ReportedShipping, energy & marketsBaghdad, Iraq
Iraq devalues the dinar 14.5% as Hormuz disruption cuts oil revenue
- Mountain Time
- Local time
- 6:30 PM in Baghdad
- Where
- Baghdad, Iraq
Iraq set the dinar at 1,520 per U.S. dollar, a 14.5% devaluation, after its cabinet adopted a new exchange-rate structure on Tuesday that took effect Wednesday. OilPrice.com reported that disruptions to oil exports through the Strait of Hormuz had reduced Baghdad's revenue.
Why it matters
The weaker dinar raises the local-currency value of Iraq's dollar oil income but also raises import costs for Iraqi households and businesses.
Source
- OilPrice.comoilprice.comPublished
Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels