Yesterday, the Iraqi government approved a currency revaluation to strengthen the dinar against the dollar. The Cabinet set the official exchange rate at 1,300 Iraqi dinar per US dollar. The previous rate was at 1,460 Iraqi dinar to the dollar.
The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran.
Shortly after the statement, Dhia Al Nasiri, an adviser to the Prime Minister, said the exchange rate “will be changed based on the Central Bank of Iraq suggestion”, but gave no further details. For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.
Source: thenationalnews.com