Why has Iraq devalued its currency, and why are some MPs against it?

Iraq has devalued its national currency again, undoing the previous government’s move to strengthen the Iraqi dinar and prompting calls in parliament to reverse the decision.The cabinet approved new exchange rates for the dinar on Tuesday, following an emergency recommendation from Finance Minister Falih al-Sari and the governor of the Central Bank of Iraq (CBI).Recommended Stories list of 3 itemslist 1 of 3Iraq grants Iranian airlines 40 daily Najaf flights after US exemptionlist 2 of 3Iraq looks for oil export alternatives to the troubled Strait of Hormuzlist 3 of 3Iran urges Iraq to lift flight ban amid US sanctionsend of listFrom Wednesday, banks and exchange companies have been selling dollars to the public at 1,520 dinars each, 200 higher than the previous price.MPs who opposed the move had the agenda for Wednesday’s session of parliament cancelled in order to debate it instead.The finance minister and the central bank governor are due to appear before parliament on Thursday to discuss the devaluation.Here is what we know.Why has Iraq devalued the dinar now?Right before instituting the devaluation, Iraq’s government adopted its annual budget for 2027. It plans to spend 217 tr...