Central Bank: The current dollar exchange rate has made big gains

[size=52]Central Bank: The current dollar exchange rate has made big gains[/size]

[size=45]The Central Bank spoke of what it called "significant gains" that were achieved by the new exchange rate that it approved last December. Ihssan Shamran, Deputy Governor of the Central Bank, confirmed that the new exchange rate had achieved a number of gains. Shamran revealed these gains, saying:[/size]
[size=45]"The Central Bank believes that the new price has made great gains, the first of which is to enhance competitiveness in favor of national products, whether agricultural or industrial." The Deputy Governor of the Central Bank of Iraq added; The new exchange rate also achieved “strengthening the public finance resource, which represents another goal of the decision,” he said. The Iraqi financial official stressed that "the bank is pursuing a quiet policy in the issues that people are discussing from their point of view, and does not enter into discussions that affect expectations." He added, "It is necessary to enhance the stability of this decision and not to create shocks that would worry citizens and affect the sustainability of their activities."[/size]
[size=45]The Iraqi Minister of Finance, Ali Allawi, announced in December the reduction of the Iraqi dinar exchange rate against the dollar, to reach 1450 dinars to one dollar.[/size]
[size=45]The International Monetary Fund welcomed the decision to reduce the exchange rate of the Iraqi dinar, describing the step as "very important" in the context of "implementing financial reforms."[/size]
[size=45]It is worth noting that the reduction in the exchange rate of the Iraqi dinar came within the framework of what is known as the reform white paper that the Iraqi government talked about a lot, which began by raising the exchange rate of the dollar to 1,450 dinars, considering it a price approved by the sale of the Ministry of Finance to the Central Bank.[/size]
[size=45]Experts in financial and economic affairs, who spoke to Al-Mada recently, warned of the danger of manipulating the dollar’s ​​exchange rate again, while they saw that the blocs ’opposition to maintaining the current price was part of the early electoral campaign. On the other hand, a request submitted by a number of MPs to restore the dollar’s ​​exchange rate to its previous state is facing rejection, according to members of the Parliamentary Finance Committee.[/size]
[size=45]While noting that the exchange rate has been determined according to scientifically studied considerations and is consistent with the monetary policy of the Central Bank, they emphasized that the budget figures of expenditures and revenues have been developed on its basis. A member of the committee, Representative Jamal Cougar, told Al-Mada two weeks ago that "a movement is led by a number of deputies, by collecting signatures to amend the dollar exchange and make it 1,300 dinars." Cougar continued, "The request was submitted to the Finance Committee, but the question is: Does the House of Representatives or any of its committees have the authority to amend the dollar exchange?" He pointed out, "The answer is according to the law, that the authority is exclusive to the Central Bank only," and believes that "this campaign targets the request from a party that does not have jurisdiction, and therefore the request is destined to respond."[/size]
[size=45]And Cougar said, "The Central Bank is an independent body and has a special law and bears full responsibility in the issue of monetary policy and determining the dollar exchange." He stressed, "The federal government, represented by the Ministry of Finance, adopted the Central Bank’s decision and was not the one with the jurisdiction to issue it, and the existence of coordination and consultation between the two sides does not mean interference." Cougar stressed that "the attempt by some representatives to impose a new exchange rate, contrary to the vision of the Central Bank, is a clear violation of the law and cannot be accepted."[/size]
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