Central Bank of Iraq devalues currency by 23%
Oil-dependent economy has been hit hard by coronavirus shock
The Central Bank of Iraq has slashed the official exchange rate by nearly 23% amid deepening economic problems.
The central bank allowed the exchange rate to fall from 1,190 dinars to the US dollar to 1,460 dinars on December 20, a drop of 22.7%.
The country has been grappling with the combined challenges of fighting the coronavirus pandemic and dealing with the virus’s economic impact, particularly due to this year’s drop in oil prices.
The Iraqi economy is heavily dependent on its oil
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