Iraq Sets New Dinar Rate as Dollar Sales Reach 1,520
Cabinet-backed exchange-rate changes took effect Wednesday, raising concern over the cost of imports and daily prices.
Iraq’s cabinet approved a new exchange-rate structure that sets the public sale price of US dollars at 1,520 Iraqi dinars, after a previous official rate of 1,320 dinars per dollar. The Finance Ministry will buy dollars at 1,500 dinars and sell them to banks at 1,510 dinars.
The decision follows months of pressure on the dinar and a widening gap between official and market prices. The change is a major public-interest development because a weaker dinar can raise the local cost of imported goods, while giving the government more dinars for each dollar of oil revenue.
Original reporting: Rudaw English ↗