The Central Bank of Iraq reduced the value of the dinar against the dollar

The Central Bank of Iraq reduced the value of the dinar against the dollar

The Central Bank of Iraq reduced the value of the dinar against the dollar.

The sale of crude oil accounts for almost 90% of Iraq's income, but its exports were severely damaged following the Iran war.

The price of goods and services in Iraq increased and its currency reserves decreased by about 20 billion dollars. The Central Bank of Iraq said that based on the government's decision, "it decided to set the selling price of the American dollar to the public at 1,520 dinars."

This rate has remained constant at 1,320 dinars to the dollar since February 2023.

This bank ordered financial institutions to "stop using the previous rate and apply the new rate from the beginning of the working day of October 7". Iraq depends to a large extent on foreign currency except for the sale of oil to finance imports, stabilize the value of the dinar and pay the salaries of public sector workers and pensioners.

According to officials, Iraq is trying to diversify its economic resources and increase the share of non-oil revenues from 10% to 45% by 2037.