Representative economy: the government's justifications for filling the fiscal deficit ended after the price of a barrel of oil exceeded $ 70
19:28 - 18/03/2021
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The Parliamentary Economic and Investment Committee confirmed, Thursday, that one of the justifications made by the government to raise exchange rates has ceased to exist after the changes in oil prices.
A member of the committee, Mithaq Al-Hamdi, said in a statement to Al-Maalouma Agency, that "the high oil prices, which exceeded 70 dollars per barrel, nullified the government's argument regarding raising the exchange rates of the dollar, keeping it and not returning it to normal.
Al-Hamidi added, "The justifications presented by the government to raise the exchange rates according to a decision lacking economic experience is to fill the fiscal deficit in the budget, but the dollar price hike significantly exceeding seventy dollars a barrel for one did not leave that justification for a legal justification."
She indicated that "the government is required to reconsider this law again and return the exchange rates either to the old price or to set a new and average price that reduces the losses of the segments of society that were greatly affected by this decision."