Slight drop in dollar rates in Baghdad and Erbil after official exchange rate adjustment

Dollar exchange rates recorded a decline on Thursday morning in Baghdad and Erbil markets, following the large jump they experienced yesterday after a decision by the Central Bank of Iraq.

Currency exchange shops and money markets showed volatility in buy and sell rates during morning trading.

The Central Bank of Iraq announced yesterday, Wednesday, that it had changed the official exchange rate of the Iraqi dinar against the US dollar to 1,520 dinars per dollar instead of 1,320 dinars per dollar, which sparked angry public reactions.

With the start of implementing the decision, markets experienced a state of fluctuation and instability and exchange rates recorded a rapid jump, leading to an evident paralysis in shopping activity.