New statement by the Minister of Planning on the exchange rate and the agreement with China and the Port of Fao

New statement by the Minister of Planning on the exchange rate and the agreement with China and the Port of Fao



1/01/25





Baghdad today - Follow-up



Minister of Planning Khaled Battal spoke, Monday (25-1-2021), about the Chinese agreement and the Fao port, while indicating that raising the price of the dollar or the dinar will have a negative, temporary effect.

"The raising of the dollar exchange rate will negatively affect the poor due to inflation and raise the prices of materials, and positively affect the event in the event of creating competition and economic movement," Battal said in a televised interview.



He added, "The economy has trade and industry, the trader wants a low dollar exchange rate, while the industry wants to raise the dollar exchange rate," noting that "raising the dollar price will have a negative, temporary effect."



On the Chinese agreement, the Minister of Planning said that "there is no Iraqi-Chinese agreement, but an IraqiChinese agreement that provides for oil in exchange for reconstruction through a financial account of at least $ 100 million, and Chinese companies come to Iraq to provide services in exchange for money and not for free, and delaying the agreement." Chinese is economical. " 


Battal also spoke about the Faw port, saying: "The cabinet in the government of former Prime Minister Adel Abdul Mahdi issued a decision to transfer the Faw port to the Korean Daewoo Company."


And a member of the Parliamentary Finance Committee, Jamal Cougar confirmed, last Tuesday, that returning the exchange rate of the dollar against the Iraqi dinar to its previous position at the present time is very difficult, pointing out that the local markets will stabilize after the passage of the budget bill for 2021. 


In an interview with (Baghdad Today), Cougar said during his comment on the current fluctuation in exchange rates, that "Financial transactions are currently going on the new general financial policy drawn up by the Central Bank and the Ministry of Finance regarding the dollar exchange rate, so it is difficult to restore the exchange rate to its previous position in time. Current at the very least. " 


 He added that "the instability in the local markets will stabilize after the enactment of the budget law for the year 2021, and the official adoption of the new exchange rate," stressing that "this will remove concerns and revive the markets again."



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