Iraqi Dinar Continues to Weaken against US Dollar

Iraq’s currency plummeted to a new low against the US dollar. (AFP)
Iraq’s currency plummeted to a new low against the US dollar. (AFP)
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Iraqi Dinar Continues to Weaken against US Dollar

Iraq’s currency plummeted to a new low against the US dollar. (AFP)
Iraq’s currency plummeted to a new low against the US dollar. (AFP)

Iraq’s currency plummeted to a new low against the US dollar. In the northern Kurdistan region, the rate stood at 1,550 Iraqi dinars to the dollar - the lowest it has traded since 2004, according to experts.

The depreciation in the dinar’s value triggered a wave of severe anxiety in the local markets that have been suffering from recession for weeks. It also spurred fears of the possibility of more decline given the inability of the Central Bank and government authorities to curb the spiral.

Economic analysts traced the decline to both local and foreign reasons. In Iraq, some private banks were excluded from currency auctions set up by the Central Bank. External factors, such as the actions of the US Federal Reserve, have also been commonly blamed for the decline in recent weeks.

About three weeks ago, the Iraqi government pledged to control the exchange rate. The dinar, however, continued to depreciate steadily, drawing political and popular criticism against Prime Minister Mohammad Shia al-Sudani.

The political criticism came from the pro-Iran Shiite Coordination Framework that had brought Sudani to power in October.

Hanan Al-Fatlawi, a Framework MP, stressed that the government needs to explain its policy in fighting the drop in the dinar’s value.

“Panic is gripping the market due to the rapid rise in the exchange rate of the dollar,” tweeted Al-Fatlawi.

“The government is required to reassure the people. It must clarify the measures it is taking to prevent the collapse,” she demanded, noting that the Central Bank governor had yet to comment on the issue.

The parliamentary Services and Construction Committee viewed the drop in the value of the currency as the government’s failure to implement its economic policies.



Blaze at Cairo Telecom Building Kills 4 and Disrupts Internet, Phone

A boy wearing a mask looks on, as firefighters work to extinguish a fire that erupted in a telecommunications building in the Ramses district of downtown Cairo, Egypt July 7, 2025. REUTERS/Amr Abdallah Dalsh
A boy wearing a mask looks on, as firefighters work to extinguish a fire that erupted in a telecommunications building in the Ramses district of downtown Cairo, Egypt July 7, 2025. REUTERS/Amr Abdallah Dalsh
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Blaze at Cairo Telecom Building Kills 4 and Disrupts Internet, Phone

A boy wearing a mask looks on, as firefighters work to extinguish a fire that erupted in a telecommunications building in the Ramses district of downtown Cairo, Egypt July 7, 2025. REUTERS/Amr Abdallah Dalsh
A boy wearing a mask looks on, as firefighters work to extinguish a fire that erupted in a telecommunications building in the Ramses district of downtown Cairo, Egypt July 7, 2025. REUTERS/Amr Abdallah Dalsh

Four workers were killed and at least 22 others were injured in a fire that broke out on Monday at a key data center in Cairo, Hossam Abdel Ghaffar, the spokesperson at Egypt's Health Ministry, told Reuters on Tuesday.

The blaze at a Telecom Egypt facility, which state TV said was contained on Monday, caused disruptions to communications across the capital.

Egypt's Minister of Communications and Information Technology, Amr Talaat, said in a statement on Tuesday that services will be gradually restored within 24 hours.

In a statement on Tuesday, Telecom Egypt said it mourned the employees that lost their lives and offered support for their families.

The fire halted phone calls, and disrupted internet access, with internet monitoring group Netblocks saying network data showed national connectivity at 62% of ordinary levels.

The health ministry posted alternative numbers for ambulance services across different governorates in case people were unable to reach its main hotline.

Besides phone calls, some digital banking services were also impacted including credit cards, ATM machines and online transactions, a bank source and residents said on Monday. Banks had already been closed for the day.

The injuries were mostly because of smoke inhalation, health ministry spokesperson Ghaffar said on Monday.

The state news agency MENA said on Monday the fire had been prevented from spreading to the entire building and neighboring rooftops.

An initial examination indicated that the fire was likely to have been caused by an electrical short circuit, MENA cited a security source as saying.