Iraq Raises Official Dollar Rate to 1,520 Dinars

Iraq’s Cabinet has raised the official dollar exchange rate, setting tiered rates of 1,500 dinars per dollar for purchases from the Finance Ministry, 1,510 for sales to banks and 1,520 for sales to end users. Separately, a parliamentary economic committee member said officials were discussing a 1,500-dinar rate and possible currency redenomination by removing three zeros, though he said no binding decision had been finalized at the time of his remarks. The parallel-market dollar continued trading above the official rate, reaching about 1,603 dinars in Baghdad and roughly 1,602 in Erbil in a reported market survey.