Iraq Central Bank Devalues Dinar after Mideast War Hurts Oil Exports
Iraq's central bank devalued the dinar currency against the dollar on Wednesday, with the country facing a deepening crisis brought on by the Middle East war. Crude oil sales account for nearly 90 percent of Iraq's revenue but its exports have been hurt by the outbreak in February of the conflict between Iran and the United States, which choked off the Strait of Hormuz shipping route. Consumer prices have also risen, while Iraq's foreign currency reserves have fallen by around $20 billion.
