Emmanuel OchayiThe exchange rate of the US dollar against the Iraqi dinar witnessed a significant surge in the markets of Baghdad and Erbil.
This unexpected surge came in the wake of the closure of the main stock exchanges, sending shockwaves through the financial landscape of the region.
According to Shafaq News Agency, the dollar prices soared after the closure of Baghdad’s primary stock exchanges, al-Kifah and al-Harithiya. The exchange rate reached 155,800 Iraqi dinars for 100 dollars, a noticeable increase from the morning’s rate of 155,700 dinars for 100 dollars.
However, amidst the turmoil, exchange shops in local markets across Baghdad managed to maintain a semblance of stability. The selling price held firm at 156,750 dinars for 100 dollars, while the buying price remained at 154,750 dinars for 100 dollars.
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This contrast between the official exchange rates and those in local markets highlighted the resilience of small-scale traders and their ability to navigate challenging financial circumstances.
In Erbil, a similar trend was observed as the dollar also experienced an increase in value. The selling price reached 155,900 dinars for 100 dollars, with the buying price at 155,800 dinars for 100 dollars. This parallel surge in Erbil emphasized the impact of the stock exchange closures on the entire region.
As observers and investors monitor these fluctuations, it remains to be seen how the closure of stock exchanges will continue to influence the dynamics of the Iraqi currency market.
The stability of local exchange shops offers a fascinating contrast to the volatility seen in official rates, raising questions about the resilience of grassroots financial networks in the face of economic challenges.
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