Iraq devalues currency by 13% as Hormuz disruption hits oil exports

Iraq has devalued its currency by roughly 13%, setting the public dollar-selling rate at 1,520 dinars from 1,320. The move follows a sharp drop in oil exports due to Strait of Hormuz disruptions, with crude exports averaging 1.25 million barrels per day since March, down from 3.5 million last year. Estimated losses exceed $80 billion, and the economy is projected to contract sharply.