ERBIL, Kurdistan Region - The Iraqi dinar on Monday continued to lose value against the dollar in the unofficial market amid growing regional and global tensions.
A dollar was worth around 1,490 dinars in the Kurdistan Region’s unofficial market Monday noon but slightly regained value later in the day. The devaluation of the Iraqi dinar was lower in other parts of the country.
Haji Sabir Bawaji, head of the currency exchange market council in Erbil, told Rudaw that the devaluation of the Iraqi currency is being driven by factors beyond the Region’s control.
"Global and regional tensions are the cause of the dinar's decline in value," he said, adding that "the rate is determined in Baghdad rather than the Kurdistan Region.