Iraq devalued its currency on Wednesday, changing the official exchange rate from around 1,300 dinars to the U.S. dollar to 1,500 dinars to the dollar, according to AP.

The central bank said the new rate had been decided at a Cabinet meeting the night before to meet the relevant financial, economic and monetary requirements. The gap between the official and parallel rates had widened in recent months as a result of the U.S.-Iran war, which has sometimes spilled over into Iraq, and disruptions to shipping in the Strait of Hormuz.