Iraq's cabinet on Tuesday approved a new exchange rate, effective Wednesday, allowing banks and exchange companies to sell US dollars to the public at 1,520 dinars, 200 dinars higher than the previous rate. The move aims to counter an estimated $60 billion loss in revenue and a decline in foreign exchange reserves caused by disruptions to shipping in the Strait of Hormuz and obstructed oil exports due to the US-Iran conflict. However, several lawmakers opposed the decision, arguing that the devaluation would increase import costs, exacerbating the cost of living burden and inflationary pressures on the Iraqi people.