Central bank raises value of Iraqi dinar
Iraqi Prime Minister Mohammed Shia al-Sudani speaks at a press conference after a Cabinet meeting on Feb. 7, 2023. (Photo credit: Prime Minister's Office)
Iraq's central bank is increasing the value of the Iraqi dinar, reversing a pillar of the previous government's economic reform policy and raising the danger of future fiscal challenges.
The Prime Minister's Office announced Tuesday that the Cabinet had "approve[d] the decision of the Board of Directors of the Central Bank of Iraq to set the Iraqi Dinar to U.S. Dollar exchange rate at 1,300 IQD per 1 USD" — strengthening the currency by more than 10 percent compared to the previous rate of 1,450 dinars per dollar. The CBI confirmed in a subsequent statement the new exchange rate will take effect Wednesday.
