Baghdad – The Iraqi dinar exchange rate against the dollar settled in a relative manner in the parallel and official markets, with the opening of the currency exchange market in the capital, Baghdad and the rest of the provinces.
The exchange rate of the Iraqi dinar against the dollar in official transactions
- The sale price for transfers, documentary credits, and international electronic cards: 1310 dinars for the dollar.
- selling price: 1305 dinars per dollar.
- Selling price in banks: 1310 dinars per dollar.
It is noteworthy that the central bank does not buy the dollar, but only sells it through the dollar sale platform, because it is the main source of the dollar in Iraq, and it gets it in exchange for selling oil globally.
It is worth noting that the decision to sell in banks is fixed and binding on it from the central bank in its capacity as rejected decisions, not a consultant, and the price is not related to the fluctuation of prices in the parallel market, and the sale is at this price for the categories specified by the central bank, which is the category of travelers exclusively.
The Iraqi dinar exchange rate today, Sunday, in the parallel market
The Iraqi dinar exchange rate stabilized today, Sunday, against the dollar in the parallel market in Baghdad, Erbil and Basra, with a disparity not exceeding 2.5 dinars per dollar, and these prices at the time of this report:
- The price of selling the dollar on the main struggle exchange in Baghdad reached 1485 dinars, which is the same price as registered yesterday, while the purchase price recorded 1475, which is the same price as well for yesterday.
- On the main Erbil Stock Exchange, the sale price reached 1480.5 dinars for the dollar after yesterday evening, 1480.25 dinars, while the purchase recorded 1480 dinars per dollar, which is the same price for yesterday.
- The main price of the Basra Stock Exchange reached 1490 dinars for sale and 1480 for purchase, which is the same prices recorded yesterday.
- The price of the dollar on the main Sulaymaniyah Stock Exchange was 1503 dinars, after yesterday evening recorded 1506 dinars.
Factors affecting the dinar exchange rate
- Currency sale auction: The volume of daily sales in the currency sale auction significantly affects the exchange rate.
- Central Bank proceduresThe measures taken by the central bank in addressing external transfers play an important role in stabilizing the exchange rate.
- The need for the dollar: Traders need the dollar to import goods from countries that suffer from economic sanctions from the Federal Reserve (US Central), and it is prohibited to transfer the dollar through the official platform directly on the dollar exchange rate against the dinar, especially with regard to Iran for the need of traders to withdraw the dollar significantly from the parallel market to pay the bills of those imported goods, which leads to the rise in demand against supply and high prices.
- Withdrawing the dollar from entities dealing with the Iranian sideSometimes some merchants and brokers buy those with the Iranian side the dollar from the Iraqi market in large quantities to send to Iran, which needs the dollar for its international trade transactions because of the US sanctions on it, which is prohibited from obtaining the American currency.
Iran’s access to the Iraqi dinar is through the payment of Iraq to the gas bills imported from Iran to operate the electric power plants in the Iraqi dinar, because there is no mechanism for payment in dollars due to these sanctions, so this purchase of the dollar from the parallel market leads to its excessively high prices due to the imbalance and demand. - The smuggling of the dinar to other countries: Some traders work by smuggling the dinar to other countries to benefit from the exchange rate teams between the official and the parallel, which effectively affects the dollar exchange rate.
- Merchants of merchants through leaked information or rumors: Some merchants get leaked information from banks or from the central bank about a possible procedure related to changes in the mechanism of dealing with dollars, so these exchanges take precautionary measures to raise or reduce the price, purchase or sale only to anticipate the repercussions of the potential decision, and sometimes these leaks are just rumors that appear to be lied in the future, and their purpose is to either pump the currency significantly to the market to withdraw the dinar and buy the future, or the opposite by buying The dollar and withdraw it from the market to sell it in the future.
