Iraq Devalues Dinar 14.5% as Hormuz Disruption Drains Oil Revenue

Iraq devalued the dinar by 14.5% on Wednesday, setting the exchange rate at 1,520 per dollar after months of disruption to oil exports through the Strait of Hormuz cut into the government’s main source of revenue. The cabinet adopted the new exchange-rate structure on Tuesday, with the changes taking effect Wednesday. The decision set the Finance Ministry’s purchase rate at 1,500 dinars per dollar and the rate for sales by banks and non-bank financial institutions to end beneficiaries at 1,510 dinars per dollar. Baghdad had been considering…