What is Iraqi dinar revaluation plan?

The previous rate was at 1,460 Iraqi dinar to the dollar. The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran.

What is the official value of a dinar in Iraq?

The dinar’s official value was previously set at 1,460 but traded weaker in the parallel market. The central bank will continue its measures until the new exchange rate is stable and said it’s seeking to achieve its target in steadying the general level of prices to protect the buying power of the citizens, according to the Iraq News Agency.

Why are dinars not convertible in Iraq?

Iraq has increased the amount of dinars in circulation well over a thousand-fold and, ironically, over 80% of these dinars exist outside of Iraq, where they are generally not convertible! The implication is that most dinars are not being used for trade and commerce (the ostensible purpose of any currency), but for speculation by duped investors.”