The Parliamentary Finance Committee on Monday warned the Iraqi government of a "financial collapse" as a result of the lack of control over the exchange rate of the dollar against the Iraqi dinar.
"Iraq depends mainly on oil imports," committee member Abdul Hadi al-Saadawi told Shafaq News, adding that "any drop in oil prices will cause a financial collapse as a result of the government's lack of control over the dollar exchange rate."
"The financial situation in Iraq has begun to collapse significantly, without any treatment or solutions to the government," al-Saadawi said, warning against "not going to customs revenues, border ports, taxes and duties on imported goods and goods."
"Iraq needs appropriate solutions and plans to address the financial crisis to save the local currency (Iraqi dinar) from financial collapse and market control," al-Saadawi said.
The parliamentary finance committee has already warned the Central Bank of Iraq of the collapse of the dinar against the US dollar, and called on the government to impose measures on civil banks and control the market.
The prime minister's economic adviser, Mazher Mohammed Saleh, ruled out changing the exchange rate of the dollar against the Iraqi dinar in the coming period, wearing the central bank's ability to control the exchange rate.
After the government's decision to devalue the Iraqi dinar against the US dollar in late 2020, the exchange rate of every $100 reached 145,000 dinars.
The price has been fixed in the 2021 federal budget, and since then the dollar has not stabilized, continuing for about three months below the official exchange rate, rising in recent months to 151,000 dinars per 100 dollars.
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