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.
Several Gulf countries have voiced support for Kuwait amid renewed tensions with Iraq over maritime boundaries in the northern Gulf.
Kuwait City, Kuwait © Mena Today
Several Gulf countries have voiced support for Kuwait amid renewed tensions with Iraq over maritime boundaries in the northern Gulf.
The dispute escalated after Baghdad submitted new maritime coordinates and a map to the United Nations, claiming areas that Kuwait considers part of its territorial waters, including the Fasht al-Qaid and Fasht al-Aij shoals.
Iraq maintains that its submission complies with international law and reflects its legitimate maritime rights, while also noting that Kuwait filed its own maps with the UN in 2014 without prior consultation.
Neighbouring states, including Saudi Arabia, United Arab Emirates, Qatar, Bahrain and Oman, issued statements backing Kuwait and calling for respect for international agreements. Saudi Arabia noted that parts of Iraq’s new submission could also affect a shared Saudi-Kuwaiti maritime zone.
The disagreement also relates to long-standing issues surrounding the Khor Abdullah waterway and nearby shared areas. A 2012 navigation agreement was overturned by Iraq’s Federal Supreme Court in 2023 following legal challenges, adding to the uncertainty.
Other regional actors, including Egypt, have urged both sides to pursue dialogue and adhere to international law to preserve stability in the Gulf.
The episode highlights lingering maritime disputes in the region, where access to waterways and offshore resources remains strategically sensitive.
By Harper Miller
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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