The Iraqi Dinar Crisis Sparks A Sharp Dispute Within The Finance Committee, 11 DEC

 The Iraqi Dinar Crisis Sparks A Sharp Dispute Within The Finance Committee

Posted On2023-12-10 By Sotaliraq  Al-Khazali revealed the loss of 35 trillion dinars and described the “Central Bank” as a “failure.”

Representative Muhammad Nouri Al-Khazali accused the Central Bank of failure and stealing state funds, which sparked a sharp dispute with the Finance Committee (Reuters)

Baghdad: Fadel Al-Nashmi  - December 10, 2023 AD - Jumada al-Awwal 26,  The crisis of the Iraqi dinar, whose exchange rates have been witnessing a continuous decline against the US dollar for months, has caused a sharp division within the ranks of the Finance Committee in the Iraqi Parliament, against the backdrop of strong criticism directed by its member, Representative Muhammad Nouri Al-Khazali, of the financial policies adopted by the Central Bank, revealing a loss of 35 trillion dinars. Iraqi (about 21 billion dollars).

Al-Khazali said in media statements: “More than 35 trillion printed Iraqi dinars do not exist inside Iraq, knowing that there are only two neighboring countries that deal with Iraq in dinars,” in reference to Iran.

He added: “The control of the parties and the existing quotas within the financial system is what established the failure of the Iraqi economy, and there is no country so far that relies on paper accounts and does not have final accounts in banks, no electronic automation, and more than 73 private banks except Iraq.”

He described the Central Bank as “a failure and does not aim for real management,” considering that “the control of some parties over its decisions affected the price of the dollar, and the biggest mistake was pricing the dollar in the budget at 132 thousand versus 100 dollars because it cost Iraq a loss of more than 9 trillion and the difference between it and Market prices are great.

Pointing out that the Iraqi economy is completely linked to the United States, Al-Khazali said, “We used to receive 3 payments in dollars, and today only one.” Also, the US Federal Reserve’s sanctions caused the exchange rate to explode, and it deals with us according to the missiles that fall on the Ain al-Assad base and the embassy,” referring to the missile attacks launched by armed factions loyal to Iran on the bases and places where American forces are present inside Iraq.

Al-Khazali’s statements sparked the anger and dissatisfaction of the Finance Committee and its head of the “State of Law” coalition, Atwan Al-Atwani, as she issued a statement in which she said: “We followed with great astonishment and disapproval the irresponsible statements made by Representative Muhammad Nouri Al-Khazali during his hosting on one of the satellite channels to talk about monetary policy in the country.” And the procedures of the Central Bank of Iraq.

The statement continued: “While we categorically deny the allegations made by Mr. Representative, as they lack credibility, accuracy and objectivity, and indicate his lack of familiarity with the procedures and duties of the committee, we express our strong rejection of these allegations due to their great abuse of the tasks and duties of the Parliamentary Finance Committee in particular and the legislative authority in particular.” general"

The committee called on the Presidency of the House of Representatives to “form an investigative committee to determine the veracity and source of these dangerous statements, and to take deterrent legal measures against anyone who intentionally harms the reputation of the Iraqi state and its constitutional institutions.”

It also confirmed that the monetary policy of the Central Bank, especially with regard to currency printing, is subject to monetary standards and foundations, and is consistent with the stability of the economic situation and the level of inflation, and that the Finance Committee has a clear work program to monitor the executive authority.

Representative Al-Khazali responded by launching a scathing attack on the Finance Committee and its Chairman, in which he said: “We saw the so-called important statement issued by the Finance Committee issued on December 9, and it contains many lies and attacks on me personally.”

He added: “After inquiring from the members of the Finance Committee, gentlemen and ladies, it became clear that they had no knowledge of the statement and that it was issued by Representative Atwan Al-Atwani (Chairman of the Committee), who exceeded his powers and used disrespectful words and phrases, and even went so far as to replace the Central Bank and defend its failed policy and demand the formation of An investigation committee was launched against me, forgetting that I am a representative and for what I say I bear personal responsibility.”

He continued: “While I hold him fully responsible for the material and psychological harm that was caused to me by resorting to the Iraqi judiciary, I am surprised by this trivial method of electoral competition, in which he wanted to confuse facts as clear as the sun, the most important of which is that the biggest cause of these financial problems is that the so-called Atwan Al-Atwani was It is still a reason for the failure of the Finance Committee to perform its oversight mission.”  LINK