Iraq Dinar Devalued by approx 20%

By John Lee.

Iraq has reportedly devalued its currency by about 20 percent against the dollar.

According to Bloomberg and The Arab Weekly, the Central Bank of Iraq (CBI) has reduced the official rate to 1,450 dinar per US dollar.

The previous official rate was 1,182 dinar to the dollar.

Reuters adds that the decision came as a preemptive move to prevent "draining Iraq's foreign reserves" and help government to secure public servants' salaries.

Riot police were reportedly sent to protect the central bank HQ in advance of the annoucement.

More here, here and here.

(Source: Bloomberg, Reuters, The Arab Weekly)

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