Iraqi Dinar Falls Further as Dollar Reaches 154,000
At a Glance
- $100 reaches 154,000 IQD
- Rate rises 1,500 IQD in 72 hours
- Fiscal concerns pressure currency markets
- Demand for dollars remains elevated
Information obtained by Channel8 indicates that the Iraqi dinar has weakened further against the US dollar, with the market rate reaching 154,000 IQD per $100, amid growing concerns over Iraq's financial position.
Key Statements and Focus Area
- Trader Dana Mawlud reported a purchase rate of 154,000 IQD and a selling rate of 153,850 IQD per $100.
- Trader Ghazi Saadi said increased commercial demand for dollars is contributing to the dinar's decline.
- Traders expect continued volatility until Iraq's financial situation stabilizes.
The Iraqi dinar has recorded another decline against the US dollar, with the market price of $100 reaching 154,000 Iraqi dinars.
The rate has increased by 1,500 IQD per $100 within 72 hours, reflecting heightened pressure in parallel currency markets.
The recent movement follows a meeting between Prime Minister Ali Faleh al-Zaidi and the Parliamentary Finance Committee focused on Iraq's public expenditures and financial position.
Subsequent statements by lawmakers regarding the country's fiscal situation have contributed to concerns among currency traders and increased pressure on the dinar.
The decline recorded in Baghdad has also affected parallel exchange markets in Erbil and Slemani.
Dana Mawlud, a currency trader in the Slemani exchange market, said the retail purchase rate for $100 stands at 154,000 IQD, while the selling rate is 153,850 IQD.
Mawlud attributed the decline to broader concerns surrounding Iraq's financial situation.
In Erbil, currency trader Ghazi Saadi said demand for physical US dollars among commercial traders has increased significantly, contributing to the dinar's depreciation.
Saadi said exchange rates are likely to remain volatile until Iraq's financial situation achieves greater stability.
FYI
The Iraqi dinar's parallel-market rate has come under renewed pressure as concerns grow over Iraq's fiscal position, oil revenues, government spending, and access to foreign currency. Movements in Baghdad's exchange market can quickly influence parallel markets in the Kurdistan Region, including Erbil and Slemani.
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