Iraq central bank sets dinar at 1,520 per USD
Iraq's central bank set the dinar exchange rate at 1,520 per US dollar on Wednesday, the state news agency reported. Iraq formally ended its dollar auction system at the start of 2025 under US pressure to curb the diversion of dollars to sanctioned entities, especially Iran. Heavy curbs on US dollar supply led to a parallel, informal market for dollars, resulting in a price spread between the official exchange rate set by the central bank and that on the black market.
(Adds background) Oct 7 (Reuters) — Iraq's central bank set the dinar exchange rate at 1,520 per US dollar on Wednesday, the state news agency reported. Iraq formally ended its dollar auction system at the start of 2025 under US pressure to curb the diversion of dollars to sanctioned entities, especially Iran. Heavy curbs on US dollar supply led to a parallel, informal market for dollars, resulting in a price spread between the official exchange rate set by the central bank and that on the black market. com;)