USD/IQD inches higher at the closure
Shafaq News- Baghdad/ Erbil
The US dollar closed Wednesday’s trading higher in Iraq, hovering around 156,200 dinars per 100 dollars.
According to Shafaq News market survey, the dollar traded in Baghdad's Al-Kifah and Al-Harithiya exchanges at 156,250 dinars per 100 dollars, up from the morning session’s 156,000 dinars.
In the Iraqi capital, exchange shops sold the dollar at 156,750 dinars and bought it at 155,750 dinars, while in Erbil, selling prices stood at 155,700 dinars and buying prices at 155,650 dinars.
The former Director General of the Central Bank of Iraq (CBI), Mahmoud Dagher, told Shafaq News on Wednesday that expectations of a potential devaluation of the Iraqi dinar amid economic pressures and existing debt obligations are contributing to higher demand for the US dollar and pushing up its exchange rate in the local market.
“Statements and leaks related to the Central Bank's policies or possible changes to the exchange rate often fuel speculation in the market.”
Dagher explained that such reports typically create uncertainty and encourage economic actors to increase their holdings of US dollars, placing additional pressure on the local currency and affecting market prices. “Expectations of a weaker dinar frequently trigger a broader shift among individuals and businesses toward converting savings into foreign currency.”
