Government defends dollar hike amid legal challenge
The head of the Iraqi Parliamentary Rights Bloc, Saud al-Saadi, has filed a legal appeal with the Federal Supreme Court against the Council of Ministers' decision to modify the exchange rate of the dollar against the Iraqi dinar. The council had decided to raise the exchange rate from 132,000 dinars to 1,520 dinars per 100 dollars, an increase of 20,000 dinars, as part of the government's efforts to confront the economic crisis caused by declining oil exports and the suspension of navigation in the Strait of Hormuz, with the public debt exceeding 208 trillion dinars. The government is facing popular protests and reactions from the parliament, while the court has yet to set a date for the hearing. It appears that these decisions are being made amidst the rising black market activity and the dollar reaching around 165,000 dinars in the parallel market.
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