State of Law: Our only vision was the minute by refusing to raise the price of the dollar

State of Law: Our only vision was the minute by refusing to raise the price of the dollar

FRIDAY, FEBRUARY 18, 2022,PM 4:14

USD-Iraqi dinarToday, Friday, Bahaa Al-Nouri, spokesman for the State of Law coalition, considered that the vision of his bloc to reject the step taken by the government to raise the foreign exchange rate is accurate.

Al-Nouri said in a statement, “There has been much talk recently about the need to address the exchange rate of the dollar and the implications for the living situation of the citizen, and this gives a clear indication that the vision of the State of Law coalition was the only accurate vision in rejecting the step taken by the government to raise the exchange rate of the currency.” foreign”.

He added, “Unfortunately, this raise was approved by most of the influential political parties in the House of Representatives, which were convinced of the justifications provided by the Ministry of Finance in support of its decision, which it described as compelling. The budget law and its articles were approved with the new exchange rate for the dollar in March of last year without any treatment for the damages.” suffered by the citizen.

Al-Nouri pointed out that “the continuation of the deteriorating economic situation, and the high prices of commodities and foodstuffs, harmed the middle class of employees, people with limited income, earners and others,” noting that, “this calls for all political forces in the parliament to take measures that contribute to restoring the price of The exchange of the dollar according to a gradual mechanism while providing protection for the income of the poor and enabling them to keep pace with the treatment process so that the Iraqi citizen does not pay the price again.

And the Central Bank of Iraq decided in December 2020, to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration in oil prices, which caused an increase in the price of the dollar and a decrease in the value of the Iraqi dinar in a decrease in purchasing power to citizens.

The Central Bank of Iraq attributed the reasons for the devaluation of the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.