Parliamentary Finance: The Central Bank Of Iraq’s Measures To Change The Exchange Rate Did Not Achieve Results, 27 July

 Economy | 12:32 - 07/25/2024  Mawazine News – Baghdad  The Parliamentary Finance Committee confirmed, on Thursday, that the procedures of the Central Bank of Iraq to change the exchange rate of the dollar in the local Iraqi markets did not have any effect and did not achieve any real actual result, revealing a legal violation related to the Governor of the Central Bank of Iraq, Ali Al-Alaq.

Member of the Finance Committee, Mohammed Nouri, said in an interview followed by / Mawazine News /, that "the Central Bank of Iraq is still continuing its wrong procedures that did not have any effect and did not achieve any real actual result in changing the exchange rate of the dollar in the local Iraqi markets, which was negatively reflected on the Iraqi reality and inflation rates rose significantly in the past days."

He added, "There is work on this issue by the Parliamentary Finance Committee, whether it was interrogations or changing the Governor of the Central Bank due to the legal age, as he exceeded the legal age, and this is a violation of the Civil Service Law,"

noting that "many topics will be addressed by the Council in the coming days, especially the dollar file due to the major delays, in addition to the control of foreign banks owned by owners of foreign capital, which causes a disruption to national security and Iraqi economic security."

For some time now, the dollar price has been declining in the parallel market, where it has stabilized at 145,000 dinars per 100 dollars throughout the past period, but it has risen again to exceed 150,000 dinars a few days ago.

Since the beginning of last year, Washington has intervened to limit the smuggling of dollars from Iraq, which has led to the dollar price rising in the local market to a record level of 170,000 dinars per 100 dollars, due to the decline in the Central Bank's dollar sales, given that it is subject to the international "SWIFT" financial system.

It is noteworthy that the Central Bank has decided to finance trade in euros, Chinese yuan, Emirati dirhams and Indian rupees, in steps to reduce demand for the dollar. https://www.mawazin.net/Details.aspx?jimare=251934