Iraqi Government Lowers Iraqi Dinar to 1,520 per Dollar
Government decision to adjust the exchange rate based on reports from the Ministry of Finance and the Central Bank.
Translated by Qiyas from كونا — Original source
Baghdad, Oct 7 (KUNA) -- The Iraqi government decided on Wednesday to devalue the Iraqi dinar from 1,320 dinars per US dollar to 1,520 dinars per dollar. The General Secretariat of the Iraqi Council of Ministers stated in a bulletin that, based on an emergency presentation by the Iraqi Ministry of Finance and the Central Bank of Iraq to the Council of Ministers, the exchange rate was adjusted to 1,500 dinars for purchases by the Ministry of Finance, 1,510 dinars for sales to banks, and 1,520 dinars for sales to end users. The Iraqi government had previously devalued the dinar in 2020 from 1,180 to 1,450 dinars per dollar, then reversed course in 2023 by revaluing it to 1,320 dinars per dollar, before today’s decision to devalue it again to 1,520 dinars per dollar. The government’s decision comes amid a financial and monetary crisis in the country, which has persisted since the Strait of Hormuz crisis and the decline in oil exports, the backbone of the nation’s public budgets. (End) A.H.H. / M.N.F.
