Iraqis panic as leaked budget draft signals devaluation ...Egypt

BAGHDAD (AP) — A leaked draft of Iraq’s state budget sent Iraqis into a panic on Thursday as it confirmed the government’s intentions to devalue the national currency, the Iraqi dinar, and cut salaries to cope with the impacts of a severe economic crisis. Discussions about devaluating the Iraqi dinar, which has been pegged to the dollar for decades, have been going on for weeks as the government worked to finalized the 2021 budget. The draft law, which has to go through a parliament vote first, gives an anticipated exchange rate of 1,450 Iraqi dinars for the dollar — a significant drop from the central bank’s current official rate of around 1,182 dinars for $1. As the draft made rounds on s

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