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📉 Dollar Reaches 160,000 IQD in Parallel Market – Late September Outlook
The gap between the official exchange rate of the dollar and its price in Iraq’s parallel market widened during the second half of September 2026. The electronic reference rate for USD/IQD stood at 1,309.84 dinars per dollar, while selling prices at some exchange shops in Baghdad reached 160,000 dinars per 100 dollars.
Al-Kifah and Al-Harithiya exchanges (Baghdad): 159,500 IQD per $100 at close on September 17, compared to 158,800 IQD in the morning.
Erbil: Selling at 159,100 IQD, buying at 159,050 IQD.
September 18 average: Around 158,775 IQD per $100, confirming high volatility near the 159,000 IQD zone.
Official vs. Parallel Market Rates
⚠️ These figures do not represent a unified market rate, as prices vary across provinces, exchanges, and shops. The official rate of 1,309.84 IQD per dollar should not be directly compared to 160,000 IQD without converting the latter to a per-dollar basis.
🔎 Why Did the Dollar Rise in the Parallel Market?
Precautionary Demand: Rumors of possible restrictions on foreign currency flows led traders and speculators to buy dollars in anticipation of reduced supply, despite no official announcement of a halt.
Regulatory Measures: In July, the Central Bank of Iraq reduced the monthly cash allowance for travelers from $3,000 to $2,000 and encouraged electronic payment cards. While described as organizational, these measures increased market sensitivity to news about cash dollars.
Gap Between Official and Parallel Demand: Importers and compliant transactions access dollars through official channels, while other demand shifts to the parallel market, driving prices higher. With the gap exceeding 20%, speculation intensifies, and the market becomes more reactive to rumors about banks and external transfers.
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