Iraq’s central bank cut the official exchange rate from 1,300 to 1,500 dinars per dollar, a move aimed at shoring up state finances as war disrupts oil shipments through the Strait of Hormuz. Traders and consumers fear rising import costs.
Iraq’s central bank cut the official exchange rate from 1,300 to 1,500 dinars per dollar, a move aimed at shoring up state finances as war disrupts oil shipments through the Strait of Hormuz. Traders and consumers fear rising import costs.
Last time they swore devaluation would fix everything — it fixed nothing. This time the tankers are actually choking, so brace yourself.