Iraq central bank devalues dinar as oil prices hurt income
Iraq's central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said. The sale price of the dollar "has been adjusted to 1,182 dinars," the central […]Ahmed Rasheed reports for Reuters :
Iraq's central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said. The sale price of the dollar "has been adjusted to 1,182 dinars," the central bank said in a statement on Monday. The previous price was 1,166 dinars for a dollar, Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi and former deputy central bank governor, told Reuters."This is a small adjustment, it's not a devaluation. It will increase government revenue to meet local needs," said Saleh.
