To combat unsteady dinar, Iraq opens money exchange booth in Baghdad International Airport

1/10/2023 1:40:58 AM
 Central Bank of Iraq in Baghdad, Iraq.
 photo: KurdSat English
It is to increase Iraqi Dinar (IQD) value against the US dollar.

The Central Bank of Iraq said in a statement that it has opened a booth to sell dollars at Baghdad International Airport through the Iraqi Bank for Commerce. From Tuesday, they will sell dollars in cash to tourists, with each tourist being able to buy up to $5000 US, the bank said.

The Central Banks aims to sell US dollar at the value it has set that is around 1450 IQD for a dollar, but the private money exchange offices sell it at a higher price that is almost 1,600 IQD for a dollar.

The central bank said it has given permission to 20 banks to sell dollar increased the number of foreign exchanges to 20 banks, as an effort to stabilize the value of foreign currency in the markets.

The Bank also assured the people that the recent depreciations are temporary.

A dramatic decrease of the Iraqi dinar against the US dollar to record low levels since the collapse of the Saddam Hussein regime in 2003, has destabilized the Iraqi markets.

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