After The Continued Crisis Of The Rise Of The Dollar... Accusations Against The House Of Representatives, And The Latter Is Justified By The “Lack Of Powers” , 19 OCT

 After The Continued Crisis Of The Rise Of The Dollar... Accusations Against The House Of Representatives, And The Latter Is Justified By The “Lack Of Powers” - Urgent

Economy |Baghdad today - Baghdad    For months, Iraq has witnessed a noticeable rise in the exchange rate of the US dollar against the Iraqi dinar, exceeding on some days the barrier of 160 thousand dinars for every 100 dollars.

The government, with continuous steps and meetings, tried to contain the crisis and control the parallel market, sometimes by striking smuggling gangs, and at other times by pursuing speculators and manipulators of exchange rates. Here, the position of the House of Representatives was not “clear,” as a large number of citizens accused Parliament of being “silent” in the face of a threat to the country. Their livelihood and aims for their livelihood.

Parliamentary Comment 

For his part, a member of the Parliamentary Finance Committee, Moeen Al-Kadhimi, commented today, Thursday (October 18, 2023), on the accusations of “the silence of the House of Representatives” regarding the rise of the dollar in the local market.

Al-Kadhimi said, in an interview with “Baghdad Today,” that “the House of Representatives is not silent about the rise in the exchange rate of the dollar in the local market, but it is working according to the constitutional powers it possesses,” noting that “the House of Representatives worked during the last period to host a number of The relevant authorities in the Central Bank will discuss this matter to discuss ways to find quick solutions.” 

Constitutional Powers

Al-Kadhimi explains that “the House of Representatives does not have any powers to make any decision related to the monetary authority, but it is a supervisory body that follows up and submits recommendations to the government and the relevant parliamentary committees are closely following the issue of the rise of the dollar in the local market and are in constant communication with those concerned.”

On (October 16, 2023), the Governor of the Central Bank of Iraq, Ali Al-Alaq, identified several factors that affect the dollar exchange rate, the most important of which is the leakage of the dollar to neighboring countries.

During his attendance at the meeting of the Ministerial Council for the Economy, headed by Deputy Prime Minister and Minister of Foreign Affairs Fouad Hussein, and hosting the Parliamentary Finance Committee, Al-Alaq provided “a detailed explanation of the tasks and objectives of the Central Bank and monetary policy in Iraq,” noting that “the exchange rate depends primarily on imports and not on local production, and that The exchange rate in Iraq has characteristics because it is linked to the price of oil, as it is the largest source of providing hard currency.”

He pointed out, "Many factors affect the exchange rate, the most important of which is the leakage of the dollar to neighboring countries, internal dealing in local markets in a currency other than the national currency, as well as the lack of complete control over ports and smuggling."    LINK