.

Financial experts explained that the recent measures taken by U.S. authorities to tighten the channeling of dollars to Iran from Iraq had decreased the value of the Iraqi dinar on the black market, the member of the Iraqi Parliament.

To control the rate at the black market, the government has asked the CBI to take urgent steps to compensate for a dollar shortage in the local market and to help private banks strengthen their non-US dollars foreign currency reserves such as the Chinese yuan, the euro, the Emirati dirham, and the Jordanian dinar.

But these measures failed to strengthen the local currency.