Iraq devalued its currency as the Iran war squeezes its oil exports

Iraq devalued its currency Wednesday, changing the official exchange rate from around 1,300 Iraqi dinars to the dollar to 1,500 dinars to the dollar.

The country’s central bank said in a statement that the new exchange rate had been decided at a meeting of Iraq’s Cabinet the night before “to meet the relevant financial, economic and monetary requirements.”

The previous exchange rate was set in 2023. In practice, there has always been a gap between the official rate and the market rate used by exchange shops.

That gap had widened in recent months as a result of the U.S. war with Iran — which........

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