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). From 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.