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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Parliamentary Finance resolves controversy over the devaluation of the dollar in Iraq

    Rocky
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    Parliamentary Finance resolves controversy over the devaluation of the dollar in Iraq Empty Parliamentary Finance resolves controversy over the devaluation of the dollar in Iraq

    Post by Rocky Sun Mar 14, 2021 3:19 pm

    [size=30]Parliamentary Finance resolves controversy over the devaluation of the dollar in Iraq[/size]
    "This file is for the authority of the central bank, and the parliament does not have any authority over the exchange rate. 


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    ERBIL (Kurdistan 24) - The Finance Committee of the Iraqi parliament said that the price of the dollar that was recently approved by the Central Bank "will not be reduced" again.
    This came after deputies collected signatures to push Parliament to hold a session to discuss the devaluation of the dollar, especially after oil prices witnessed a gradual recovery.
    A member of the Finance Committee, Jamal Cougar, said in an interview with Kurdistan 24, that 130 deputies asked in a memorandum for them to return the price to its previous state, indicating that the House of Representatives does not have the authority to change the exchange rate.
    He added, "This file is for the authority of the Central Bank, and the House of Representatives does not have any authority over the exchange rate in any way, and it cannot decide on it."
    Cougar pointed out that a lot of people have been affected after the price increase of the dollar, and will harm others if it is changed again, which will lead people to sue the central bank.
    He explained that floating the dinar against the value of the dollar made Iraq able to largely fill the deficit in the financial budget.
    The recovery of the deficit comes with the high price of oil, as Iraq depends on oil by 95 percent to finance its imports and pay the salaries of its employees.
    Cougar said that the increase in the price of a barrel of oil is "temporary and not natural," especially with Saudi Arabia reducing the rate of exports in return for a rise in Iraq.
    He pointed out that the federal budget, amounting to 164 trillion dinars, was "approved by speculation", indicating that the Finance Committee held 40 meetings and hosted 450 guests for the budget, and concluded that it could be reduced to 130 trillion dinars, to return 28 to 29 trillion dinars to the value of the deficit.
    Regarding the allocations to the provinces, Jamal Cougar said that four trillion dinars have been allocated to the provinces, of which 60 billion dinars have been allocated to the governorates of the Kurdistan Region.
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