After the justifications for raising the price of the dollar were no longer required...Demands to sa

[size=35][size=35]After the justifications for raising the price of the dollar were no longer required...Demands to save the citizen from the greed of traders[/size]
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Economie

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2021-06-23 | 04:58
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The Rapporteur of the Parliamentary Finance Committee said [url=https://www.alsumaria.tv/Entity/4169485280/%D8%A3%D8%AD%D9%85%D8%AF %D8%A7%D9%84%D8%B5%D9%81%D8%A7%D8%B1/ar/]Ahmed Al-Saffar[/url] In statements to the official news agency Alsumaria News, "The government resorted to changing the dollar exchange rate as a result of the financial crisis in paying the salaries of employees and the lack of sufficient funds to cover the necessary needs, as well as the drop in oil prices at the time," noting that "the financial situation changed after the rise in oil prices that It reached $73 a barrel, and the justifications that existed for changing the exchange rate no longer exist."
 
He added: "We must take control measures to control the exchange rate of the dollar, and prevent manipulation by banks and exchange offices, especially since the Iraqi economy depends heavily on the dollar and controls the level of prices in the market."
 
He explained that "oversight by the legislative authority is carried out through hosting or interrogation, as well as by requesting special reports for exchange operations, and the most important reports are the final accounts," noting that "the final accounts do not exist from 2014 until now, and the hostings and interrogations are not achieved."
 
In the same context, Jamal Kougar, a member of the Parliamentary Finance Committee, ruled out, today, Friday, that the exchange rate of the dollar against the dinar will be changed during the current year, while indicating the possibility for the government to benefit from the rise in global oil prices to reduce the burdens on citizens.
 
Cougar said in an interview with Alsumaria News, "Talking about changing the exchange rate of the dollar against the dinar should be closed completely, at least during the current year, given that all the current budget figures are based on the current exchange rate."
 
Cougar added, "Any change in the price will affect the 30 trillion dinars included in the budget and allocated to investment projects, and any change, negatively or positively, will be affected either by the government or investors and contractors on new projects within the budget."
 
He continued, "The wise mechanism says to maintain the exchange rate for this year, and for the government to benefit from the rise in global oil prices and the state of stability that took place in the government's financial situation in order to ease the burdens of citizens as a result of changing the exchange rate," adding that "the change in the exchange rate will be next year." .

Cougar stressed that "the only practical and feasible step to reduce the exchange rate of the dollar against the dinar is to approach the House of Representatives to the Central Bank in this regard and not reduce it within the budget because it is not within the competence of the House of Representatives."
 
For his part, a member of the Parliamentary Committee on Economy and Investment [url=https://www.alsumaria.tv/Entity/4046830371/%D9%85%D8%A7%D8%B2%D9%86 %D8%A7%D9%84%D9%81%D9%8A%D9%84%D9%8A/ar/]Mazen Al-Faili[/url]He referred to the previous justifications for raising the exchange rate of the dollar against the dinar, although it was rejected by us, as it has also been removed now after the rise in global oil prices.
 
Al-Faili said in an interview with Alsumaria News, "Voices began to rise in the House of Representatives to put pressure on the government in order to restore the exchange rate to what it was previously, because of the harm inflicted on the Iraqi people from the rise in prices in the markets," noting that "the insistence of the Minister of Finance and the government to Not changing the exchange rate on the pretext that it causes a big problem is surprising, given that it was originally the increase in the exchange rate that caused a big problem for the street and the citizen, and not the other way around."
 
Al-Faili added, "If some claim that the budget is based on the new exchange rate, the budget is still in the corridors of the House of Representatives, and it is possible within a day or two to change all the financial values ​​in it according to the old exchange rate without any problem or dilemma," pointing out that “Parliament worked on compressing expenditures, which was achieved by reducing the deficit ratio from 71 trillion dinars to approximately 27 trillion dinars, which made the budget appropriate and natural as it was in previous years, which gives another justification and motivation not to change the exchange rate to 1450, but rather to return to the old exchange rate.”
 
Oil prices rose, after industry data showed that US crude stocks fell more than expected, bolstering views of a tightening balance between supply and demand as land and air travel rebounded in Europe and[url=https://www.alsumaria.tv/Entity/44151/%D8%A3%D9%85%D8%B1%D9%8A%D9%83%D8%A7 %D8%A7%D9%84%D8%B4%D9%85%D8%A7%D9%84%D9%8A%D8%A9/ar/]North Amarica[/url].

Brent crude futures jumped 42 cents, or 0.6 percent, to $75.23 a barrel, at 05:07 GMT, after losing 9 cents last Tuesday.
 
While citizens appealed to the government and parliament to change the exchange rates as a result of the rise in food and consumer prices that decimated the poor citizen, they also demanded to take into account those with limited income and save the citizen from the greed of traders.
 
Earlier, resolved [url=https://www.alsumaria.tv/Entity/314357766/%D8%A7%D9%84%D8%A8%D9%86%D9%83 %D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A %D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82%D9%8A/ar/]Central Bank of Iraq[/url]Questioning the dollar exchange rate, as it confirmed the stability of the dollar exchange rate and the absence of any intentions to change it.
 
The bank said in a statement received by Alsumaria News, "What is being circulated is not true, as the price chosen at the end of 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy."
 
The statement indicated that "its foreign currency sales are based on the stability of its foreign reserves at excellent levels, as those sales were increased to meet all legitimate requests," explaining: "The price will stabilize as a result of the measures taken by the Central Bank recently and which it will take."
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[size=52]The Central Bank refuses to reduce the exchange rate of the dollar and is moving towards a new policy for its stability[/size]

[size=45]The Finance Committee in the House of Representatives decided to host the Minister of Finance against the backdrop of raising the dollar exchange rate and its instability in the local markets, stressing that it had agreed with the Central Bank to develop a mechanism to reduce the repercussions of changing the exchange rate by regulating the sale of hard currency.[/size]
[size=45]And the Parliamentary Finance Committee indicated in a statement that (Al-Mada) received a copy of it, that it discussed, while hosting the Governor of the Central Bank, Mr. And ways to preserve and invest them properly.[/size]
[size=45]The statement added that "the meeting discussed projects, plans and loans that the bank promised to implement after changing the currency exchange rate," noting that the committee stressed the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agricultural sectors, support the local product and ease restrictions and procedures routine on it.”[/size]
[size=45]In the federal budget bill for 2021, the value of the dinar was reduced to 1446 per dollar, after it was 1182 dinars per dollar over the past years. The proposal sparked a wave of widespread resentment in popular circles. The statement continued, "The meeting touched on the issue of electronic linkage between the ministries of commerce and finance, the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings," adding that the Parliamentary Finance called for the government to perform its duty towards this, as indicated by the Finance Committee and the House of Representatives from During the 2021 budget law.[/size]
[size=45]In its statement, the Parliamentary Finance called on the Central Bank to take the strongest strict measures regarding banks that violate the controls, stressing its support for the bank in this regard, because the current period requires concerted efforts between all authorities, pointing out that it was directed to host the Minister of Finance to discuss what was presented in the hosting and discuss a number of issues that concern economic reality.[/size]
[size=45]For his part, the Governor of the Central Bank provided a clarification on what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate, revealing at the same time the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as close Issuing bonds that enable citizens to invest their money.[/size]
[size=45]For his part, Mahmoud Dagher, an economic expert, confirmed in a statement to (Al-Mada) that reducing the dollar exchange rate or returning to its previous price is not possible and will not be achieved, indicating that the Central Bank has the ability to control the stability of the dollar exchange rate and not to increase it from time to time.[/size]
[size=45]A while ago, the Central Bank confirmed “the stability of the dollar exchange rate and the absence of any intentions to change,” and that what is being circulated is not true, as the price chosen at the end of 2020 for the dollar exchange was based on in-depth studies of the requirements of the economic and financial situation and the objectives of monetary policy. He pointed out that his foreign currency sales are based on the stability of his foreign reserves at excellent levels, as those sales have been increased to meet all legitimate requests, "and the price will stabilize as a result of the measures taken by the Central Bank recently and which it will take."[/size]
[size=45]The bank pointed out that the statements related to the exchange rate are being promoted for speculators to benefit from, and that the Central Bank has communication channels that represent official sources of information.[/size]
[size=45]The price of the dollar rose gradually during the current week, bringing the price of the dollar on the main stock exchange in Al-Kifah to 149.900 dinars for every 100 dollars, and the sale in exchange shops increased to more than 150 thousand dinars. Dagher adds that “in the event that the central bank provides the demand for the dollar in an orderly manner, it will be able to control and maintain the stability of selling the dollar in the local markets,” noting that the continuation of the central bank’s current policy may enhance the stability of the dollar exchange rate.[/size]
[size=45]On December 20, the Central Bank decided to reduce the value of the dinar against the dollar to 1450 instead of 1184, to contain the financial crisis, but the decision caused stagnation in the economic movement and a rise in commodity prices in local markets.[/size]
[size=45]Earlier, the Central Bank said that the main reason behind the devaluation of the dinar is to fill the inflation gap in the 2021 budget after the collapse of global oil prices, which is a major source of financial resources.[/size]
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