ijra — Live news map of the Middle East, Sudan and Pakistan

Baghdad receives a new batch of dollars and pledges to lower its parallel-market rate

Baghdad, Iraq ·

The Iraqi government announced that a new batch of cash dollars from the United States will arrive on Monday, worth more than $500 million, as part of arrangements to send $3 billion to Baghdad. Deputy Prime Minister for Economic Affairs Mohammed Tamim said in a televised interview that the parallel-market exchange rate is expected to move closer to the official rate in the coming period.

Iraq's economy relies heavily on oil revenues priced in US dollars, and its banks depend on dollar shipments from the United States to meet demand. The gap between the official exchange rate and the parallel-market rate has been a recurring concern for Iraqi authorities.

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