Representative economy: The rise in oil prices must be matched by the devaluation of the dollar against the dinar
Representative economy: The rise in oil prices must be matched by the devaluation of the dollar against the dinar
08:41 – 17/03/20210
Information / Special
The Parliamentary Economic and Investment Committee stressed the need to take advantage of the high global oil prices to reduce the value of the dollar against the Iraqi dinar, in order to achieve stability in market prices.
Committee member Mithaq Al-Hamdi said to / the information /, that “the government raised the exchange rate of the dollar under the pretext of a large deficit in the budget, at a time when oil prices have risen above the price specified in the budget, which requires the government to reconsider the dollar exchange rate.”
She added that “the House of Representatives calls for a review of the dollar exchange rate, and to reduce it from the current figure, as it harms the interest of the citizen, and therefore should be reduced to a level that meets the deficit and achieves stability in prices.”
She indicated that “there is a big difference in the price of oil specified in the budget, and the market value that it has reached now exceeding the threshold of $ 70 a barrel, which makes it imperative for the government to take measures that would benefit from the rise in oil prices and reduce the value of the dollar against the dinar.” 25 n
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