Iraqi politicians are pushing for an extraordinary parliamentary session to discuss the Iraqi dinar's fall against the dollar, an MP said on Wednesday.
The Iraqi dinar has dipped sharply against the dollar since the beginning of December as US authorities have tightened scrutiny measures on foreign transactions from Iraq to stop dollars being funnelled to Iran.
Iran is reeling under US sanctions and its economic woes are causing widespread protests.
The Iran-backed Iraqi government has been struggling to control the exchange rate to contain mounting public anger over the soaring prices of goods.
One US dollar traded at 1,570 Iraqi dinars on the black market early on Wednesday, higher than the Central Bank of Iraq rate of 1,470 dinars.
“Sixty-seven lawmakers have already signed a petition to hold an extraordinary session to discuss the exchange rate issue,” MP Amer Abdul-Jabbar told The National.
“The parliament is a regulatory authority so we can invite the governor of the Central Bank of Iraq to discuss the issue and come up with recommendations to the government.”
A date for the session has not yet been set, he added.
The legislative body is in recession until January 9.
"If it is not possible to hold the extraordinary session then we will ask to have the first session after the recession on the exchange rate issue only," MP Raid Al Maliki said.
The Prime Minister and the Finance Minister could also be invited, Mr Al Maliki added.
"We want the government to tell us the reasons behind the issue, whether politically-motivated or something else, and if it is needed then we can hold the session behind closed doors," he said.
Corruption and money-laundering
To achieve monetary stability and to control the exchange rate on the street, Iraq has been selling dollars through a CBI-run foreign currency auction since 2004.
However, the process has been mired with accusations of corruption, money-laundering and the channelling of dollars to Iraq’s neighbours, Iran and Syria, using forged bills. Both countries are under punishing US sanctions.
Since then, the US has blacklisted a number of Iraqi banks that deal mainly with Iran. The US sanctioned Iraq's Al Bilad Islamic Bank for dealing with Iran's Islamic Revolutionary Guard Corps in May 2018.
In recent weeks, the US has complained to Iraqi officials that channelling of dollars to Iran has increased.
But Prime Minister Mohammed Shia Al Sudani's Iran-backed government, which took office in late October, has not taken any action.
Instead, it has applied some measures to control the exchange rate, including ensuring a flow of dollars at the official rate, without success.
The chaos in the local exchange market has wreaked havoc in Iraq in terms of higher prices for goods. The country depends heavily on imported goods and raw materials.
During a meeting with the CBI governor on Tuesday, Mr Al Sudani “urged the Central Bank to achieve stability in the exchange rate and regulate the work of the banks”.
He stressed the importance of “taking necessary measures to fight illegal speculations and everything that impacts the local market”.
Iraq's Association of Private Banks said the rate had risen as a result of changes to the mechanism of foreign currency sales due to international requirements.
To reduce the exchange rate on the black market, the CBI offers dollars for individuals at the 1,465 dinar rate instead of 1,470 dinars to cover travel for the Hajj pilgrimage, medical treatment, study and buying online.
On Wednesday, the central bank announced that several private banks will operate during the weekend, Friday and Saturday, as well as Sunday, which is an official holiday, to meet the demand for dollars.
Iraq's oil revenue is deposited in an account at the Federal Reserve Bank of New York and Iraq withdraws from there either in cash or foreign exchange transactions to cover imports.
Early this month, it had about $96 billion in foreign exchange reserves, according to Mr Al Sudani.
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Courtesy: Carol Glynn, founder of Conscious Finance Coaching
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Three-day coronation
Royal purification
The entire coronation ceremony extends over three days from May 4-6, but Saturday is the one to watch. At the time of 10:09am the royal purification ceremony begins. Wearing a white robe, the king will enter a pavilion at the Grand Palace, where he will be doused in sacred water from five rivers and four ponds in Thailand. In the distant past water was collected from specific rivers in India, reflecting the influential blend of Hindu and Buddhist cosmology on the coronation. Hindu Brahmins and the country's most senior Buddhist monks will be present. Coronation practices can be traced back thousands of years to ancient India.
The crown
Not long after royal purification rites, the king proceeds to the Baisal Daksin Throne Hall where he receives sacred water from eight directions. Symbolically that means he has received legitimacy from all directions of the kingdom. He ascends the Bhadrapitha Throne, where in regal robes he sits under a Nine-Tiered Umbrella of State. Brahmins will hand the monarch the royal regalia, including a wooden sceptre inlaid with gold, a precious stone-encrusted sword believed to have been found in a lake in northern Cambodia, slippers, and a whisk made from yak's hair.
The Great Crown of Victory is the centrepiece. Tiered, gold and weighing 7.3 kilograms, it has a diamond from India at the top. Vajiralongkorn will personally place the crown on his own head and then issues his first royal command.
The audience
On Saturday afternoon, the newly-crowned king is set to grant a "grand audience" to members of the royal family, the privy council, the cabinet and senior officials. Two hours later the king will visit the Temple of the Emerald Buddha, the most sacred space in Thailand, which on normal days is thronged with tourists. He then symbolically moves into the Royal Residence.
The procession
The main element of Sunday's ceremonies, streets across Bangkok's historic heart have been blocked off in preparation for this moment. The king will sit on a royal palanquin carried by soldiers dressed in colourful traditional garb. A 21-gun salute will start the procession. Some 200,000 people are expected to line the seven-kilometre route around the city.
Meet the people
On the last day of the ceremony Rama X will appear on the balcony of Suddhaisavarya Prasad Hall in the Grand Palace at 4:30pm "to receive the good wishes of the people". An hour later, diplomats will be given an audience at the Grand Palace. This is the only time during the ceremony that representatives of foreign governments will greet the king.
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
