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[size=30]From 5 points.. Parliamentary intervention to amend the dollar exchange rate in Iraq[/size]
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MP Mazen Al-Faili demanded, on Wednesday, the Ministry of Finance and the Central Bank of the need to restore the exchange rate to what it was previously, describing that the justifications given by the government are unrealistic and unstudied.
Al-Faili said in a statement received by NRT Arabic, a copy of it, (August 4, 2021), that "it is no secret to any follower that the decision to raise the exchange rate of the dollar has negatively and significantly affected citizens in the various layers of poor and fragile society, employees, and even merchants and contractors."
The statement added, "We believe that the justifications given by the government are unrealistic and unstudied for the following reasons:
1- The rise in oil prices in global markets, which contributed to a significant increase in the financial returns to the state treasury, which negates the need to raise the exchange rate of the dollar
2- The average dollar sale in the Central Bank’s sales window has increased relatively, which means that raising the exchange rate did not stop the depletion of hard currency and money laundering operations, as the government claimed, as the data shows, for example, that Iraq sold in July 2020 an average of 183 million dollars per day in When he sold in July 2021 an average of 210 million dollars, which shows an increase in the quantities of dollars sold, which means the futility of raising the exchange rate.
3- OPEC’s decision to increase Iraq’s share of selling oil in world markets by 150,000 barrels per day, equivalent to (300) million dollars per month.
4- What some people claim to justify raising the exchange rate for the purpose of supporting the local product is contradicted by the decisions that granted Jordan exemptions from customs duties for hundreds of materials and the sale of oil at a low price, as well as the absence of infrastructure for national industries and many raw materials imported from abroad in dollars, thus raising the cost of production and weakening its competitiveness with Similar imported product
5- After more than eight months have passed since the exchange rate was raised, we wonder what the financial savings that occurred as a result of the exchange rate increase have been achieved. Achieved by raising the exchange rate also leaked into the pockets of the corrupt! ".
He explained, "The points we mentioned clearly indicate that there is no need to raise the exchange rate of the dollar," stressing that "the Ministry of Finance and the Central Bank must restore the exchange rate to what it was previously and not invoke justifications that do not withstand the data and data that we have indicated." ".
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Al-Faili said in a statement received by NRT Arabic, a copy of it, (August 4, 2021), that "it is no secret to any follower that the decision to raise the exchange rate of the dollar has negatively and significantly affected citizens in the various layers of poor and fragile society, employees, and even merchants and contractors."
The statement added, "We believe that the justifications given by the government are unrealistic and unstudied for the following reasons:
1- The rise in oil prices in global markets, which contributed to a significant increase in the financial returns to the state treasury, which negates the need to raise the exchange rate of the dollar
2- The average dollar sale in the Central Bank’s sales window has increased relatively, which means that raising the exchange rate did not stop the depletion of hard currency and money laundering operations, as the government claimed, as the data shows, for example, that Iraq sold in July 2020 an average of 183 million dollars per day in When he sold in July 2021 an average of 210 million dollars, which shows an increase in the quantities of dollars sold, which means the futility of raising the exchange rate.
3- OPEC’s decision to increase Iraq’s share of selling oil in world markets by 150,000 barrels per day, equivalent to (300) million dollars per month.
4- What some people claim to justify raising the exchange rate for the purpose of supporting the local product is contradicted by the decisions that granted Jordan exemptions from customs duties for hundreds of materials and the sale of oil at a low price, as well as the absence of infrastructure for national industries and many raw materials imported from abroad in dollars, thus raising the cost of production and weakening its competitiveness with Similar imported product
5- After more than eight months have passed since the exchange rate was raised, we wonder what the financial savings that occurred as a result of the exchange rate increase have been achieved. Achieved by raising the exchange rate also leaked into the pockets of the corrupt! ".
He explained, "The points we mentioned clearly indicate that there is no need to raise the exchange rate of the dollar," stressing that "the Ministry of Finance and the Central Bank must restore the exchange rate to what it was previously and not invoke justifications that do not withstand the data and data that we have indicated." ".
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