Iraq Implements New Dinar Exchange Rate
The Central Bank put a cabinet-approved devaluation into effect, setting the public cash-dollar rate at 1,520 dinars.
Iraq’s Central Bank implemented a new exchange-rate structure after the Council of Ministers approved a devaluation. The official end-user rate was raised from 1,320 dinars per US dollar to 1,520 dinars, while banks will receive dollars at 1,510 dinars.
Officials said the move responds to difficult fiscal conditions and is intended to support the budget, domestic production and non-oil sectors. The decision is likely to be closely watched for its effect on prices and the parallel currency market.
Original reporting: Rudaw English ↗