USD to IQD Exchange Rate: A Complete Guide
Live Markets Editorial Team
Updated:
Understanding the spread between official and parallel markets.
Introduction
The USD/IQD exchange rate matters to travelers, residents, and businesses that need to convert between the two currencies. Iraq’s official schedule has separate transaction tiers, while parallel-market cash quotes are unofficial and can vary by city and provider.
The Official Rate vs. The Parallel Market
Effective October 7, 2026, the official structure uses three transaction tiers. The Central Bank of Iraq (CBI) announced the rate adjustment in coordination with the Cabinet.
- Ministry of Finance purchase tier: 1,500 IQD per USD, or 150,000 IQD per USD 100.
- Sale to banks: 1,510 IQD per USD, or 151,000 IQD per USD 100.
- Official cash sale to the public: 1,520 IQD per USD, or 152,000 IQD per USD 100.
These are different official transaction tiers, not conflicting rates. The CBI states that the adjustment was made in coordination with the Cabinet. Official tiers are distinct from parallel-market quotes and do not guarantee that every provider offers the same customer rate or fees.
Parallel-Market Dollar Rates: Baghdad, Erbil, and Basra
Rates checked on October 13, 2026. The dated snapshot below is from 964 Network’s report published October 11, 2026; it is not a live quote or a rate offered by LiveMarkets. All figures are IQD per USD 100.
- Baghdad: buying 163,250 IQD; selling 164,250 IQD.
- Erbil: buying 163,000 IQD; selling 163,450 IQD.
- Basra: buying 163,000 IQD; selling 163,500 IQD.
Exchange-shop rates can change during the day, may differ by district and transaction type, and are separate from the CBI’s official tiers.
Historical Context
Following the 2003 conflict, the Coalition Provisional Authority introduced new dinar notes, which initially traded around 1,900 to the dollar. Over the next decade, the CBI managed to appreciate the dinar to around 1,182 IQD/USD through regular currency auctions.
Iraq’s official exchange framework has changed over time. Earlier benchmarks are historical and should not be treated as current transaction tiers or as parallel-market quotes; use the dated official schedule above for the current official structure.
How to Exchange Securely
When dealing with USD and IQD, security and compliance are paramount. Here are best practices for exchanging:
- Check the Provider: Where authorization is required, verify the provider through the relevant local regulator and ask for a written quote.
- Compare the Quote: Compare the provider's buy/sell rate and fees with the dated CBI reference; it is not a substitute for a current transaction quote.
- Check the Notes: Count cash and inspect the notes before leaving; acceptance requirements can vary by provider.
- Documentation: Keep all receipts of your transactions, especially if you are conducting business or plan to transfer large sums internationally.
Conclusion
Use a dated CBI rate as an official reference, then confirm the provider's current quote, fees, and receipt. For US-linked transactions, check current OFAC Iraq-related sanctions guidance where applicable; those rules do not set the general retail IQD rate.
Sources / References
- Strategic Step to Support Financial Stability — Central Bank of Iraq Announcement dated October 7, 2026; sets the Ministry of Finance purchase tier at 1,500 IQD per USD, sale to banks at 1,510, and cash sale to the public at 1,520, effective October 7.
- Iraq exchange rates today Sunday — 964 Network Published October 11, 2026; reports buying and selling quotes per USD 100 for Baghdad, Erbil, and Basra.
- Iraq-Related Sanctions — U.S. Department of the Treasury, Office of Foreign Assets Control Official US Iraq-related sanctions materials for applicable parties and transactions; the page does not publish retail IQD exchange quotes or decide compliance for every transaction.