Iraq devalues currency as Hormuz disruption hits oil exports

Iraq devalued its currency by around 13% against the dollar, as the economy comes under strain with the effective closure of the Strait of Hormuz hitting oil exports, Report informs via Bloomberg.

The OPEC member's central bank has set the dollar-selling price for the public at 1,520 dinars, compared with roughly 1,320 previously, the finance ministry said early Wednesday.

This is reportedly the first case of a Gulf country devaluing its national currency since the escalation began in the Middle East. Most countries in the region peg their currencies to the US dollar.

Iraq's economy is among the world's most oil-dependent. The country has faced a crisis since Iran began attacking vessels in the Strait of Hormuz, through which much of Iraq's and other Gulf countries' oil exports pass.