Iraq devalues its currency by 20% against the dollar as oil hits profits

The central bank reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003. That's from about 1,190 previously. Dollars will be resold to local banks at 1,460 dinar apiece

Iraq devalued its currency by almost 20 per cent against the dollar, the most on record, as the cash-strapped government faces an economic crisis brought about by low crude prices and oil-production cuts.
 

The central bank on Saturday reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003. That’s from about 1,190 previously. Dollars will be resold to local banks at 1,460 dinar apiece.
 

The devaluation in the world’s third-largest oil exporter threatens to put some goods beyond the means of ordinary Iraqis, and trigger unrest in a country that imports heavily and is still reeling