Iraq launches direct sales of construction material amid dinar fall

The initiative was launched under Zaidi’s direction to provide citizens with “affordable construction supplies and boost their purchasing power, particularly amidst fluctuations in exchange rates and their impact on local market prices,” according to Jumaili.

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Zaidi defends exchange rate amendment in parliament

“I assumed this responsibility [premiership] with our economy under siege due to the disruption of oil exports and the closure of the Strait of Hormuz,” Zaidi said.

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Iraqi PM Zaidi to appear in parliament over dinar devaluation: MP

There has been no official confirmation from the prime minister’s or the parliament’s media office that Zaidi will indeed be present in the session.

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‘This market has become a gamble’: Iraqis grapple with dinar plunge

“Today is not the day for either selling or buying, because the market is in crisis, people don’t know whether the dollar will increase or decrease in price,” another merchant said, urging people to stop trading dollars so it does not further affect the rate.

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Iraq sets official dollar rate at 1,520 dinars to reduce gap with parallel market

The Central Bank of Iraq (CBI) had previously pegged the dinar at a value of 1,320 to the US dollar, though a widening discrepancy has emerged between the official value and the rate at which the dollar has been traded in the parallel market for years.

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CBI offers reassurance as Iraqi dinar plummets in parallel market

The Central Bank attributed the sharp decline to “market speculation, expectations, and the exploitation of regional geopolitical conditions by certain parties seeking to destabilize the economic and financial situation for their own gain.”

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Iraq to slash three zeros from currency, introduce new notes

It also aims to curb the use of cash outside the system, which may be used for criminal activities and corruption, he explained.

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No intention to change exchange rates: CBI

Since 2023, the CBI has set the official exchange rate at 1,320 dinars per one US dollar. Although that rate is used in official government transactions, it has never been in use at the currency exchange markets, which set a frequently-changing and way lower value for the dinar.

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Iraqi dinar plunges to lowest value in 2.5 years

The Iraqi dinar traded at 160,000 IQD per $100 on Monday morning, with an economist attributing the fall to several factors, such as the replacement of Iraq's Central Bank governor and lower oil exports due to the effects of the US-Israeli war on Iran.

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