Critical devaluation decision from Iraq: Dinar loses 13 percent of its value
The Central Bank of Iraq has raised the dollar selling rate for individuals from approximately 1,310 dinars to 1,520 dinars.
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Iraq has decided to lower the value of its national currency, the dinar, against the US dollar. With this decision, the dinar has been devalued by 13 percent against the dollar.
According to information reported by the Iraqi News Agency, the Central Bank of Iraq has increased the dollar selling price for individuals from approximately 1,310 dinars to 1,520 dinars. This marks a significant increase in the exchange rate applied to foreign currency sales.
The decision, published by the General Secretariat of the Council of Ministers of Iraq, states that the regulation was adopted following an urgent proposal submitted by the Minister of Finance and the Governor of the Central Bank of Iraq during a Council of Ministers meeting.
The impact of this decision on the country's foreign exchange market and pricing will be closely monitored. The devaluation step represents a significant downward adjustment in the official value of the dinar against the dollar.