Iraq revalues currency to reset exchange against the US dollar
Iraq revalues currency to reset exchange against the US dollar
Iraq's cabinet approved a currency devaluation and set the exchange rate at 1300 dinars per US dollar.
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The dinar lost nearly 20 per cent of its value over the past few months [source: Getty]
Iraq's cabinet approved a currency revaluation on Tuesday and set the exchange rate at 1,300 dinars per US dollar, a cabinet statement said on Wednesday.
The Iraqi dinar had been selling at 1,470 dinars against the dollar before the New York Federal Reserve introduced tighter controls on international dollar transactions by commercial Iraqi banks in November.
The move by the Federal Reserve was designed to stop the illegal siphoning of dollars to Iran.
In recent weeks the dinar was selling at around 1,690 dinar per dollar.
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