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Parliamentary Finance: Stabilizing the exchange rate needs time
The first 2023/02/19
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Shaima Rashid
The state of the markets has not changed much with the new exchange rate set by the Central Bank of Iraq. While some exchange companies close their doors, others are reluctant to sell the dollar at its official price to citizens. Transfer and sale window.
Member of the Finance Committee, Representative Jamal Cougar, said in a statement to “Al-Sabah”: “The fluctuations of the dollar depend on supply and demand. Maintain the current situation for the next two months or
more".
And the deputy stated that "the smuggling of dollars depends on the sale in cash, as there are two types of dollars sold, the first in the form of remittance bonds, and the second sold for cash, which is smuggled up to 20 percent, and the government has not controlled it yet."
As for the researcher in financial affairs, Haider Al-Sheikh, he criticized the Central Bank's decision to change the exchange rate, considering its timing wrong.
And the Sheikh stated in an interview with "Al-Sabah" that "the purpose of reducing the exchange rate from 1460 dinars to 1310 dinars is to control the market, but this did not happen because of the closure of banks and outlets that sell dollars above the specified price," he said.
The researcher believes that "the closure caused an increase in the price of the dollar in the parallel market by about 25 thousand over the official price, and we should not forget that the economic street depends on the exchange rate on the black market and does not depend on the official price, and this means that food prices remain at their current price," pointing out to That "the general budget depends on the fiscal revenue of oil, and thus the percentage of deficit in the budget will rise, exceeding 20 percent of the total amount."
And the Sheikh relied in his analysis on the fact that “Iraq used to estimate the price of the dollar at 1450 dinars, and today it has become 1300 dinars, and thus the budget lost 15 thousand dinars for every 100 dollars, and by calculating the financial revenue from oil last month, which exceeded 7 billion and 500 million dollars and changing the exchange rate, the The rate of losses of the general budget will reach about 10 trillion
Dinar".
Edited by: Ali Abdel-Khalek
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