[size=38]The Parliamentary Finance Committee intends to raise the dinar
price against the dollar and give it strength among other currencies [/size]08/08/2019 Iraq08/08/2019 Iraq[You must be registered and logged in to see this image.] The dollar and the local Iraqi currency
Member of Parliamentary Finance Committee Abdul-Hadi Al-Saadawi said in a statement today, Monday, August 19, 2019, that the Finance Committee will work to raise the dinar price against the dollar and give it strength among other currencies in the Arab world, or at least maintain the current exchange rate so that it has monetary strength within Local market.
And revealed the Finance Committee in the House of Representatives for the existence of a trend to re-work in the currency that had been used for decades in the country, while members of the Committee proposed to anticipate the process of minting the coin by step "delete the zeros" from the current currencies so that there is value for small cash categories.
Committee member Hanin Al-Qaddo said in a semi-official (to Al-Sabah newspaper) semi-official statement, today, Monday, 19 August 2019, that during meetings and discussions with officials at the Central Bank, we stressed the need to re-work in the coins that were used in Iraq during the past decades, instead of Paper that is being damaged and printed in bulk again.
He added, that the use of metal denominations and their disembarkation for circulation gives a moral value to the currency, noting that a number of neighboring countries have very high exchange rates against the dollar, and with this we find that they have a coin in order to preserve the currency and not need to request more banknotes, especially those with small categories . Al-Kiddu expressed his surprise at the Central Bank policy, which does not favor offering coins to be traded on the Iraqi market.
For his part, member of Parliamentary Finance Majid Al-Waeli expressed the committee's readiness to prepare any legislation required by the central bank, which could benefit the Iraqi economy and market, including the circulation of coins.
Al-Waeli told Al-Sabah that the committee respects the independence of the central bank and its monetary policy, stressing that the bank has a technical independence by decision regardless of administrative affairs, and it is who decides the extent of the benefit of the transfer to use the coin.
While Committee member Jamal Couger emphasized that all countries in the Middle East and the world possess a coin, indicating that this type of currency gives strength to its economy.
Cougar told Al-Sabah that he hoped that the concerned authorities could strengthen the currency so that small groups have purchasing power in the event of using coins. As for the committee member Ahmed Al-Saffar, he saw that the cost of the coin is more than paper, in addition to carrying it more difficult for the citizen.
Al-Saffar told Al-Sabah that inflation in the economy prevents the minting of coins and making them circulate among citizens, suggesting that there be a step to delete the zeros before the process of minting the coin so that there is value for small groups in exchange for.
It should be mentioned that on 12/19/2018, Hoshyar Abdullah, a member of the Parliamentary Finance Committee, a representative of the Change Bloc, confirmed that the Ministry of Finance did not make any adjustments to oil prices, the percentage of its sale, and the dinar prices against the dollar in the draft of the general budget for 2019.
Abdullah wrote on his official page on the social networking site Elvis, that an official book arrived from the Federal Ministry of Finance to the Council of Ministers, where he kept the price per barrel of oil at $ 56 and kept the rate of exporting crude oil per day at 38,800,000 barrels, and the region must export 250,000 barrels of these The ratio, noting that the Ministry of Finance also kept the price of one dollar against 1182 dinars as it was in the previous draft ..
Abdullah considered that the new draft of the general budget does not differ from its predecessor and has no significant amendments and that the Shiites, Sunnis and Kurds did not agree on the previous draft and the new amendments do not solve the problems of any of these parties and parties.
Member of the Parliamentary Economy and Investment Committee, Majed Shankali, said earlier that the Central Bank’s recent measures to sell the dollar in a public auction contributed to raising the value of the dollar against the dinar, as it reduced its sales under the pretext of containing the financial crisis the country is going through, in addition to the presence of a mafia operating inside the central You are trying to harm the national currency for their own benefit.
Shankali added that the central bank is required to take measures in support of the Iraqi dinar and to fight those who tamper with the security of the national economy, because the country's interest is above all else.
Shankali called on the government to accelerate the development of the banking and industrial sector, especially what we observe these days. There is a significant rise in the price of the dollar against the Iraqi dinar, as he put it, calling for legislation on investment law to help bring international companies to Iraq to develop infrastructure, while the Parliamentary Finance Committee earlier recalled the reason The rate of the exchange rate of the dinar against the dollar decreased to the decrease in financial revenues belonging to the state from oil sales, indicating that oil was sold at more than $ 100 a barrel and today its price has reached below $ 50 and this means that revenue decreased by 50%, which affected the exchange rate of the currency National.
The Parliamentary Economy Committee stated earlier that it had discussed with the Governor of the Central Bank on the relationship, the main reasons for the low exchange rate of the dinar and the effective solutions for the return of its stability, noting that the central bank will take new measures to maintain the hard currency and to return the stability of the dinar exchange rate against the dollar, confirming that the selling price The dollar, in application of Article 50 of the budget, reflected negatively on the Iraqi citizen, which leads the Finance Committee to demand the pumping of the dollar into the market.
On June 27, 2019, while the deadline for the Financial Action Task Force (FATF) that it granted to Iran until the end of June of the same year to tighten its laws on terrorist financing and combating money-laundering is approaching, there is a mystery controversy surrounding actual funding sources. The Texas-based "Star Four" Foundation published reports on February 13 2012 saying that Iran is stealing large quantities of Iraqi oil in the south on a regular basis, and that these robberies have helped the Iranian government to overcome its ordeal as a result of the economic situation due to the international blockade.