The main opposition Republican People's Party (CHP) has said it hopes that the situation in northern Iraq will normalize as Kurdistan Regional Government (KRG) President Masoud Barzani has decided to step down.

Speaking to the media Monday, CHP Deputy Chairman Öztürk Yılmaz said: "We hope the KRG will arrange a new deal that respects the Iraqi constitution. We do not hope for any more instability in Iraq or in the region."

In a letter to the regional government's parliament on Sunday, Barzani said he would not run the upcoming presidential election on Nov. 1.

"As a Peshmerga, I will continue to be at the service of our people. I refuse to get an extension and will not continue in this position. The law should not be amended for me."

Yılmaz urged for normalization of the political situation in Irbil and said: "We hope for a democratic election [in Iraqi Kurdistan] and a new beginning in our ties with Iraq."