Iraqi parliament cancels session on dinar devaluation

Shafaq News- Baghdad

The presidency of Iraq's parliament on Thursday canceled a session scheduled to host the finance minister and the central bank governor over this week's devaluation of the dinar, a parliamentary source told Shafaq News.

Instead, parliament's Finance Committee was set to meet the two officials at midday to discuss the reasons for the change in the exchange rate, said Sipan Shirwani, a lawmaker from the Kurdistan Democratic Party (KDP). The meeting may also cover the draft federal budget, he added.

On Wednesday, lawmakers voted to set aside their agenda and hold an open debate on the decision and called a special session for Thursday to hear the two officials on its reasons and consequences.

The Central Bank of Iraq (CBI) raised the official price of cash dollars for the public to 1,520 dinars from 1,320 on Wednesday. The bank described the move as a "strategic step" to strengthen financial stability and said its foreign reserves remained sufficient.

Read more: Iraqi dinar devaluation sparks backlash from blocs inside the cabinet