Iraq devalues currency by a fifth, the most since 2003

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  • Al Jazeera English published this video item, entitled “Iraq devalues currency by a fifth, the most since 2003” – below is their description.

    Iraq’s government recently devalued the local currency – the Iraqi dinar – by more than 20 percent.

    It is the biggest currency devaluation against the dollar since the 2003 fall of Saddam Hussein.

    Prices of everyday goods and services have suddenly skyrocketed, fuelling fear and anger among many Iraqis who have spent decades struggling to survive financially.

    Al Jazeera’s Charles Stratford has this report from Baghdad.

    Al Jazeera English YouTube Channel

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    In This Story: Iraq

    Iraq, officially the Republic of Iraq, is a country in Western Asia. The capital and largest city is Baghdad. Iraq is home to diverse ethnic groups including Arabs, Kurds, Turkmen, Assyrians, Yazidis, Shabakis, Armenians, Mandaeans, Circassians, Sabians and Kawliya. Around 99% of the country’s 38 million citizens are Muslims, with small minorities of Christians, Yarsans, Yezidis and Mandeans also present. The official languages of Iraq are Arabic and Kurdish.

    Iraq has a coastline measuring 58 km (36 miles) on the northern Persian Gulf and encompasses the Mesopotamian Alluvial Plain, the northwestern end of the Zagros mountain range and the eastern part of the Syrian Desert. Two major rivers, the Tigris and Euphrates, run south through Iraq and into the Shatt al-Arab near the Persian Gulf. These rivers provide Iraq with significant amounts of fertile land. The region between the Tigris and Euphrates rivers, historically known as Mesopotamia, is often referred to as the cradle of civilisation.

    Iraq is a federal parliamentary republic consisting of 19 governorates, four of which make up the autonomous Kurdistan Region. Disputes over the sovereignty of Kurdistan Region continue.

    Iraq is a founding member of the UN as well as of the Arab League, OIC, Non-Aligned Movement and the IMF.

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