Sandy Ingram

The Iraqi cabinet set the official exchange rate at 1300 Iraqi dinars per 1 US dollar.  The change is based on the Central Bank of Iraq’s suggestion/recommendation.  The previous rate was at 1460 Iraqi dinar to 1 dollar…the Iraqi dinar has lost more than 10% of its value in recent months because of pressure from the United States to stop the flow of dollars to countries under U.S. sanctions – Iran and Syria.  This is not the end of the road.  Far from it.  But the beginning.  For years the official rate was 1182 dinars…Iraq’s central bank devalued the dinar in December of 2020 to 1460 dinars per dollar…[We are] viewing this 1300 rate change as a return to the pre-covid exchange rate plus or minus inflation…