Parliament’s meeting on the exchange rate results in the formation of a parliamentary committee to a

by **Rocky** Sat 19 Feb 2022, 2:14 pm

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Parliament’s meeting on the exchange rate results in the formation of a parliamentary committee to a

by Rocky Sat 19 Feb 2022, 2:14 pm

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Parliament’s meeting on the exchange rate results in the formation of a parliamentary committee to audit the central bank’s work mechanism

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2022-02-19 14:12

Shafaq News/ The Iraqi parliament formed, on Saturday, a parliamentary committee specialized in the financial and economic file and supervising the work of the Central Bank, against the background of the Sadrist movement's leader Muqtada al-Sadr's tweet regarding the devaluation of the Iraqi dinar against the US dollar.

A source in the office of the First Deputy Speaker of the House of Representatives, Hakim Al-Zamili, told Shafaq News, that the latter "held a closed meeting with the Governor of the Central Bank, Mustafa Ghaleb, in the presence of the heads of parliamentary blocs, to find out the bank's work mechanism as well as solutions to reduce the dollar exchange rate."

He added, "It was agreed to form a parliamentary committee headed by Governor Al-Zamili and with the membership of deputies specialized in the financial or economic file, to be nominated by their blocs to exercise their duties in reviewing the financial policy and the Central Bank's work mechanism in general, and auditing files related to the bank's work."

He added that "the committee will begin its work after the completion of the nominations for members of the committee, as well as issuing the official order to sign the Presidency of the Parliament on the committee and start its work, which will be at the latest estimate next week."

Today, Saturday, the House of Representatives held a meeting in the Constitutional Hall headed by First Deputy Speaker Hakim Al-Zamili to discuss the reality of the dollar exchange rate against the local currency.

The Governor of the Central Bank, Mustafa Ghaleb Mokhif, his deputy, and a number of officials in the bank attended the meeting, while Finance Minister Ali Allawi and his ministry boycotted the meeting, according to Shafak News Agency correspondent.

Al-Zamili opened the meeting with a speech in which he said, "Parliament will question the Minister of Finance for not attending the meeting," adding that the fiscal and monetary policy in Iraq suffers from defects and damage, and there are risks it faces, so we decided to hold this meeting.

He also said, "We were surprised that the Minister of Finance did not attend the meeting," noting that "some leaders and leaders contacted us in order to wait on the issue of the Minister of Finance. If we do not exercise our oversight role, Parliament cannot exercise its oversight role or host any minister anymore." .

The First Deputy Speaker of the House of Representatives continued by saying, "We heard that the minister wants to submit his resignation, and this is his right, but there are files that must be discussed, and there are requests for signatures from the representatives to host the Minister of Finance in Parliament."

He added, "Even if Allawi resigns, he will not be left without accountability, and we have files that condemn him," noting that "we will issue a travel ban against the Minister of Finance until he comes to Parliament."

"We will hold an emergency session this week at the request of 50 deputies, to discuss fiscal policy, currency smuggling and the exchange rate," he added.

Al-Zamili accused the Minister of Finance of "transferring his losing experiences to the companies he managed abroad to Iraq, saying that he (the minister) "did not provide anything for this country, and contributed to the rise of Iraq's debts to 27 trillion dinars in just one year."

He also mentioned that the Ministry of Finance has not sent its financial accounts so far, and has not taken any measures to collect debts with communication companies, smuggled money and aliens.

On Thursday, the leader of the Sadrist movement, Muqtada al-Sadr, presented six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghaleb, immediately.

Al-Sadr's proposals included, "strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qabd, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some of the parties controlling the country and people."

In addition, Al-Sadr urged "to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate."
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