{
  "id": 12584083,
  "title": "Iraq devalues dinar to 1,520 per US dollar, state news agency says",
  "url": "https://urgent.news/2026/10/07/iraq-devalues-dinar-to-1-520-per-us-dollar-state-news-agency-says",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-07T08:30:26.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/forex-news/iraq-devalues-dinar-to-1520-per-us-dollar-state-news-agency-says-4935843"
  },
  "original_language": "en",
  "account": "On October 7, Iraq's cabinet approved a new exchange rate for the dinar at 1,520 dinars per US dollar, a 14.5% decrease from the previous official rate, according to a Council of Ministers decision and a Finance Ministry statement. The devaluation, effective from Wednesday, aims to address the disruption of oil sales, the nation's primary revenue source, due to the US-Israeli war on Iran. The Finance Ministry will purchase the currency at 1,500 dinars per dollar, while banks and non-bank financial institutions will convert at 1,510 dinars per dollar. Iraqi analyst Mohammed al-Saffar explained that the move is essentially a fiscal response to the shock in Iraq's oil revenue from the Iran war and reduced exports. While it provides the government with more dinars for each dollar of oil revenue, it also raises import costs and diminishes households' purchasing power. Lawmakers' draft budget anticipates an oil price of $58 a barrel, projects expenditures of 217 trillion dinars (approximately $166 billion), and forecasts a deficit exceeding 40 trillion dinars. Iraq also envisions crude oil exports of roughly 4 million barrels daily, including shipments from the Kurdistan region, as oil sales constitute the majority of the country's state revenue. Following the disruption to Gulf crude exports during the Iran war, international oil prices have surged above $100 a barrel, and Iraqi exports have dwindled to around 2.34 million barrels per day in August, down from over 3.6 million barrels per day before the conflict.",
  "summary": null,
  "key_points": [
    "Iraq devalues dinar to 1,520 per US dollar, 14.5% decrease",
    "Devaluation aims to address oil sales disruption due to Iran war",
    "Finance Ministry to purchase currency at 1,500 dinars per dollar"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}