The Iraqi dinar weakened once more against the U.S. dollar as currency markets reopened. Today, $100 exchanged at 151,500 dinars, reflecting continued market instability. Financial experts point to multiple factors driving the fluctuations in the Iraqi dinar exchange rate.
Economic experts said holding Iraqi dinars is safer for local transactions. He explained, “Having funds in dinars allows people to meet daily financial needs without relying fully on dollars. This reduces risk when converting small portions to dollars for essential payments.”
Economic experts highlighted key causes behind the Iraqi dinar exchange rate instability. “Customs policies, the Asycuda system, the provision of dollars to traders, and the retention of those dollars have all affected the market. Until the Iraqi government implements new measures, volatility will continue. The new cabinet and the Prime Minister’s policies may stabilize the situation in the future.”
From the market perspective, Kaifi Khushnaw, spokesperson for the Erbil Currency Exchange Association, confirmed the high demand for dollars. “Today, the rate remains unstable. Traders buy large amounts of dollars due to the Asycuda system. In addition, tensions between Iran and the U.S. further impact the market and the Iraqi dinar exchange rate,” he said.
The Iraqi dinar exchange rate differs across major cities:
- Erbil: $100 = 151,150 dinars
- Sulaymaniyah: $100 = 151,250 dinars
- Baghdad: $100 = 151,500 dinars
The recurring drops in the Iraqi dinar exchange rate highlight ongoing volatility. Experts advise local citizens to hold dinars for domestic transactions while cautiously converting small amounts to dollars. Market watchers say the situation will stabilize only after government interventions and clearer policies.
