Iraq devalues dinar as lower oil prices squeeze revenue ...Qatar

Iraq’s central bank increased the sale price of US dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices, the bank has said. The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources. “The financial crisis which Iraq suffered due to the coronavirus pandemic caused a decline in oil prices that caused decreasing oil revenues, altogether have caused a large deficit in the federal budget,” the central bank said in a statement. The devaluation dec

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Iraq devalues dinar as lower oil prices squeeze revenue ...Qatar

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