August 7, 2024
Baghdad
Demands continue to dismiss the Governor of the Central Bank, Ali Al-Alaq, due to his lack of control over the exchange rate of the US dollar in local markets and the direct impact and harm this issue has on the lives of citizens and their daily sustenance.
In this regard, the leader of the Al-Fatah Alliance, Ali Al-Fatlawi, called on the governor of the Central Bank to submit his resignation if he is unable to reach a solution to the problem of fluctuations in the dollar price.
Al-Fatlawi told Iraq News, “There is a problem in the Iraqi economic system, which is the lack of control over the exchange rate, which has recently witnessed continuous increases, for reasons, ""the first of which is the control over the Iraqi dollar, which the United States of America has tightened its grip on.”""
He added, "Secondly, the failure to find a real solution, despite the fact that the rise is fluctuating between rising and falling, Iraq needs a real mechanism to stabilize the dollar, especially since """Prime Minister Mohammed Shia al-Sudani has confirmed on more than one occasion that the Iraqi dinar is stronger than the dollar""", so the governor of the Central Bank ""must find an appropriate solution""" to this fluctuation between falling below fifty and rising above it."
Al-Fatlawi expressed his belief that “if the Governor of the Central Bank, Ali Al-Alaq, is unable to reach a solution to this fluctuation in the dollar price, he must resign from his position.”
He added, """Prime Minister Mohammed Shia al-Sudani has the wisdom to find a real mechanism to support the Iraqi economy, stabilize the dollar, and improve the Iraqi economic reality in terms of investment and attracting countries, whether Arab or European, for the purpose of investment, which helps Iraq's renaissance and economic stability."""
He pointed out that ""“although inflation in Iraq is not at the level of other countries such as Lebanon, Syria and Iran, which are subject to American influence, as the exchange rate in Iraq was in 2020 at around 120 by parliamentary decision and then rose to 145 and is still between 145 and 150, i.e. it did not exceed 5 thousand Iraqi dinars, it is not considered financial inflation as much as it is uncontrolled, but Iraq currently needs the exchange rate to be equal to the dinar or there be a slight difference between them.”""
Member of the Parliamentary Integrity Committee Hadi Al-Salami previously explained that there had been a request to end the assignment of the Governor of the Central Bank of Iraq six months ago and the term had expired.
Al-Salami told Iraq Observer that “the Integrity Committee has oral questions directed to the Governor of the Central Bank and is waiting for a date to be set by the Presidency of the Council of Representatives to direct these questions at the level of accountability and questioning to the Governor of the Central Bank.”
He added, "Some members of the Parliamentary Finance Committee today collected signatures to question the Governor of the Central Bank, and this is one of the most important oversight roles that the parliamentary committees exercise to guarantee the rights of the Iraqi people."
He added, "Among the oral questions that are expected to relate to the parallel and real exchange rate and the bulletin price, as there was a global bulletin for the amount of money sold to banks and companies, but it has now become confidential."
A number of members of the Finance Committee had previously requested the Parliament Presidency to host the Central Bank in the next session, in accordance with the applicable articles of the Constitution and the internal regulations.
The representatives confirmed that the reason for requesting the interrogation was the existence of a major defect in the management of the Central Bank, which is why the Central Bank Governor was requested to be interrogated.
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The pressure is building up on Al-Alaq and Al-Sudani now. The UST has backed them into a box. Now the political side of the equation is working on them too, albeit that that latter may have a slightly hope in the outcome. The political side looks to want Al-Alaq to resign and get back to the status quo with the dollar under a new Central Bank Governor. I believe that Al-Alaq having relatively impeccable credentials and experience will not stand down and resign because of the parallel market. The news of this is harmful to the Central Bank where it comes to trusting the bank. Reputational risk is very real thing in banking and it is taken seriously. Hence, there is even more pressure.
Al-Sudani again is reminded his words were that the dinar was stronger than the dollar. He is on record sayin more than once. Al-Fatlawi himself suggests at this time the dinar needs to be equal to the dollar or by only a slight difference. With Al-Sudani having told the world effectively that the dinar is stronger than the dollar he needs that mechanism to be put into play and pronto. My view is the UST has her eyes on the prize, just as we do now. All of this is seriously looking good imo. Al-Alaq and Al-Sudani have their reputations on the line. It is show time.. Lets see what they do now in this matter. I am on the side of legitimacy and not the black market. imo ~ MM | | | |
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