BAGHDAD: Hundreds of angry Iraqis protested on Monday in several cities against a currency devaluation that has slashed their purchasing power amid a pandemic-fuelled economic crisis.

The Central Bank of Iraq (CBI) at the weekend devalued the currency by over a fifth against the US dollar, officially re-pegging the dinar at a bank rate of 1,460 to the greenback.

On Monday, hundreds gathered in Baghdad’s Tah­rir Square, demanding the government change tack, furious at the first devaluation in a half-decade.

“The government should collapse before the dinar,” one sign held by a young protester read. Many of the protesters were elderly, who said the value of their pensions had been cut.

Iraq, which relies on oil sales to finance more than 90 per cent of its budget, is set to see its economy shrink by 11pc this year, while poverty doubles to 40pc.

Published in Dawn, December 22nd, 2020