Baghdad: Iraq's Foreign Minister Fuad Hussein denied on Monday that US economic aid given to Baghdad needs to meet certain "political" conditions, in the wake of new currency revaluation guidelines approved by the government. Fresh off a visit to the US, the Iraqi foreign minister said talks he held with officials there mainly revolved around trade ties and economic relations, denying that Washington has named certain provisos before providing Baghdad with aid. Despite losing up to 15 percent of its market value against the US dollar, the Iraqi minister said the dinar remains stable and is backed by currency reserves worth some USD 100 billion and soaring oil prices.

Baghdad has adopted a new official exchange rate against the US dollar, fixing it at 1,300 dinars per dollar, instead of the previous figure of 1,470 dinars, the government said.