AJ : Iraq's parallel market 🔥 Important Update!!, 6 MARCH

 AJ

Iraq's parallel market Important Update

On Thursday, Iraq’s parallel market saw the exchange rates of the US dollar against the Iraqi dinar rise in both Baghdad and Erbil. In Baghdad, the unofficial rate settled at 1,483 dinars per dollar, while in Erbil it reached 1,480 dinars per dollar.

Meanwhile, the Central Bank of Iraq (CBI) maintains an official rate of 1,310 dinars per dollar. The first step Turkmenistan took when it issued lower-denomination notes and revalued its currency was unifying the unofficial and official exchange rates.

This is exciting because the International Monetary Fund (IMF) recently recommended that Iraq’s finance minister reduce the gap between Iraq’s parallel and official rates by increasing larger trades in the dinar. They were specifically addressing the parallel market. At some point, the CBI will likely establish a single unified rate for Iraq. 

This aligns with what Mohamed Saleh, the Prime Minister’s financial advisor, has confirmed: geopolitical controls on informal trade are pushing more engagement toward official foreign currency outlets. This shift helps finance foreign trade through a stable, recognized international financial system.