Iraq Restores Value of Dinar

By John Lee.

The Iraqi authorities have approved a revaluation of the Iraqi dinar.

In a statement said on Tuesday, the Central Bank of Iraq (CBI) said that, starting on Wednesday, the exchange rates will be as follows:

• 1,300 dinars per dollar: the price of purchasing a dollar from the Ministry of Finance;
• 1,310 dinars per dollar: the selling price of the dollar to banks through the electronic platform; and,
• 1,320 dinars per dollar: the sale price of the dollar from banks and non-bank financial institutions to the final beneficiary.

The dinar had fallen as low as 1,470 dinars per dollar in recent days, causing increased prices for imported goods.

(Sources: Govt of Iraq, CBI)

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