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Representative Finance: The Central Bank Is Responsible For Changing The Exchange Rate
On March 1, 2021
On March 1, 2021
[rtl]The Independent / - The representative of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that the desired goal of changing the exchange rate of the dollar against the Iraqi dinar has not been achieved, indicating that what is being said about the interference of political forces to restore the exchange rate to what it was before changing something outside the powers of the blocs And Parliament.[/rtl]
[rtl]Al-Saffar added in a televised interview that determining the exchange rate is the exclusive competence of the Central Bank of Iraq and it is not permissible to interfere in the bank’s work.[/rtl]
[rtl]He stressed that setting the new exchange rate was based on a government decision and negotiations with the World Bank.[/rtl]
[rtl]On the results of the devaluation of the currency, Al-Saffar commented by saying: The direct effects of changing the exchange rate caused inflation in the market and raised prices by 20-25%, because citizens were supposed to turn to local goods after the imported goods rose, and this means that the desired goal has not been achieved.[/rtl]
[rtl]He continued: But the problem is that there is no competition that favors local goods until the change in the exchange rate achieves significant local results.[/rtl]
[rtl]Regarding the existence of a political move to restore the exchange rate of the dollar to before a change decision, the representative of the Parliament stressed that what is said about the intention of political forces to intervene to determine the exchange rate is talk outside their powers, because it is exclusively within the government's authority and will not be permitted.[/rtl]
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