Iraq dollar rate jumps to 1520 dinars
The Iraqi Central Bank has decided to set the exchange rate of the dinar at 1,520 dinars per dollar, representing an official devaluation of the Iraqi currency compared to the previous rate of approximately 1,300 dinars per dollar. This measure is expected to increase the government's revenue from dollar-denominated oil exports, helping to finance public expenditures and reduce the budget deficit, which exceeds 40 trillion dinars. At the same time, it may lead to higher import costs and put inflationary pressures, especially given the reliance on imports for basic goods, with close monitoring of the parallel market and reactions within the local market.
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