Iraq devalues its currency as Iran-U.S. war disrupts oil shipping routes

On Wednesday, the Central Bank of Iraq devalued the national currency, adjusting the official exchange rate from approximately 1,300 dinars per U.S. dollar to 1,500 dinars per dollar. The decision was formalized during a meeting of the central bank to address current economic pressures.

The devaluation occurs against a backdrop of regional instability, as ongoing conflict between Iran and the United States has disrupted oil shipping routes. These logistical challenges have impacted the economic landscape, necessitating the adjustment to the country's monetary policy.