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Iraq devalues dinar to boost economy, factory production

The Central Bank of Iraq cuts the value of the dinar against the dollar in the context of policies to address Iraq's economic crisis.

The Central Bank of Iraq devalued the dinar against the US dollar by 18.5% as a measure to counter the financial crisis caused by the coronavirus pandemic, the drop in oil prices in the global market and the increase in Iraqi government spending on salaries.

According to the Iraqi Central Bank, the new exchange rate is 1,460 dinars, down from 1,182.

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