Iraq
Iraq devalues dinar
Iraq's central bank devalued the dinar against the dollar on Wednesday, the first time in more than three years, as the economic fallout from the Middle East war deepens.
Syria and Iraq agreed Tuesday to deepen cooperation across multiple sectors, including energy, marking the first visit by Iraq's foreign minister to Damascus since the fall of Bashar al-Assad in late 2024.
Fouad Hussein (L) and Assaad al-Shaibani © SANA
Syria and Iraq agreed Tuesday to deepen cooperation across multiple sectors, including energy, marking the first visit by Iraq's foreign minister to Damascus since the fall of Bashar al-Assad in late 2024.
Iraqi Foreign Minister Fouad Hussein and his Syrian counterpart Assaad al-Shaibani discussed "ways to strengthen bilateral relations and develop cooperation in several fields," according to a joint statement published Monday evening.
The two neighbours agreed to establish a joint commission covering energy, agriculture, water, transport and border crossings.
Among the most significant developments: discussions on mechanisms for energy product transit and a project to restore the long-dormant oil pipeline linking Iraq to Syria, closed for decades.
Hussein, the highest-ranking Iraqi official to visit Syria since Assad's overthrow, also met with President Ahmed al-Sharaa, according to Syrian state media.
The visit marks a significant shift. Previous Iraqi governments maintained close ties with Assad's regime, both being closely aligned with Iran. Baghdad had initially kept its distance from al-Sharaa, a former jihadist, but Iraq now appears keen to rebuild relations with a neighbour with which it shares over 600 kilometres of border.
Al-Shaibani had already travelled to Baghdad in March 2025. Amid the regional war and the strategic blockage of the Strait of Hormuz, Iraq has begun exporting limited quantities of oil through Syria via tanker trucks, a pragmatic workaround highlighting the growing economic logic behind the rapprochement.
Iraq's central bank devalued the dinar against the dollar on Wednesday, the first time in more than three years, as the economic fallout from the Middle East war deepens.
Israelis will on Wednesday mark three years since Hamas attacked Israel on October 7, 2023, triggering a military assault that destroyed much of Gaza, where conditions remain dire despite a year-old ceasefire that is meant to halt the war for good.
Canadian Prime Minister Mark Carney will travel to Ankara and Istanbul from October 21 to 23, his office said on Tuesday, in what will be the first dedicated bilateral visit to NATO ally Turkey by a Canadian leader.
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