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.
55 Articles
55 Articles
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...
The Toronto Star
Iraq devalues its currency as Iran-U.S. war disrupts oil shipping routes
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.
Iraq devalues its currency as Iran-U.S. war disrupts oil shipping routes – WTOP News
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 before “to meet the...
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