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.



UN Calls for Independent Probe into Civilians Harmed Trying to Get Food in Gaza

 Palestinians carry bags filled with food and humanitarian aid provided by the Gaza Humanitarian Foundation, a US-backed organization approved by Israel, in Khan Younis, southern Gaza Strip, on Tuesday, June 3, 2025. (AP)
Palestinians carry bags filled with food and humanitarian aid provided by the Gaza Humanitarian Foundation, a US-backed organization approved by Israel, in Khan Younis, southern Gaza Strip, on Tuesday, June 3, 2025. (AP)
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UN Calls for Independent Probe into Civilians Harmed Trying to Get Food in Gaza

 Palestinians carry bags filled with food and humanitarian aid provided by the Gaza Humanitarian Foundation, a US-backed organization approved by Israel, in Khan Younis, southern Gaza Strip, on Tuesday, June 3, 2025. (AP)
Palestinians carry bags filled with food and humanitarian aid provided by the Gaza Humanitarian Foundation, a US-backed organization approved by Israel, in Khan Younis, southern Gaza Strip, on Tuesday, June 3, 2025. (AP)

United Nations chief Antonio Guterres on Tuesday slammed as "unacceptable" the deaths of Palestinians seeking food aid in Gaza, a spokesman said, calling the loss of life in the territory "unthinkable".

"The Secretary-General continues to call for an immediate and independent investigation into these events and for the perpetrators to be held to account," UN spokesperson Stephane Dujarric told reporters.

"We are witnessing unthinkable loss of life in Gaza (and) the secretary-general condemns the loss of lives and injuries of Palestinians seeking aid," he said. "It is unacceptable civilians are risking and in several instances losing their lives just trying to get food."

At least 27 Palestinians were killed and dozens wounded by Israeli fire near a food distribution site in the southern Gaza Strip on Tuesday, local health authorities said, in the third day of chaos and bloodshed to affect the aid operation.

A spokesperson for the International Committee of the Red Cross told Reuters that its field hospital in Rafah received 184 casualties, adding that 19 of those were declared dead upon arrival, and eight died of their wounds shortly after.

The US-backed Gaza Humanitarian Foundation launched its first distribution sites last week in an effort to alleviate widespread hunger amongst Gaza's war-battered population, most of whom have had to abandon their homes to flee fighting.

The Foundation's aid plan, which bypasses traditional aid groups, has come under fierce criticism from the United Nations and established charities which say it does not follow humanitarian principles.

The private group, which is endorsed by Israel, said it distributed 21 truckloads of food early on Tuesday and that the aid operation was "conducted safely and without incident within the site".

However, there have been reports of repeated killings near Rafah as crowds gather to get desperately needed supplies.

On Sunday, Palestinian and international officials reported that at least 31 people were killed and dozens more injured. On Monday, three more Palestinians were reportedly killed by Israeli fire.

The Israeli military has denied targeting civilians gathering for aid and called reports of deaths during Sunday’s distribution "fabrications" by Hamas.