Iraq devalued its currency on Wednesday, changing the official exchange rate from around 1,300 Iraqi dinars per dollar to 1,500 dinars per dollar. The decision was made in a Cabinet meeting to meet financial, economic and monetary requirements. The U.S. war with Iran, which has sometimes spilled over into Iraq, and disruptions in the Strait of Hormuz have widened the gap between the official rate and the market rate, which had risen to more than 1,600 dinars per dollar before the announcement. The devaluation helps the government cover domestic spending with oil export revenues but makes imports more expensive and could drive up consumer prices.
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