Iraqi Central Bank Sets Dinar Rate at 1,520
The Central Bank of Iraq set the exchange rate of the dinar against the dollar at 1,520, following the end of the dollar auction system in early 2025 under American pressure to limit dollar transfers to sanctioned entities, especially Iran. Restrictions on dollar supply have led to the emergence of an unofficial parallel market, causing a significant disparity between the official rate and the black market rate. Additionally, the Central Bank of Iraq prevents the exchange of salaries and remittances in dollars due to the dominance of the unofficial market over exchange rates.
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