Iraq updates dollar rate to 1520 dinars

The Central Bank of Iraq has raised the official exchange rate of the dollar to 1,520 dinars, up from 1,320 dinars, for the first time in more than three years. This move is part of efforts to address the declining value of the local currency and the significant drop in the parallel market, which reached around 1,600 dinars. This development comes amidst a sharp decline in Iraqi oil exports and rising commodity prices, leading to a reduction of approximately $20 billion in foreign reserves and the need to resort to domestic borrowing. The new rate was adopted as of the start of the business day on October 7, 2026, amid severe economic pressures on Iraq, which relies primarily on oil revenues to meet public sector salaries and import goods.

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