request to raise the exchange rate to 1600 dinars against the dollar … and two alternative official

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Two measures that could have saved more money than the difference in the exchange rate of the dinar against the dinar were revealed by an economist, who pointed out that the Ministry of Finance requested that it be set at 1600 dinars to the dollar.

Economic expert Nabil Al-Marsoumi said – a televised statement that “the difference currently visible between the central bank and the market rate will continue until the budget is passed due to the state of uncertainty and uncertainty because everyone is waiting for the position of the Iraqi parliament on the 2021 budget, and what happens in terms of the difference between the official exchange rate and the exchange rate is caused by speculation and reaping.” Through it the exchange offices are huge sums and may be less severe soon. ”

He added that “some believe that the decision to raise the exchange rate of the dollar is technical and was done through the central bank, although it is political and was made by a government decision from the Ministry of Finance,” pointing out that “the Ministry of Finance wanted an exchange rate of 1600 dinars against the dollar, and the government and parliament contributed to determining the exchange rate and some The parliamentary statements throw more uncertainty and lead to repercussions in the market. ”

And he talked about government financial decisions in a deeper way, saying that “the timing of the recent government measures is very wrong. There is no country in light of the Corona crisis and the global recession that has devalued its currency and deducted from the salaries of its employees. All countries have a layer of quantitative management packages and injected funds and aid to the public and private sectors.”

He believed that “raising the exchange rate to reduce the budget deficit, according to what the government sees, is unsuccessful, because it will not provide more than 4 billion dollars for the budget, and this could have been covered through two measures presented by the Ports Authority and rejected by the Ministry of Finance.”

He explained that “the two procedures require that customs duties be collected from imported goods upon opening documentary credits, and that fees are collected when granting import licenses, even according to the financial obtained the same value of the money it wanted by reducing the value of the dinar and ending the problem of money laundering.”

He pointed out that “raising the dollar exchange rate will not support the local product for three reasons, the first of which is that most of its requirements and raw materials are imported from abroad, and because there is dumping of goods in neighboring countries in Iraq, and thirdly, the cost of production in our country is double the cost in those countries.”

He pointed out that “reducing the exchange rate of the dinar and imposing taxes on salaries reduced its value in some segments by 50%, because the reduction included 25% of the salary and the exchange rate difference, which reduced its value by 25% as well.”

And a member of the Parliamentary Finance Committee, Jamal Cougar confirmed, yesterday, Wednesday, that the House of Representatives has the power to cancel or amend the article on tax deduction, as well as with regard to deducting employee salaries allocations.

Cougar said in an interview singled out by (Baghdad Today), “Parliamentary Finance will study the draft federal budget law for the country for the year 2021 accurately and amend the loopholes if they are contained in the draft law.”

He added that “Parliament has the power to cancel or amend the article on the deduction of part of the employee allocations or with regard to tax deductions.”

And that “the high rates of deductions, we will work to reduce them, provided they do not affect the employee significantly.”

Last Tuesday, the reporter of the Parliamentary Finance Committee, Ahmed Al-Saffar, spoke about the most prominent remarks on the 2021 budget bill, and while noting that the budget is inconsistent with the country’s economic reality, he suggested returning the bill to the government.

Al-Saffar said, in a televised interview, which she followed (Baghdad Today): “Until now, the 2021 draft budget has not been sent to Parliament, which will need 4-5 days to study the project legally, after which the project will be transferred to the Finance Committee and we may use our powers to reduce spending.”

Al-Saffar added, “This budget is inconsistent with the financial and economic situation in which the country is running, because it has high spending of 150 trillion dinars, according to the leaked version, which is very exaggerated,” noting that “most of the paragraphs of the leaked draft are confirmed today that they are the same final draft.”

He continued, “The price of a barrel of oil on which the budget was built is illogical because it was $ 42 while the current price of a barrel was $ 52,” explaining that “reducing the exchange rate of the dinar is supposed to be supported by a competitive local product, which is not there, and thus the prices of imported goods have risen.” Covering the entire market. ”

The reporter of the Finance Committee in Parliament confirmed that “the 2021 draft budget, and in case it does not comply with the government program and the economic reality, will be returned to the government,” indicating that “we need 30-45 days to study and approve the project if there are no internal and external political interference, and it may disrupt it. More”.

He suggested that “Parliament will not accept the passage of more loans in the 2021 budget,” reiterating his call for the need to “reduce public spending and raise the price of a barrel of oil in the budget, because each dollar can add one trillion dinars annually.”


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