Between the government and the Central Bank.. Members of the Finance Committee reveal the secrets of the rise in the price of the dollar

Between the government and the Central Bank.. Members of the Finance Committee reveal the secrets of the rise in the price of the dollar

2021-06-28

The exchange rate of the dollar against the dinar still casts a shadow on the societal and political sides, while a parliamentarian ruled out the possibility of returning the exchange rate to what it was during this stage, another confirmed that the vision is absent from the government and the central bank in dealing with economic inflation, noting that There is a will and a majority in the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.

A member of the Parliamentary Finance Committee, Jamal Cougar, confirmed that there are many reasons that prevent the Central Bank from returning to the old dollar price at this stage, while indicating the possibility of achieving this and creating new job opportunities in the event of a new government coming for a period of four years.

Cougar said in a press interview that “there are many reasons that prevent the central bank from returning to the old dollar price at this stage,” noting that “among the reasons is the bank’s need to have a stable policy, given that the price hike was four months ago. It is not permissible for there to be another change in a short period not exceeding five months, given that the occurrence of this matter will confuse the market and worry investors, traders and foreign currency dealers as a result of low confidence that a new change will not occur again from the Central Bank in the future.

Cougar added, “The other matter is related to the federal budget voted by Parliament, in which all of its schedules, accounts and contracts are based on the new exchange rate. Therefore, the contracts that will be awarded by the government will be in dinars, but at the same time, we are not a producing country, but rather an importer and consumer, which means that the effect It will be worrying for the parties that deal with the government in importing and contracting, because they do not have a true picture of the mechanism of dealing according to what price will be for the profit and loss account.

He pointed out, “This is an adventure, and we do not believe that the government will be forced to do so because of the confusion it causes at this time, especially since it is an interim government and has a primary duty to prepare for early elections. These include changing the exchange rate and creating new job opportunities.

Member of the Parliamentary Finance Committee, Abdul Hadi Mohan Al-Saadawi, indicated that the government and the Central Bank have no vision in dealing with economic inflation, while noting that there is a will and majority within the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.

Al-Saadawi said in an interview with Alsumaria News, “There is a will and a majority in the House of Representatives, which does not want to return the exchange rate to what it was, and strives to maintain what has been approved by the Central Bank and the Ministry of Finance, because of the benefits of those controlling the government and the bank.” Iraqi Central.

Al-Saadawi added, “There is no vision among many political blocs or the beneficiaries of the exchange rate change, and they are continuing to raise the exchange rate and are also continuing to not automate outlets, customs and fees,” stressing that “the vision is absent from the government and the Central Bank to address the economic inflation that is taking place. in the Iraqi economy and market.

He pointed out that “the program and the paper prepared by the government, which was called the white paper, did not go beyond being ink on paper. The government or the central bank did not follow through with any promises they made for financial and economic reform, and what was applied are formal procedures far from the essence of the solution to economic problems.” Pointing out that “the government did not release the amount of three trillion dinars allocated to address poverty in Iraq, and social welfare benefits were not passed by Parliament, so the vision is absent and reform does not exist.”

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