Parliament Finance discusses with the Governor of the Central Bank the implications of changing the exchange rate

by **claud39** Tue Jun 22, 2021 12:08 pm

[size=35]Parliament Finance discusses with the Governor of the Central Bank the implications of changing the exchange rate[/size]

2021-06-22

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Parliament Finance discusses with the Governor of the Central Bank the implications of changing the exchange rate Doc-P-387118-637599670977068862

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The Finance Committee in the House of Representatives discussed, today, Tuesday, with the Governor of the Central Bank, steps to reduce the repercussions of changing the exchange rate and its implications, while the latter indicated the launch of an initiative to move the housing sector.

The committee said in a statement, received by Alsumaria News, that it "hosted today, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Deputy Governor, Ammar Hamad Khalaf, where they discussed the steps that the Central Bank promised to implement to reduce the repercussions of changing the exchange rate and its implications, and the issue of selling the currency and confronting the operation." Draining it and ways to preserve it and invest it properly.

The Finance Committee discussed, "the projects, plans and loans that the bank promised to implement after changing the currency exchange rate, as the committee stressed the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agricultural sectors, support the local product and ease restrictions and routine procedures on them." .

She indicated, "Examining the issue of electronic linking between the ministries of commerce and finance, the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings, stressing the need for the government to fulfill its duty towards this, as indicated by the Finance Committee and the House of Representatives through the Budget Law for 2021."

The Finance Committee called on the Central Bank to "take the strongest and strict measures against banks that violate regulations, confirming its support for the bank in this regard, since the current period requires concerted efforts between all authorities."

The committee directed, "to host the Minister of Finance to discuss what was proposed in the hosting and to discuss a number of issues that concern the economic reality of the country."

For his part, the central bank governor provided an explanation of what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate, revealing the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds. It enables people to invest their money.
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