Iraqi Parliament Cancels Session on Exchange Rate as Finance Committee Meets with Officials

parliamentary source said on Thursday that the Presidency of the Iraqi Council of Representatives had decided to cancel the session scheduled for today, which was set to include hearings with Finance Minister Falih Sari and Central Bank Governor Nizar Nasser Hussein over the repercussions of the decision to adjust the dollar exchange rate against the Iraqi dinar.

Meanwhile, Kurdish Democratic Party lawmaker Siban Sherwani said the Parliamentary Finance Committee would hold a meeting at noon with the participation of the finance minister and central bank governor to discuss the reasons behind the exchange-rate change.

Sherwani said the meeting would primarily focus on the new exchange rate, while noting that the draft federal budget law could also be discussed.

The decision follows Parliament’s move on Wednesday to postpone its scheduled agenda and turn the session into a general debate on the exchange-rate increase. Lawmakers had subsequently set a special session for Thursday to hear from the central bank governor and finance minister about the decision and its potential repercussions.

The developments came after the Central Bank of Iraq announced on Wednesday a new official exchange rate of 1,520 dinars per US dollar, up from 1,320 dinars, triggering widespread public criticism.

The central bank described the adjustment as a “strategic step” aimed at strengthening financial stability, while assuring citizens and the economic sector that its foreign currency reserves remain sufficient and strong.