Iraq raises official dollar rate to 1,520 dinars in first adjustment in over three years

Iraq's central bank has raised the official dollar rate to 1,520 dinars, from 1,320, the first adjustment in over three years.

• The central bank, citing a government decision, ordered banks, electronic payment companies, and exchange companies to apply the new rate from 7 October.
• The dollar had reached about 1,600 dinars on Iraq's parallel market in recent weeks.
• Iraq ended its dollar auction system in early 2025 under US pressure to limit dollar transfers to sanctioned entities, notably Iran.