A deputy specifies a method that would “force” the government to change the exchange rate

A deputy specifies a method that would “force” the government to change the exchange rate

Posted, 11-03-2021

USD-Iraqi dinarA member of the Parliamentary Economic and Investment Committee, MP Mazen Al-Faili, confirmed that the parliament could reject the provision of raising the exchange rate in the budget, while specifying a method that he said would put the government before the option to amend it.

“The dollar exchange rate if it was rejected by most of the political blocs in the House of Representatives, the budget will be returned to the government in order to adjust the exchange rate and it will be forced,” Faily said in a televised interview.

He added, “There is no justification for raising the dollar’s ​​exchange rate with the rise in oil prices to $ 70.”

And a member of the Parliamentary Finance Committee, Jamal Cougar confirmed, on Sunday (07 March 2021), that the political movement is still continuing within the House of Representatives, with the presence of parliamentary signatures submitted to the Parliament in order to restore the exchange rate of the dollar against the dinar or reduce the current price.

Cougar said in a press statement, “The political movement in this regard is still going on, even there are requests for the signatures of a large number of members of Parliament submitted to the Parliament for the sake of the dollar exchange rate.”

He added, “Those signatures remained unchanged, because the Finance Committee and Parliament do not have any authority to amend or return the exchange rate of the dollar,” stressing that “this matter is exclusively within the authority of the Central Bank.”

“It is difficult for the government to go in this direction, because changing the exchange rate or returning it to its previous price needs to be reformulated again,” he said.

Last Thursday, the representative of the Saeron Alliance, Riyad Al-Masoudi, confirmed that the Finance Committee in Parliament said that adjusting the exchange rate of the dollar must be done through a request submitted by Parliament to the Iraqi government.

Al-Masoudi said, in a press statement, that “the monetary policy, fiscal policy and economic policy are set by the Iraqi government in accordance with the Iraqi constitution,” indicating that “the invitation of the First Deputy Speaker of Parliament, Hassan Al-Kaabi, for a parliamentary stand with the aim of reducing the exchange rate of the dollar, came after an intervention by Representative Inam Al-Khuzaie, It came within this context, and the session was not devoted to discussing the budget or the dollar exchange rate. ”

And that “Al-Kaabi stressed the need for the political forces to meet, on the issue of reviewing the exchange rate of the dollar, and this claim cannot be made individually from a deputy or a concerned bloc.”

He added that “there must be a request from the Iraqi Parliament, through the Finance Committee of the Iraqi government, to reconsider the issue of the dollar exchange rate, especially since the Finance Committee has representation from all political forces.” The dollar exchange will submit the request. ”

Earlier, First Deputy Speaker of Parliament, Hassan Al Kaabi, called for a parliamentary pause to return to the previous dollar exchange rate.

Al-Kaabi said, according to an official statement during a session on Wednesday, that “the increase in the exchange rate of the dollar has a negative impact on the lives of the Iraqi citizen, and for economic stability in general.”

He added, “There is a need for a serious and urgent pause for all members of the House of Representatives and the Parliamentary Finance Committee to return to the previous exchange rate.”

In response to the parliamentary calls to amend the exchange rate, Finance Minister Ali Allawi said in a press interview that “the dollar exchange rate is a governmental decision that cannot be changed daily as desired,” indicating that “the markets have accepted the current exchange rate and will give incentives over the coming years to the private sector and strengthen the reserves. His expression.

The increase in the exchange rate caused an increase in the prices of imported goods, while members of the Parliamentary Finance Committee confirmed that raising it to 1,450 dinars against the dollar had harmed citizens twice, first because it reduced the value of their salaries and also because it raised the prices of goods in the market.