Iraq Devalues Dinar by 14.5 Percent Against US Dollar
Iraq devalued its dinar to 1,520 per US dollar to counter falling oil revenues caused by regional conflict. The policy change aims to support state finances while increasing import costs for households.
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Iraq devalued the dinar to 1,520 per United States dollar, cutting the official rate by 14.5% to counter oil export losses. The Cabinet approved the new exchange-rate structure during Tuesday's cabinet session, making the adjustment effective on Wednesday. The move cushions government revenues but threatens to drive up import costs and erode household purchasing power.
