Iraq central bank devalues dinar by 1.37 percent versus dollar

by lonelyintexas Mon 21 Dec 2015 - 13:42

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Iraq central bank devalues dinar by 1.37 percent versus dollar

by lonelyintexas Mon 21 Dec 2015 - 13:42

Iraq central bank devalues dinar by 1.37 percent versus dollar

Markets | Mon Dec 21, 2015 3:21am

BAGHDAD

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An employee of a money changer holds a stack of U.S. Dollar notes before giving it to a customer in Jakarta, October 8, 2015.

REUTERS/BEAWIHARTA

Iraq's central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said.

The sale price of the dollar "has been adjusted to 1,182 dinars," the central bank said in a statement on Monday.

The previous price was 1,166 dinars for a dollar, Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi and former deputy central bank governor, told Reuters.

"This is a small adjustment, it's not a devaluation. It will increase government revenue to meet local needs," said Saleh.

A global oversupply of crude oil has pushed prices to below $40 a barrel from more than $100 a barrel in June 2014. The government depends on oil sales for 95 percent of its revenue.

(Reporting by Ahmed Rasheed; Writing by Maher Chmaytelli; Editing by [You must be registered and logged in to see this link.])

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So we saw this in articles some weeks ago, just now telling us they did it. Went from 1166 to 1182. I am not sure but maybe trying to pull more dinar in.
Thanks
LIT