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Legal expert: Changing the price of the dinar is not a prerogative of the House of Representatives
24/3/2021 11:43:00
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Legal expert: Changing the price of the dinar is not a prerogative of the House of Representatives
Legal expert Tariq Harb confirmed that the Central Bank is the only independent body and is not linked to any legislative or executive body.
Tariq Harb said in a special statement to PUKmedia , on Wednesday, that the Central Bank is distinguished from other bodies by more privileges than others, as the constitution does not link it to the House of Representatives or to any other party, meaning that the Central Bank is not subject to the oversight of the House of Representatives.
Tariq Harb explained that this means that the House of Representatives and its members do not have the competence to change the exchange rate of the Iraqi dinar, noting that there is no impact on what members of the House of Representatives do to collect signatures to restore the exchange rate of the Iraqi dinar against the US dollar to its previous price, pointing out that the independence The Central Bank was confirmed by Law No. 76 of 2004 issued by the civil governor Paul Bremer during his term and which is still in effect, and these constitutional and legal provisions have their place when discussing the dollar exchange rate that he set and issuing laws, especially the 2021 budget bill that is currently being discussed in the House of Representatives.
On 12/20/2021, the Central Bank had decided to apply the reduced rate of the dinar of 1450 dinars instead of the previous rate of 1190 Iraqi dinars per US dollar.
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