“Expected” measures from the Finance Committee regarding the conflicting dollar exchange rates in Iraq
“Expected” measures from the Finance Committee regarding the conflicting dollar exchange rates in Iraq
2024-07-18
Alsumaria News – Politics
The Parliamentary Finance Committee promised, today, Thursday, July 18, 2024, to host “anticipated” officials inside the House of Representatives dome to determine the real reasons behind the conflict in the dollar exchange rates in the Iraqi markets, after the resumption of Parliament’s work.
In an interview with Sumaria News, the member of the Finance Committee, Mustafa Al-Karawi, said that the instability of the dollar exchange rate in the local markets continues to directly affect the domestic economy and its movement, paralyzing it, noting that “many commercial items in the local markets have stopped because of this instability.”
He added that the government has not yet found effective and real solutions to control the exchange rate, and speculators are still controlling the exchange rates. Therefore, the reforms and proposals presented by the Central Bank have not yielded results due to the lack of seriousness in implementing these decisions, the lack of support from other government agencies such as ports, customs and taxes, and the failure to reach a positive and ideal situation with the Federal Bank in regulating trade transactions between the two countries.
He revealed that after the resumption of the work of the House of Representatives, the Governor of the Central Bank and the relevant agencies such as taxes and customs will be hosted in order to determine the reasons for the irregularity and take appropriate measures, and there may be investigative committees in this regard.
For some time, the price of the dollar has decreased in the parallel market, where it stabilized at 145 thousand dinars for every 100 dollars throughout the past period, but it rose again to exceed 150 thousand dinars a few days ago.
On July 9, the Parliament Presidency announced the start of the second legislative session of the third legislative year, calling on representatives, committees and parliamentary blocs to resume their legislative and oversight work.
Since the beginning of last year, Washington has intervened to limit Dollar smuggling from Iraq, which led to the dollar price rising in the local market to a record level of 170 thousand dinars per 100 dollars, due to the decline in the Central Bank’s sales of dollars, due to its being subject to the international financial system “SWIFT”.
It is noteworthy that the Central Bank decided to finance trade in euros, Chinese yuan, Emirati dirhams and Indian rupees, in steps to reduce demand for the dollar.
alsumaria.tv
