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[size=30]Parliamentary Finance raises the alarm in Iraq[/size]
[You must be registered and logged in to see this image.]The reporter of the Finance Committee, Ahmed Al-Saffar, stated, on Saturday, that the Central Bank is the exclusive authority that has the power to determine the exchange rate without any interference in its decision, pointing out that The future of the Iraqi economy is in danger due to the wrong policies.
[size=15]Al-Saffar said in a special statement to NRT Arabia, (April 24, 2021), that "the Central Bank of Iraq is the exclusive authority that has the authority to monetary policy in the country with its tools related to the currency exchange rate, cash reserves and open market operations without interference by any party in its decisions to determine the exchange rate now. And in the future . "[/size]
[size=15]He added, "Iraq is the country most affected by the economic crisis due to the pandemic that led to a drop in oil prices, on which Iraq depends on financing the budget with more than 90% of oil revenues ."[/size]
[size=15]Al-Saffar pointed out that "Iraq does not suffer from a shortage of money nor from any crisis, but the problem is the mismanagement of public money and corruption that exists in all joints of countries," indicating that "the reason for the government's ability to obtain all its oil and non-oil revenues is what resulted from the policies. Wrong fiscal and economic governments after 2003. "[/size]
[size=15]He explained, "Government mistakes made the economy rentier dependent on oil only while relying on foreign imports, which led to an increase in unemployment and inflation," stressing that "the government did not change the current financial and monetary policies, so the future of the Iraqi economy will be unsound and in danger, because there is." Alternatives to oil and their prices are now unknown and are changing due to international policies and events . "[/size]
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