Iraq devalues dinar currency as economy unravels
The world’s third-largest oil exporter takes the step after crude price collapse
20 December 2020 - 21:17
Iraq devalued its currency by about 20% against the dollar as the cash-strapped government faces an economic crisis brought about by low oil prices and crude-production cuts.
The central bank reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003, it said in a statement. That’s from about 1,190 previously. Dollars will be resold to local banks at 1,460 dinar apiece...
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