Iraq devalued the dinar by about 13%, moving the official USD selling rate from roughly 1,320 to 1,520 dinars per dollar, foreign media report. The step follows Strait of Hormuz disruptions that have sharply reduced Iraqi oil exports and pressured government revenues. Since March Iraqi crude exports have averaged about 1.25 mln bpd, down from nearly 3.5 mln bpd a year earlier. Expected losses total roughly $80 bln and the economy is forecast to contract sharply, increasing pressure to both defen

Iraq devalued the dinar by about 13%, moving the official USD selling rate from roughly 1,320 to 1,520 dinars per dollar, foreign media report. The step follows Strait of Hormuz disruptions that have sharply reduced Iraqi oil exports and pressured government revenues. Since March Iraqi crude exports have averaged about 1.25 mln bpd, down from nearly 3.5 mln bpd a year earlier. Expected losses total roughly $80 bln and the economy is forecast to contract sharply, increasing pressure to both defend the currency and sustain public‑sector spending.