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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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The defenders of the exchange rate are abandoning their positions and calling for its devaluation

rocky
rocky
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Posts : 203629
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The defenders of the exchange rate are abandoning their positions and calling for its devaluation Empty The defenders of the exchange rate are abandoning their positions and calling for its devaluation

Post by rocky Thu 23 Sep 2021, 7:05 am

[size=52]The defenders of the exchange rate are abandoning their positions and calling for its devaluation[/size]

[size=45]Baghdad/ Firas Adnan[/size]
[size=45]Yesterday, Wednesday, the Parliamentary Committee on Economy and Investment said that all advocates of raising the exchange rate retracted their previous positions, after it had proven useless, pointing out that the decision was taken between the government and the active political forces in a clear intervention in the tasks of the Central Bank, surprising allegations of invalidity The House of Representatives amends or cancels this decision.[/size]
[size=45]Committee member MP Mazen Al-Faili said, in a statement to Al-Mada, that the Central Bank, according to the constitution, is an independent authority in administrative terms, but at the same time it is subject to the House of Representatives.[/size]
[size=45]Al-Faili added, "The Iraqi constitution talked about multiple bodies, some of which linked the executive authority, while the central bank is subject to the legislative authority represented by the House of Representatives."[/size]
[size=45]He pointed out, "Parliament bears the responsibility for confirming the government's proposal to raise the dollar's exchange rate."[/size]
[size=45]And members of the Parliamentary Finance Committee had previously confirmed, in statements during discussion of the budget law and after voting on it, that the House of Representatives, under the constitution, does not have the power to reduce the price of the dollar.[/size]
[size=45]Al-Faili finds, "The decision left clear damage to important segments of the Iraqi people, especially the middle and poor classes, and this led to an increase in the prices of consumer goods in local markets."[/size]
[size=45]He talks about “a clear retreat by some MPs and economic experts from their positions that were in favor of raising the exchange rate, but today we find them declaring the danger of its continuation and calling for the dollar to be restored to its previous position.”[/size]
[size=45]Al-Faili noted that "no one can currently defend the decision, especially with the popular resentment generated by this trend, and experience has proven the futility of taking it."[/size]
[size=45]He stated, "The basis for making the decision was in a meeting between the leaders of the political blocs with Prime Minister Mustafa Al-Kazemi," noting that "the majority of these blocs have agreed to change the exchange rate without reservation or objection, with the exception of the State of Law coalition and the National Approach bloc."[/size]
[size=45]And Al-Faili said, "Hosting happened to the governor of the Central Bank earlier, who is responsible for drawing up the country's monetary policy. He informed us that the decision to raise the exchange rate was received by the government." And he added, “Taking the decision with this mechanism to instruct the central bank from the government to change the exchange rate is a blatant interference in its tasks, even though it is an independent body in accordance with the provisions of the constitution.”[/size]
[size=45]Al-Faili stressed that “the parliamentary blocs, especially the large ones, if their position was against raising the exchange rate, they would have rejected it, and forced the government to keep the dollar as it is and not to manipulate it.” He continues, "The budget did not include an explicit text at the dollar price, but the tables are prepared on the basis of 1450 dinars per dollar, and voting on this percentage means the tacit approval of the exchange."[/size]
[size=45]Al-Faili added, "The decision in the end was not an individual government, but rather in agreement with most of the political blocs, and the evidence is that it obtained the approval of the House of Representatives through the current budget."[/size]
[size=45]In addition, MP Nada Shaker Jawdat, a member of the committee, said in a statement to (Al-Mada), that "all justifications for raising the price of the dollar have been removed in conjunction with the clear improvement in the oil markets."[/size]
[size=45]Shaker was surprised by “the government’s insistence on its position, and the failure to take any decision towards restoring the price of the dollar while watching the noticeable rise in the markets.”[/size]
[size=45]And she reported, "Public opinion and all specialists in economic affairs have become in agreement that the decision to raise the exchange rate was not well thought out, and returned negative effects on the Iraqi street."[/size]
[size=45]Jawdat called on "the next parliament to exercise its role and correct this error when it considers the budget law for the year 2022."[/size]
[size=45]She stressed, "The draft budget law is still in the custody of the current government, which has set its broad outlines according to the same exchange rate," adding, "We will not be able to discuss the draft during the remainder of the life of the current session, and the reason is near the date of the early elections on the tenth of next month, as Parliament will be dissolved three days before that date.”[/size]
[size=45]Jawdat added, "The unfair decision came with a consensus between the government and some of the political forces in the parliament, and this should be avoided after the elections by the competent authorities."[/size]
[size=45]It is noteworthy that the current budget law has set a new price for the dollar at 1450 dinars, a decision that generated great popular anger and led to a clear increase in prices, while government agencies invoked that its purpose is to bridge the deficit, secure employee salaries, and achieve economic reform as stipulated in the paper. white.[/size]
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