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The Iraqi dinar dropped in value following measures recently imposed by the Treasury Department on Iraq's central bank to stem the flow of dollars being snuck into heavily sanctioned Iran and Syria.
Iraq's cabinet approved a currency devaluation and set the exchange rate at 1300 dinars per US dollar.
Iraq's Prime Minister Mohammed Shia al-Sudani has replaced the country's Central Bank governor after the incumbent said he wanted to leave the job amid a free fall in the Iraqi dinar.
Critical energy links between Iraq and Saudi Arabia will begin to be established this week, according to Iraq's News Agency.
Ericsson disclosed in February that an internal investigation had found it may have made payments to the so-called Islamic State militant group in Iraq – misconduct it said 'started at least back in 2011'.
Lebanese citizens who are finding it hard to migrate to the Gulf to find job opportunities are looking to Iraq as a second option for employment.
Ericsson, a Swedish multinational networking and telecommunications company, said Tuesday an internal probe in 2019 found serious breaches of its compliance rules in Iraq.
A new report by the Green Finance & Development Center has revealed that Iraq was top of the list for development in 2021, with 2022 to experience even higher levels of investment.
Lafarge Iraq chief Adham Al-Sharkawy said the move could threaten over 1,000 jobs if the firm is unable to pay salaries.
![Total energy company [LightRocket/Getty]](/sites/default/files/styles/large_16_9/public/media/images/5825BC02-A3AE-4747-BBD5-47DC665E4CF4.jpg?h=d1cb525d&itok=1e71qj7C "Total energy company [LightRocket/Getty]")
The company will start with an initial investment of $10 billion, CEO Patrick Pouyanne said at the signing ceremony, adding that engineering work will start "immediately".