The Central Bank of Iraq (CBI) headquarters in Baghdad
1,320 IQD per US dollar
Iraqi central bank sets $2,000 allocation for Hajj pilgrims at official exchange rate
BAGHDAD — The Central Bank of Iraq on Thursday instructed several commercial banks and exchange companies to sell $2,000 to each Hajj pilgrim at the official exchange rate of 1,320 dinars per U.S. dollar.
The directive, issued to Rafidain Bank, Rasheed Bank, the Trade Bank of Iraq and Al-Nasik Islamic Bank, is intended to streamline currency access for pilgrims traveling by land or air. It also mandates the opening of designated bank branches in Baghdad and other governorates to handle foreign exchange requests linked to the pilgrimage.
Pilgrims must present a valid passport and a digital manifest issued by Iraq’s Hajj and Umrah Authority, complete with a QR code, in lieu of traditional airline tickets, according to the directive.
The move comes amid ongoing disparity between Iraq’s official exchange rate — set at 132,000 dinars per $100 — and the parallel market rate, which remains significantly higher. On Thursday, Baghdad currency traders were selling $100 for 145,500 dinars and buying at 144,500 dinars.
The Central Bank said all pilgrims are eligible for the allocation and can begin applying on Sunday, May 4.
Hajj, the annual pilgrimage to Mecca in Saudi Arabia, is one of the Five Pillars of Islam and a religious obligation for all Muslims who are physically and financially able to complete the journey at least once.
Saudi Arabia assigns annual quotas for each country based on population, typically allowing 1,000 pilgrims per million Muslims. Iraq’s quota has recently ranged from 34,000 to 40,000 pilgrims, with seats divided proportionally among governorates, including the Kurdistan Region.
