Iraq devalues its currency as the US war with Iran disrupts oil shipping routes
Summary
Iraq has devalued its currency, changing the official exchange rate from 1,300 to 1,500 Iraqi dinars to the U.S. dollar, as the war between the United States and Iran disrupts oil shipping routes and squeezes its oil exports. The devaluation gives Baghdad more dinars for every export dollar but risks making imported goods costlier for households and businesses, Fortune notes.
Latest: Iraq devalued its currency, moving the official rate from 1,300 to 1,500 dinars to the dollar, as the US war with Iran disrupts oil shipping routes.
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How it unfolded
Wednesday 7 October
Iraq devalued its currency, moving the official rate from 1,300 to 1,500 dinars to the dollar, as the US war with Iran disrupts oil shipping routes.
- 12:10FortuneIraq devalued its currency as the Iran war squeezes its oil exports
- 10:22The Philadelphia InquirerIraq devalues its currency as US-Iran war disrupts oil shipping routes
- 06:28ABC NewsIraq devalues its currency as the US war with Iran disrupts oil shipping routes
- 04:00The Philadelphia InquirerIraq devalues its currency as Iran-U.S. war disrupts oil shipping routes