Iraq devalues its currency as Iran-U.S. war disrupts oil shipping routes
Headline from WTOP Washington DC
BAGHDAD (AP) — Iraq devalued its currency Wednesday, changing the official exchange rate from around 1,300 dinars to the U.S. dollar to 1,500 dinars to the dollar. The country’s central bank said in a statement that the new exchange rate had been decided at a meeting of Iraq’s Cabinet the night befo…
WTOP Washington DC's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Iraq devalued its currency by 13% against the dollar, as the economy comes under strain with the effective closure of the Strait of Hormuz hitting oil exports.
BAGHDAD (AP) — Iraq devalued its currency Wednesday, changing the official exchange rate from around 1,300 dinars to the U.S. dollar to 1,500 dinars to the dollar. The country’s central bank said in a statement that the new exchange rate had been decided at a meeting of Iraq’s Cabinet the night befo…
Iraq devalued the dinar by 14.5% on Wednesday, setting the exchange rate at 1,520 per dollar after months of disruption to oil exports through the Strait of Hormuz cut into the government’s main source of revenue.
Under the new rates, the Central Bank will purchase U.S. dollars from the Ministry of Finance at 1,500 dinars per dollar and sell them to banks at 1,510 dinars. Banks will sell dollars to the public at 1,520 dinars.
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