The US dollar continued to trade at high levels in Erbil on Sunday. The rise reflects ongoing pressure on the Iraqi dinar. Demand for hard currency also remains strong.
In Erbil’s local markets, the selling price of $100 reached 148,450 Iraqi dinars. The buying price stood at 148,100 dinars. These figures show that the dollar remains firm in the Kurdistan Region’s capital.
Therefore, exchange offices in Erbil continue to set rates above official levels. The gap between buying and selling prices also remains wide. Traders say this reflects steady demand across the city.
Currency dealers note that import activity supports demand for the dollar. Regional trade also plays a role. Limited confidence in the dinar adds further pressure.
Despite government efforts, market prices remain elevated. Exchange shops continue to follow supply and demand. Official rates have limited influence on daily trading.
Therefore, the Central Bank of Iraq has set the official exchange rate at 1,320 dinars per US dollar. This rate applies mainly to banks and state transactions. It also applies to approved financial channels.
Moreover, local markets in Erbil operate differently. Cash trading remains common. As a result, prices often diverge from official levels.
Economic observers warn that dollar fluctuations affect daily life. Higher dollar rates raise import costs. Food prices and construction materials are often impacted.
Businesses also face higher operating costs. These increases often pass to consumers. Household spending power remains under pressure.
Additionally, authorities have introduced steps to regulate currency trading. They also aim to promote official banking channels. However, volatility continues in Erbil’s markets.
Analysts say future movement depends on monetary policy. Access to foreign currency is also key. Coordination between Erbil and Baghdad remains important.
Until stability improves, the dollar is expected to stay high in Erbil’s local currency markets in the near term.
