INSUBCONTINENT EXCLUSIVE:
Shafaq News/ Iraq's Federal Supreme Court on Monday dismissed a complaint filed against the devaluation of the Iraqi dinar, a judicial
source revealed.Earlier, the court opted to postpone the lawsuit 32/Federal to April 4.Iraq's highest judicial body summoned the Iraqi
Minister of Finance, Ali Abdul-Amir Allawi, and Governor of the Central Bank of Iraq (CBI), Mustafa Ghaleb Makhif, to a session dedicated to
discuss the devaluation of the Iraqi national currency.In December 2020, Iraq devalued its currency as the plummeting oil prices squeezed
the revenues that supply more than 90% of the oil-dependent country's treasury.The financial crisis Iraq suffered due to the coronavirus
pandemic caused a decline in oil prices that caused decreasing oil revenues, altogether have caused a large deficit in the federal
budget.The OPEC member's economy has only a small manufacturing base, and almost all goods are dollar-priced imports, so a cheaper dinar
instantly made normal Iraqis feel poorer without providing any benefit to the wider economy via cheaper exports.
