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Parliamentary Finance: Returning the exchange rate of the dollar to 120,000 dinars is impossible
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2023-01-05 04:21
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Shafaq News/ Jamal Cougar, a member of the Parliamentary Finance Committee, attributed, on Thursday, the reasons for the rise in the exchange rates of the US dollar against the Iraqi dinar to political and economic factors and speculation, stressing that exchange rates will return to normal.
Cougar told Shafaq News agency, that the government does not seek or aim to raise dollar prices, but the price imbalance is a result of economic and political speculation, in addition to the creation of the electronic platform that was created under pressure from the US Federal Reserve, as well as the illegal withdrawal of hard currency from Iraq by neighboring countries.
He added, that matters are still under the control of the central bank and the government because of the cash reserves the country possesses, but it needs time until the Central Bank of Iraq, and through it the banks participating in the currency auction, commit to the new electronic platform on the one hand, and combating dollar smuggling to neighboring countries as well as controlling the process Money laundering and reduction on the other hand,
Cougar confirmed, "The government will restore the exchange rate to its previous price of 148,000 dinars," stressing that "returning prices to 120,000 dinars is impossible and may not return."
Earlier, the Iraqi Finance Minister, Taif Sami, revealed that the draft federal budget law for the year 2023 included a fixed exchange rate for the dollar at 1450,000 dinars.
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