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Sadr denounces Central Bank as corrupt, as Iraq looks to devalue dinar
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Shia cleric and political leader Muqtada al-Sadr (File)
SULAIMANI — Shia cleric and political leader Muqtada al-Sadr on Saturday (December 19) warned about the impact of plans to devalue the Iraqi dinar and denounced the Central Bank of Iraq as corrupt.
Iraq looks set to devalue the dinar significantly as a part of the 2021 Federal Budget Law to 1,450 Iraqi dinars per US dollar, from the current official rate of 1,182. [You must be registered and logged in to see this link.] posted on its official Facebook page, the Central Bank said the official rate would be 1,460 for other banks and 1,470 on exchanges. Market rates will likely be higher.
The move will help protect Iraq’s dollar-denominated cash reserves and allow it to spend more dinars domestically as it battles the effects of a global drop in oil prices, the coronavirus pandemic, and its ballooning deficit, but will make imports more expensive and likely increase poverty.
News of the devaluation has already caused worry at crowded exchanges in the cities with traders looking to beat the higher rates that exchanges are beginning to charge, as well as political opposition from figures like Sadr.
“The central bank and all other banks are prisoners of corruption and the corrupt. The government and Parliament must seek specialized methods to end this and edit it immediately,” Sadr said in a tweet.
“This will be a double-edged sword. Iraq will emerge from the crisis and fall more severely,” he added.
On Saturday, police were deployed near the Central Bank’s offices and other financial institutions to protect them in case of protests.
On November 12, the Council of Representatives approved the Fiscal Deficit Financing bill authorizing the government to borrow 12 trillion Iraqi dinars ($10 billion) in order to make public sector salary payments and pay for other expenditures during the last three months of 2020.
Legislators are expected to take up the budget law for active consideration next month.
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