Central Bank of Iraq announced that it revaluated the Iraqi Dinar by 3.4% relative to the US Dollar, according to a report from Al Sumaria.

“During the daily auction of foreign currencies’ exchange, the Central Bank raised the value of Iraqi dinar against the dollar by 3.4%, or four Dinars,” the deputy governor of the bank told the news agency.

“The nominal rate of the Dinar doesn’t coincide with its purchasing power or with its real exchange rate against the Dollar,” he reportedly added. “The current account of Iraq payments has a surplus of 5 to 8% of GDP.”