Official adjustment of foreign currency exchange rate in Iraq

The Central Bank directed, on Wednesday, the adoption of a new financial mechanism to determine the value of the dollar, including setting the final selling rate to citizens at a specific level. An official document issued based on the Council of Ministers' decision taken at its twenty-second session held on October 6, 2026, which includes amending the exchange rates of the Iraqi dinar against the US dollar to meet relevant financial, economic, and monetary requirements, showed the details. The decision was based on the provisions of the Central Bank of Iraq Law No. 56 of 2004 as amended, as it was decided to adopt exchange rates as follows: purchasing the US dollar from the Ministry of Finance at 1,500 dinars per dollar, selling the US dollar to banks at 1,510 dinars per dollar, and selling the US dollar to the public at 1,520 dinars per dollar. It called on all institutions to adopt the above prices in their transactions and take what is necessary to update banking and financial systems and related service delivery channels, and inform branches and specialized units to work accordingly, and it is also necessary to stop working with the previous price and adopt the new price starting from the beginning of the working day.