Iraqi Dinar Crisis Sparks Parliamentary Divide; Turkey Moves to Liquidate TIAGEM, 12 DEC
The unfolding crisis of the Iraqi dinar, persistently depreciating in exchange rates against the US dollar, has sparked a severe schism within the Financial Committee of the Iraqi Parliament. This division was ignited by the criticisms from committee member MP Mohammed Nouri al-Khazali targeted at the financial policies of the Central Bank of Iraq, including an unaccounted loss of 35 trillion Iraqi dinars (approximately 21 billion dollars).
Allegations of Financial Mismanagement
Al-Khazali’s bold media statements claim that over 35 trillion printed Iraqi dinars are unaccounted for within the nation. He alluded to neighboring Iran, which conducts transactions with Iraq in dinars, hinting at potential financial mismanagement. Additionally, Al-Khazali accused the quota system within the financial infrastructure and the political parties of being the root of Iraq’s economic failure. He also criticized the Central Bank for its alleged missteps, including the dollar pricing in the budget. He argues that this has cost Iraq more than 9 trillion dinars due to the substantial discrepancy between the budget rate and market prices.
Reactions to the Accusations
The Financial Committee, including its chairman from the State of Law coalition, Atwan Al-Atwani, voiced severe discontent at Al-Khazali’s unrestrained statements. They rejected his allegations and called for an investigative committee to maintain the reputation of Iraqi state institutions. In retaliation, Al-Khazali launched a blistering attack on the Financial Committee and Al-Atwani, questioning the legitimacy of the committee’s statement. He singled out Al-Atwani for the committee’s oversight failure, demanding a vote of no confidence against him.
Turkey’s Move on TIAGEM
In a parallel development, Turkey has initiated procedures to dissolve the Turkish-Sudanese International Agriculture and Livestock Company (TIAGEM). This comes in the wake of failed agricultural and animal production cooperation plans with Niger and Venezuela. Initiated by a presidential decree signed by President Recep Tayyip Erdogan, this move has triggered reactions from the opposition due to the hefty expenditures on the company without discernible benefits. Accusations of wasteful spending on executive board fees and travel expenses have been leveled against the company.
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