Erbil Currency | Investment in Erbil | Erbil Economy | Erbil News
Erbilia Online Magazine - Erbil, Kurdistan Region, Iraq

Economy & Currency

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Erbil Economy

Erbil has been the center meeting point for trades since ancient times.  Regardless of time, Erbil is still the meeting point in the Iraqi Kurdistan region and is now known as the economy starting point in Iraq. The city Erbil is secured, strong and situation in the center of a large number of local business and companies, regional and global. Erbil city is the trade center in Iraq, and the imported materials reach Iraq from abroad from Erbil.

Iraqi Kurdistan’s economy is dominated by oil production which currently averages 2.4million barrels per day, of which over 1.9 million barrels are exported daily. The mountains are rich with figs, pomegranate and walnuts and there are hundred s of factories in the city that provide economic health from the resources.

Erbil is famous for agricultural and the cultivation of wheat and barley. The working population works in agriculture and trade, if not a government worker. More than 15 international and specialist fairs are held annually in Erbil and hundreds of international companies participate.

Currently, the region is seeking to pass laws and implement structural reforms to strengthen the economy. This will only help the economic growth of Kurdistan and of course Erbil. The economic growth of and around Erbil is not limited to business opportunities but for tourists. Numerous tourists are paying attention to the endless opportunities of accommodation, shopping malls and housing projects

Ebril Chamber of Commerce and Industry update the region’s economic situation annually. Check in for updates.

Erbil Currency

Currency exchange rates can change as in any emerging economy.  For more accurate rates you may always visit XE.com:

AMOUNTFROMTOCONVERSION RATE
1USDIQD1,176.69
1EURIQD1,471.66
1GBPIQD1,841.51
1AUDIQD1,026.75
1CADIQD1,043.13

Besides Dinars (Iraqi), American Dollars and Turkish Lira are also accepted.

Exchanging money is relatively easy via money exchangers (they can be found on major roads, highways and markets). If you are trying to locate money changers, we suggest that you ask shop owners or the employees in the hotel you are staying at, and they can offer their help and direct you to where to go. And while rates don’t vary much, it is advised to look deeper for better rates.

Be sure to have enough cash to pay for everything. The use of credit cards in Kurdistan is still not highly popular, even Erbil, and especially online. Few of the local hotels may accept credit cards, but all international hotels accept the major worldwide known ones.