USD value depreciates against Iraqi dinar  

ERBIL (Kurdistan24) – On Thursday, 100 US dollars were exchanged for 146,750 Iraqi dinars in the Kurdistan Region. This is the lowest level the USD has seen in over 10 months.

As of the beginning of the week, the value of each 100 US dollars was approximately 150,000 IQD, but quickly declined, so the value of each 100 USD declined by more than 3,000 IQD.

The depreciation of the USD coincides with the visit of Iraqi Prime Minister Mohammed Shia' al-Sudani to the United States on the 15th of next month.

Additionally, the recent issuance of US dollars by the Iraqi central bank has also contributed to the depreciation of the USD.

The official value of USD has fluctuated over the past 30 years. The value of the USD against the IQD remained stable until 2004 at 31 IQD per 100 USD. After the Iraqi liberation process, three zeros were added to the IQD, causing the USD to appreciate against the IQD.

From 2004 to 2007, the official value of USD was about 146,000 IQD. In 2007, the dollar fell to 116,118,000 dinars, which will continue until 2020.

On the eve of the outbreak of COVID-19, Iraq's revenue fell significantly. There was a risk that the Iraqi government could not distribute civil servant salaries, so the USD value rose to 146,000 dinars.