Deputy: The Central Bank has failed to stop the deterioration of the currency exchange and must be held accountable
Deputy: The Central Bank has failed to stop the deterioration of the currency exchange and must be held accountable
12/19/2020 15:40
[Baghdad-Where]
Representative of the National Approach bloc Jamal al-Muhammadawi confirmed, Saturday, that the Central Bank had failed to stop the deterioration of the currency exchange and must be held accountable for this confusion.
“We strongly criticize the central bank’s approach to managing the monetary policy of the country, which caused a severe decline in the value of the Iraqi currency’s exchange rate against foreign currencies and left a severe impact on the citizens’ livelihood, “Al-Muhammadawi said in a statement.
He added, “The Central Bank deviated from its objectives set for it in Law No. (56) of 2004, and failed to stop the deterioration of the Iraqi currency exchange against the dollar and a cradle for parasites and corrupt persons by acquiring hundreds of billions of dinars of illegal profits, and the Iraqi Central Bank failed to achieve Development and fighting poverty and the deviation in the equitable distribution of resources because it did not deal seriously with benefiting from the monetary mass that is supposed to go to investment in real production and not quick speculation for profit only.
He pointed out, “Among the duties of the central bank is to maintain the purchasing power of the dinar and the stability of the citizen’s cash income, and to manage the monetary and economic crises such as the phenomenon of hyperinflation, which will be a natural result of the failure of the central bank and changing the exchange rate.”
He pointed out, “The central bank must strive under the current circumstances to maintain the stability of the exchange rate of the Iraqi dinar or the external value of the dinar and to maintain the stability and integrity of the internal value of the currency and control of inflation and lower annual price growth rates and its reflection on the evaluation of administrative prices and price support for commodity paragraphs, which Fall within the overall financial objectives of the bank. ”
The deputy called for “accountability of the central bank management and stopping the looting of money through speculation in the currency auction that only corrupt and parasites benefit from, and real reform requires speeding up the stopping of these suspicious cash transactions.”
alliraqnews.com
