Iraq Dollar Exchange Rate Decision Raises Prices in Kurdistan Region Market

With the implementation of the Central Bank of Iraq's new dollar sales rate, the prices of imported goods in the Kurdistan Region markets have increased by up to 12 percent.

Change in Dollar Rate and New Figures

Following the Central Bank of Iraq's decision to increase the official dollar exchange rate, the equivalent of 100 dollars for banks and traders was set at 152 thousand dinars.

Increases in the Market and Stores

Home appliance stores in Erbil reported that prices increased after major companies announced they would no longer process transactions for 100 dollars at the old exchange rate.

Increases were also seen in the prices of goods previously imported and stored in warehouses; for example, the price of a refrigerator that sold for 540 thousand dinars rose to 660 thousand dinars.

Chamber of Commerce Evaluation of Price Increases

Aram Baban, a board member of the Sulaymaniyah Chamber of Commerce, stated that the increase in the dollar rate raised product prices by approximately 12 percent, and more than half of the traders have updated their prices.

Price Hike Ban on Existing Stocks from the Ministry

Nevzad Sheikh Kamel, General Director of Commerce at the Ministry of Trade and Industry of the Kurdistan Region, announced that price increases will not be permitted for previously imported goods as long as they remain on the market.

The ministry reported that existing stocks are expected to remain on the market for about two months more, and legal action will be taken against businesses that unjustly raise prices on these products.