Lawmaker: Parliament Summons PM Over Iraqi Dinar Devaluation Crisis
At a Glance
- Lawmaker Dubardani said Parliament will invite the Prime Minister to attend a high-stakes legislative session scheduled for 8:00 PM tonight.
- A scheduled committee briefing with the Finance Minister and the Central Bank Governor was abruptly canceled earlier today.
- The sudden parliamentary moves follow widespread market instability sparked by the CBI's decision to alter the dinar's exchange rate
Lawmaker Sherwan Dubardani stated that Iraq's Council of Representatives will host the Prime Minister Ali Faleh Al-Zaidi later today, as market instability and conflicting views continue regarding the Central Bank of Iraq's (CBI) decision to alter the currency exchange rate.
Key Statement and Focus Area
- Sherwan Dubardani confirmed that they have been notified that the Prime Minister will be hosted in parliament at 8:00 PM.
- The Finance Committee was set to hold a meeting with the Finance Minister and the Central Bank Governor, but it has been canceled.
Speaking to Channel8, Sherwan Dubardani, a Kurdish lawmaker in the parliament, said that the Speaker of Parliament and his deputies have just met with the heads of political blocs.
He noted that the Finance Minister, the Central Bank Governor, and members of the Finance Committee are also highly likely to attend the anticipated meeting.
The lawmaker stressed, however, that the situation remains fluid, adding that the session's timing or date is subject to change and could potentially be postponed to next Saturday or Sunday.
FYI
Iraq’s Council of Ministers abruptly approved an emergency recommendation from the Central Bank of Iraq (CBI) and the Finance Ministry to devalue the national currency. Effective Wednesday, the official public exchange rate weakened significantly from 1,320 dinars to 1,520 dinars per US dollar.
The CBI defended the adjustment as a vital "precautionary measure" to stretch oil revenues and close a massive 29-trillion-dinar ($19 billion) budget deficit triggered by regional conflict and disrupted oil exports.
The sudden announcement blindsided lawmakers, sparking intense pushback within the Council of Representatives.
Yesterday, MPs voted to halt their standard agenda and hold an open debate, denouncing the move that will dramatically increase the cost of living and imported goods.
A high-stakes, special session scheduled for today to grill the CBI Governor and Finance Minister was abruptly canceled
The official devaluation has caused widespread anxiety across local currency exchange markets. Prior to the announcement, heavy speculation had already pushed parallel market rates in Erbil and Sulaimani to around 162,000 dinars per $100.
Financial analysts note that while the weaker dinar helps the government cover public payroll obligations, it directly reduces the public’s purchasing power, causing a volatile environment for businesses and citizens across both federal Iraq and the Kurdistan Region.
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