Call for swift measures from government on the issue of high dollar exchange rates
21 May 2013
Swift measures are demanded for increasing dollar exchange rates by the Member of Citizen’s bloc.
Member of Parliament, Abdul Hussein Abtan stated in a press conference that lately the increased dollar exchange rates are terrifying for the common citizens of Iraq as it has impacted in price rise, for which common people of the nation are suffering. As most of the goods are imported in Iraq, the price rise is a common phenomenon for the country due to incrase in exchange rates.
He also added, "Dollar exchange price was 1160 Dinars in 2006 while the monetary reserve was 10 billion dollars. Today, the foreign monetary reserve is 74 billion dollars and the governmental exchange rate for 1 Dollar is 1250 while its price in the market is about 1130 Dinars." According to him, it is a dangerous sign for the low income profile workers, who are the majority of the country. It is an alert for the economy of the country.
Abtan demanded review and quick measure of Iraqi Central Bank on this issue. Dollar prices increase while Iraqi oil production amounts to 3 million barrels daily with yearly revenues of 120 billion Dollars, he also added.