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- MONDAY, 01-30-2023, PM 4:16
- KARRAR AL-ASADI
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Today, Monday, the Finance Committee in the Iraqi Parliament denied the existence of the intention of the Prime Minister, Muhammad Shia’a al-Sudani, to reduce the exchange rate of the dollar in the budget law for the year 2023, less than the price fixed at (1450).
Committee member Mueen Al-Kazemi said, "The news that talks about the existence of the Prime Minister Muhammad Shia'a Al-Sudani's intention to reduce the exchange rate of the dollar in the budget law for the year 2023 by (1350) is absolutely incorrect, and these news are just rumours."
Al-Kazemi stated, "The exchange rate within the budget law for the year 2023 is (1450), and there is no government intention to reduce this price, especially since reducing this price in the budget may exacerbate the crisis at the present time and not solve it," according to Shafaq News.
Representative Firas Al-Maslamawi revealed today, Monday, that the Iraqi government and the House of Representatives have a tendency to adopt the exchange rate of the dollar at 1,640 dinars in the current year's budget, while indicating that there is an intention to negotiate with the US administration to control the price of the dollar, according to Shafaq News.
On January 26, well-informed Iraqi political sources revealed an undeclared goal for Prime Minister Mohammed Shia'a al-Sudani's visit to France.
The sources said, "The visit to France also aims to request Paris' mediation between Iraq and the United States of America, on the issue of the dollar crisis, which has begun to greatly worry Al-Sudani and his government, and raises the fears of the coordination framework that this crisis may topple the government quickly."
The government measures taken by Prime Minister Muhammad Shia al-Sudani did not succeed in stopping the huge rise in the exchange rate of the dollar, as Iraqi stock exchanges still recorded more than 166 thousand dinars compared to $100.
Meanwhile, Prime Minister [You must be registered and logged in to see this link.] confirmed , "A delegation headed by the Minister of Foreign Affairs and a group of specialists will visit Washington, bringing with it several files. One of these files will be dealt with with the US Federal Bank and the Treasury Department, to find out the repercussions of applying the standards set by the US Treasury in a manner that guarantees desired goal of all parties.
The US ambassador to Iraq, Alina Romanowski, says that the United States does not set the exchange rate for the dollar and has not imposed sanctions on new Iraqi banks.
And the Iraqi currency lost about 10% of its value, says the Wall Street Journal in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq's dealings with currency dealers with regard to the US dollar.
This comes in light of an unprecedented rise in the exchange rates of the dollar against the Iraqi dinar, with a significant rise in the prices of goods and services in the country.
The central Al-Kifah and Al-Harithiya stock exchanges in Baghdad recorded this morning, Monday, an exchange rate of 166,000 Iraqi dinars against 100 US dollars, while the prices on Sunday morning were 164,000 dinars.
The correspondent of the Noon news agency said that the prices of selling and buying dollars rose in exchange shops in the local markets in Baghdad, where the selling price reached 167,000 Iraqi dinars per 100 US dollars, while the purchase prices reached 165,000 dinars per 100 dollars.
It is noteworthy that the Central Bank of Iraq announced, on December 19, 2020, officially the adjustment of the exchange rate of the US dollar to be 145 thousand dinars for every 100 dollars, according to the state’s general budget for the year 2021 approved by Parliament, while some political parties and figures, most notably the current Prime Minister Muhammad Shiaa al-Sudani [You must be registered and logged in to see this link.] calling for the return of the exchange rate to the previous price (118,200 dinars per $100).
The Central Bank of Iraq attributed the reasons for devaluing the dinar at the time to what it described as structural distortions in the Iraqi economy that impoverished public finances and restricted the reform capacity sought by the government and the Ministry of Finance.
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