Iraq Devalues Its Currency as Iran-U.S. War Disrupts Oil Shipping Routes
The new tiered rates set the dollar at 1,500 dinars for Finance Ministry purchases and 1,520 dinars for sales to end users.
- On Wednesday, the Iraq Cabinet raised the official exchange rate to 1,520 IQD per dollar, following emergency recommendations from the Finance Ministry and the Central Bank .
- The update increases the official end-user cost by 20,000 IQD per $100, moving from the previous 132,000 IQD to 152,000 IQD as Iraq adjusts monetary policy to address persistent economic pressures.
- Under the new tiered system, the Finance Ministry sells dollars at 1,500 IQD, banks receive at 1,510 IQD, and financial institutions sell to end users at 1,520 IQD per dollar.
- Businesses and citizens in Baghdad will access foreign currency through the national banking system at the new retail rate, affecting how commercial importers and individual consumers conduct transactions.
- Prompted by the sliding dinar despite fresh cash injections, the Cabinet implemented these emergency measures to stabilize the volatile exchange environment and restore confidence in Iraq's currency framework.
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62 Articles
The Central Bank of Iraq devalued the national currency by about 14.5 per cent, setting the rate of sale of the dollar to the population at 1520 dinars, says the agency NINA. The Iraqi authorities decided to devalue the national currency by about 14.5 per cent, setting the new rate of sale of the dollar to citizens at 1,520 dinars, transmits the RIA News with reference to the information agency NINA. In a letter sent by the Central Bank of Iraq …
Iraq has devalued the national currency against the United States dollar by 13 per cent against the backdrop of economic difficulties caused by the decline in oil exports from the country as a result of the blocking of supplies through the Strait of Ormuz, Bloomberg reports.
Iraq’s dinar takes a hit as official rate resets, market rate crosses 1,700
Iraq has officially established a new currency conversion rate of 1,500 dinars for every dollar, responding to recent market instability. The reality, however, shows the market rate has surged past 1,700 dinars due to persistent economic obstacles. Factors including the US-Iran tensions and shipping disruptions through the Strait of Hormuz have intensified the crisis.
The Central Bank of Iraq increased the official exchange rate of the dollar to 1520 dinars, from 1320, amid the widening gap with the parallel market and the decline in oil exports and foreign exchange reserves.
Iraq devalues dinar to 1,520 per US dollar, state news agency says
By Tala Ramadan and Ahmed Rasheed Oct 7 (Reuters) - Iraq's cabinet approved a new exchange-rate structure for the dinar, setting a rate of 1,520 dinars per US dollar, roughly 14.5% below the previous official rate, according to a Council of Ministers...
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