MP reprimands the Legislative and Executive authorities for the dinar devaluation calling for a revoke

Shafaq News/ The former Iraqi Prime Minister, the head of al-Nasr alliance, Haidar al-Abadi, rebuked the dinar devaluation enactment, calling on the Federal Government and the Iraqi Parliament to rescind the decision.

Al-Abadi tweeted earlier today, Sunday, "rich people have dollar. Poor people have dinar. They raise the dollar's value and reduce the dinar's value for the rich to get richer, and the poor get poorer. a division most unfair."

"I call the representatives and the government to stand by the vulnerable and serve them justice. Do not be led by arrogance to crime. Withdrawing a mistake is a virtue."

In December 2020, Iraq increased the sale price of U.S. dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices.

The OPEC member's economy has only a small manufacturing base, and almost all goods are dollar-priced imports. The cheaper dinar instantly made average Iraqis poorer without providing any benefit to the broader economy via cheaper exports.