By John Lee.
The Central Bank of Iraq (CBI) has confirmed the approximately 15-percent devaluation of the Iraqi dinar, which we reported on Wednesday.
In an official statement, it said that the new rate is intended to support domestic industry, improve the competitiveness of Iraqi goods against imports, attract investment to non-oil productive sectors, and create employment opportunities for small and medium-sized enterprises.
Full statement from the Central Bank of Iraq (CBI):
This unofficial translation is provided in good faith for general information only. While every effort has been made to ensure accuracy, Iraq Business News accepts no responsibility for any errors, omissions, or misinterpretations.
A Strategic Step to Strengthen Financial Stability
As part of the commitment of the Central Bank of Iraq (CBI) and the Federal Government to achieving sustainable economic stability and ensuring comprehensive development, and based on joint coordination with the Council of Ministers and the provisions of Central Bank Law No. (56) of 2004, as amended, the Central Bank hereby informs the public that the exchange rate of the Iraqi dinar against the US dollar has been adjusted with effect from Wednesday, 7 October 2026, as follows:
- Purchase price of the dollar from the Ministry of Finance: 1,500 dinars per dollar.
- Selling price of the dollar to banks: 1,510 dinars per dollar.
- Selling price of cash dollars to the public: 1,520 dinars per dollar.
The Central Bank of Iraq reassures citizens and all economic sectors of the adequacy and strength of its foreign reserves, which guarantee the full and immediate fulfilment of all requests for external transfers to finance trade, the settlement of bank cards, and cash sales to travellers, without any restrictions.
This positive adjustment opens new and tangible horizons that directly serve the national economy and citizens. It supports national products and local industry; facilitates fair competition for Iraqi goods against imported products in the market, encouraging the expansion of national factories and companies; provides an attractive and stimulating investment environment for non-oil productive sectors; and creates new job opportunities by enabling small and medium-sized enterprises to expand, contributing directly to the employment of Iraqi youth and the reduction of unemployment.
The Central Bank of Iraq affirms that it will continue to take all measures that serve the interests of the nation and its citizens and ensure the safety and stability of its financial system.
Central Bank of Iraq
7th October 2026
(Source: CBI)
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