U.S. Dollar Value Climbs in Baghdad and Erbil Markets Amid Regional Conflicts
In a recent development, the U.S. dollar’s value has witnessed a surge in the Baghdad and Erbil markets. As per a report by Shafaq News, the dollar prices escalated in the Al-Kifah and Al-Harithiya stock exchanges, climbing to 158,500 dinars against 100 dollars, a noticeable rise from the preceding day’s rate of 158,150 Iraqi dinars against the same.
Local Markets Respond to the Dollar’s Rise
Local markets in Baghdad reported an upturn in selling prices, with the rate soaring to 159,500 Iraqi dinars, whereas the purchasing price stood at 157,500 dinars for every 100 dollars. In the city of Erbil, the selling price was quoted at 158,300 dinars against the dollar, while the buying price was slightly lower at 158,200 dinars for every 100 dollars.
Government Efforts to Stabilize Exchange Rate
In response to the escalating dollar prices, the Iraqi Private Banks League (IPBL) has announced its support for governmental efforts aimed at lowering the exchange rate of the U.S. dollar in the parallel market. These attempts are closely linked to the recent measures adopted by the Central Bank of Iraq and the government concerning trade financing using new currencies – steps that signify a move towards reducing the exchange rate of the U.S. dollar in the parallel market.
Impact on Iraq’s Security Scenario
Meanwhile, Iraq’s security scenario is tense with recent U.S. strikes leading to the unfortunate demise of five members of the Kataib Hezbollah militia in their stronghold of Jurf al-Sakhar, located south of Baghdad. The U.S. conducted two series of strikes in Iraq this week, marking the first publicly reported responses on Iraqi territory to a series of recent attacks, indicating an escalation in the regional conflict tied to the Israel-Hamas war.
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