Baghdad (IraqiNews.com) – The exchange rate for the US dollar compared to the Iraqi dinar declined on Monday in the Iraqi capital, Baghdad, and the capital of the Kurdistan region of Iraq, Erbil.

The US dollar exchange rate slightly declined in Baghdad’s al-Kifah and al-Harithiya stock exchanges, reaching 1,499.5 Iraqi dinars compared to 1,500.5 Iraqi dinars on Monday morning.

The exchange rate in currency exchange shops in Baghdad ranged between 1,505 Iraqi dinars and 1,495 Iraqi dinars, Shafaq News reported.

In Erbil, the US dollar exchange rate dropped, fluctuating between 1,501 and 1,500 Iraqi dinars.

The Central Bank of Iraq (CBI) said in February 2023 that it has begun using the new US dollar exchange rate of 1,300 dinars to every US dollar.

The previous official exchange rate was 1,450 dinars to one US dollar, which was being exchanged in the parallel market at a rate of 1,550 dinars.

While the official exchange rate was 1,450 dinars per dollar in January 2023, the US currency was being exchanged at 1,610 dinars during the same month in the parallel market in Iraq. This variation indicated a difference of over 10 percent in the exchange rates.