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Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

Iraq’s Local Currency Sees Two-month Roller Coaster Ride

Iraq
The dinar's depreciation has sent panic through the Iraqi population, which fears a price surge on imported goods © AHMAD AL-RUBAYE / AFP/File

Iraq's local currency has been on a two-month roller coaster ride following a tightening of procedures for international transfers, AFP reported.

While the official exchange rate has been fixed at 1,470 Iraqi dinars against the dollar, the currency was trading at up to 1,600 to the greenback on local markets from mid-November, before settling at about 1,570 dinars, according to state media.

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