Iraq lowered the exchange rate of the Iraqi dinar against the US dollar on the 7th. Analysts believe that this move was mainly in response to the blockage of Iraqi oil exports and pressure on government revenue due to the war in the Middle East. The Iraqi cabinet made this decision on the evening of the 6th, and implementation began on the 7th. The Central Bank of Iraq said in a statement that the move was aimed at “meeting relevant financial, economic and monetary needs.” Reuters quoted Iraqi analyst Mohammed Safar as reporting that the devaluation of the local currency is a response measure taken by the Iraqi government against “the war in Iran and export blockages affecting Iraq's oil revenues”, enabling the government to exchange oil revenue in dollars for more dinars, but at the same time, this measure will also drive up Iraq's import costs and reduce people's purchasing power. Iraq is one of the Middle Eastern oil-producing countries most affected by the war. Before the war broke out, 95% of Iraq's oil exports came from the Strait of Hormuz, and 90% of the government's finances depended on oil revenue. After navigation through the strait was blocked, Iraq had to cut oil production and at the same time seek diversified oil export routes, including through Turkey and Syria. According to Reuters, the average daily export volume of crude oil from Iraq has dropped from over 3.6 million barrels before the war broke out in Iran to about 2.34 million barrels in August.

Iraq lowered the exchange rate of the Iraqi dinar against the US dollar on the 7th. Analysts believe that this move was mainly in response to the blockage of Iraqi oil exports and pressure on government revenue due to the war in the Middle East. The Iraqi cabinet made this decision on the evening of the 6th, and implementation began on the 7th. The Central Bank of Iraq said in a statement that the move was aimed at “meeting relevant financial, economic and monetary needs.” Reuters quoted Iraqi analyst Mohammed Safar as reporting that the devaluation of the local currency is a response measure taken by the Iraqi government against “the war in Iran and export blockages affecting Iraq's oil revenues”, enabling the government to exchange oil revenue in dollars for more dinars, but at the same time, this measure will also drive up Iraq's import costs and reduce people's purchasing power. Iraq is one of the Middle Eastern oil-producing countries most affected by the war. Before the war broke out, 95% of Iraq's oil exports came from the Strait of Hormuz, and 90% of the government's finances depended on oil revenue. After navigation through the strait was blocked, Iraq had to cut oil production and at the same time seek diversified oil export routes, including through Turkey and Syria. According to Reuters, the average daily export volume of crude oil from Iraq has dropped from over 3.6 million barrels before the war broke out in Iran to about 2.34 million barrels in August.