A parliamentary source said on Thursday that the Iraqi Parliament had canceled its scheduled session to discuss the repercussions of the recent adjustment to the dollar exchange rate, which was supposed to include hearings with Finance Minister Falih Sari and Central Bank Governor Nizar Nasser Hussein.
Meanwhile, Kurdish Democratic Party MP Siban Sherwani said the Parliamentary Finance Committee would meet later in the day with the finance minister and central bank governor to examine the reasons behind the change in the dollar-to-dinar exchange rate.
Sherwani said the meeting would focus on the exchange-rate decision and its economic repercussions, while the draft federal budget law could also be addressed.
The move follows Parliament’s decision on Wednesday to replace its scheduled agenda with a general discussion on the exchange-rate increase. Lawmakers had then set a special session for Thursday to hear from the finance minister and central bank governor about the background and consequences of the decision.
The developments followed the Central Bank of Iraq’s announcement of a new official exchange rate of 1,520 dinars per US dollar, compared with the previous rate of 1,320 dinars, prompting widespread public criticism.
The central bank, however, defended the measure as a “strategic step” aimed at strengthening financial stability, while assuring citizens and economic sectors that its foreign currency reserves remain sufficient and robust.
