The Daily Digest
Iraq’s Federal Supreme Court on Tuesday struck down a Kurdistan Region law suspending Penal Code provisions on state-security offences. The law, enacted by the Kurdistan Parliament in 2003, had suspended provisions covering offences against Iraq’s sovereignty, internal and external security, and public authority. The court said it violated Articles 110 and 121(Second) of the Constitution, which reserve national-security policy to federal authorities and define regional powers within the federal framework. The ruling is final and binding on all authorities.
Separately, Central Bank statistics and research director-general Samir Fakhri Nima defended dinar devaluation on Tuesday as the best option to protect foreign reserves from an oil-revenue shock. The cabinet’s decision raised the public dollar-selling rate from 1,320 to 1,520 dinars from Wednesday. Nima said disruptions around the Strait of Hormuz sharply reduced oil revenue, with the effects emerging in May and June because oil-sale payments were deferred. He said reserves remained sufficient to . Central Bank data put reserves at . Nima said average oil exports had recently . The IMF nevertheless forecasts . It projects .