Iraq devalues dinar to ease cash crunch, leaving traders in limbo
The government hopes a weaker dinar will help pay salaries, but traders face rising import costs and uncertainty.
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The government hopes a weaker dinar will help pay salaries, but traders face rising import costs and uncertainty.
MPs oppose dinar devaluation, citing increased living costs and financial strain on Iraqโs most vulnerable populations.
Iraqโs state tanker company arranged a very large crude carrier to transport 2 million barrels beyond the Strait of Hormuz, marking a move toward offering oil outside the Persian Gulf.
Iraqโs state oil marketer offered buyers contractual crude supplies for October at discounts of as much as $37 a barrel to regional benchmarks, according to a document obtained by Bloomberg.
The continued blockade of the Strait of Hormuz has forced Iraq to look for alternatives to export its oil.