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

Iraq Currency - (Copyright 2019 The Associated Press. All rights reserved.)

Iraq devalued its currency Wednesday, changing the official exchange rate from around 1,300 dinars to the U.S. 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.”