❗️Iraq devalues dinar as war on Iran disrupts oil revenues

Iraq’s cabinet has approved a new exchange-rate structure for the dinar, setting it at 1,520 dinars per US dollar, around 14.5% lower than the previous official rate, according to a Council of Ministers decision and a Finance Ministry statement.

Economists attributed the devaluation to disruptions in oil sales, Iraq’s main source of revenue, resulting from the US-Israeli war on Iran.

The decision, approved Tuesday and taking effect Wednesday, set the Finance Ministry’s purchase rate at 1,500 dinars per dollar. Banks and non-bank financial institutions will sell dollars to end beneficiaries at a rate of 1,510 dinars per dollar.