Iraq fixes exchange rate at 1,500 dinars per US dollar
Iraq just dropped the value of its currency, moving from 1,300 to 1,500 dinars for every US dollar.
This big change comes as the government set the new exchange rate "to meet the relevant financial, economic and monetary requirements," according to Iraq's central bank, with a gap between official and market rates made worse by ongoing tensions in the region, especially between the US and Iran.
Iraq ships oil overland through Syria
Because Iraq relies so much on oil money, recent conflicts in key shipping routes have forced it to send oil overland through Syria instead, making things slower and more expensive.
With the new exchange rate, US dollars now cost 1,500 dinars at government offices and a bit more at banks.
The Cabinet set the exchange rate to meet the relevant financial, economic and monetary requirements.