The dollar exchange rate in Iraq continues to show upward movement, signaling ongoing volatility in the financial market. On Wednesday, the price of the US dollar increased in both Baghdad and Erbil, affecting exchange shops and central markets.
In Baghdad, the central Al-Kifah and Al-Harithiya exchanges opened with a higher rate. The dollar reached 139,350 dinars per 100 dollars, reflecting a noticeable uptick from previous levels. This trend continued across Baghdad’s local exchange stores, where the selling rate stood at 140,250 dinars per 100 dollars. Meanwhile, the buying rate was slightly lower at 138,250 dinars per 100 dollars.
Likewise, in the Erbil market, the rise was also evident. Exchange dealers in Erbil sold the US dollar at 139,100 dinars for every 100 dollars. The buying price was recorded at 138,950 dinars. This trend highlights a growing concern among market watchers and currency traders.
Notably, the dollar exchange rate in Iraq has become a focal point in daily business and household transactions. Many residents are closely monitoring the fluctuations, especially those who rely on international purchases or receive remittances in dollars. Even slight increases in the dollar’s value can impact costs for goods and services.
Importers, in particular, feel the pressure from these increases. As the dollar strengthens against the dinar, imported goods become more expensive. As a result, retail prices often rise, affecting average citizens.
Furthermore, local economists warn that if this trend continues, inflation may intensify. A rising dollar can affect fuel prices, food imports, and essential services, placing a burden on the economy. Many traders hope for intervention to stabilize the market and ensure better control over currency movement.
Meanwhile, financial experts stress the importance of tighter monetary policies. They also call for more support for the dinar to reduce dependency on the US dollar. Without such efforts, the market might see continued swings in the dollar exchange rate in Iraq.
Despite the growing demand for dollars, central financial authorities continue to inject more foreign currency into the market. However, traders believe that supply alone may not solve the broader structural issues.
As the economic situation evolves, people and businesses alike keep watching the currency market closely. Stability in the dollar exchange rate in Iraq remains a top priority for ensuring predictable trade and daily commerce.