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Iraq’s Economy Nears Collapse Will closer cooperation with Iran become a financial necessity? ISTOCK.COM/FRIEMANN Iraq devalued its currency against the dollar by 18.5 percent on December 19 in an attempt to stimulate its faltering economy. Iraqi government officials acknowledge they have a major problem. Yet not all nations view it that way. Iraq’s difficulties are Iran’s opportunities. The devaluation makes $1 equal to 1,460 dinar. Before the devaluation, a dollar was equal to 1,182 dinar. 2020 has been a disaster for Iraq’s economy. The International Monetary Fund estimates that Iraq’s economy contracted by 11 percent during 2020. “We supported the devaluation since the economic situation is collapsing,” Iraqi finance committee member Jamal Kojar told Al-Monitor. ....