Deputy determines the fate of the movement of returning the dollar to 1,300 dinars

Deputy determines the fate of the movement of returning the dollar to 1,300 dinars

MONDAY, MARCH 08-2021, PM 1:28

USD-Iraqi dinarA member of Parliament’s Finance Committee, Representative Jamal Cougar, said that there is a movement led by a number of deputies, by collecting signatures to amend the dollar exchange and make it 1,300 dinars.

Cougar continued, in an interview with the press, that “the request was submitted to the Finance Committee, but the question is: Does the House of Representatives or any of its committees have the authority to amend the dollar exchange?”

He pointed out, “The answer is in accordance with the law, that the authority is exclusive to the Central Bank,” and believes that “this campaign targets the request from a party that does not have jurisdiction, and therefore the request is destined to respond.”

And Cougar stated, “The Central Bank is an independent body and has a special law and bears full responsibility in the matter of monetary policy and determining the dollar exchange.”

He stressed, “The federal government, represented by the Ministry of Finance, adopted the Central Bank’s decision and was not the one with the jurisdiction to issue it, and the existence of coordination and consultation between the two sides does not mean interference.”

Cougar stressed that “the attempt by some representatives to impose a new exchange rate, contrary to the vision of the Central Bank, is a clear violation of the law and cannot be accepted.”

Cougar explains, “The current claims came as a result of the recovery of oil prices, but he responds to this trend by saying that what is the guarantee of the survival of this rise? Until the end of this year.”

A member of the Finance Committee considered that “the current increase in oil prices is not realistic. Rather, it came as a result of Saudi Arabia giving up one million barrels of its share, and it has the full right to reconsider its previous decision, and this will lead to a new decline.”

Cougar revealed, “a significant decline in bank reserves forces a recharge at the present time, and this means that we need this rise in the exchange rate.”