Iraq recalibrates currency value to realign exchange rate with the US dollar

7 days ago
Iraq recalibrates currency value to realign exchange rate with the US dollar

On Tuesday, Iraq’s cabinet gave the green light to a currency revaluation and announced that the exchange rate will now stand at 1,300 dinars per US dollar, according to a statement released by the cabinet on Wednesday.

Before November, the Iraqi dinar was trading at 1,470 dinars against the dollar. However, this changed when the New York Federal Reserve implemented stricter regulations on international dollar transactions by commercial Iraqi banks.

The Federal Reserve took action with the aim to put an end to the unlawful transfer of funds to Iran.

In recent weeks the dinar was selling at around 1,690 dinar per dollar. 


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