After the sudden decline, the dollar is rising with the diminishing chance of changing the balance

Time: 03/25/2021 12:40:01
 
{Economic: Al Furat News} The exchange rate of the dollar against the Iraqi dinar returned to the rise today, Thursday, after a decline that continued for days this week.

The dollar suddenly declined this week, reaching 1,420 dinars.

Today, Thursday, the dollar recorded in Baghdad 1445 dinars, or 144 thousand and 500 dinars.

In the province of Basra, it increased to 1442.5 dinars, and in Erbil, 1448 dinars.

Parliamentary efforts are underway to reduce the exchange rate of the dollar in the draft fiscal budget for 2021.

However, the Parliamentary Finance Committee ruled out any change in the exchange rate.

Committee rapporteur Ahmed Al-Saffar said in a press statement on March 19: “I think that changing the exchange rate of the dollar was exaggerated by the government and changing it requires a second consensus between the Central Bank of Iraq, the Ministry of Finance, the International Monetary Fund and the World Bank, and many changes are arranged on it and this needs time. And a second budget to be talked about changing, "indicating that" the current budget will adopt the current exchange rate. "

For its part, the government responded to the efforts of the House of Representatives to change the exchange rate.

Cabinet spokesman Hassan Nazim said in a press statement, last Monday, that "the opportunity is available to Parliament to express its opinion on the exchange rate of the dollar and change it within the budget, but its decision will not be binding on the application by the government because the price change is related to the government and the Central Bank of Iraq, which set the price." The exchange of the dollar is 1450 dinars, while the parliament has a decision to approve and pass the budget, or to make amendments or changes to it.

He explained, "The federal government has accomplished what is required of it in the budget file 3 months ago, and work is now entrusted to parliament in all respects, while the government can help facilitate matters or conduct interpretations and negotiations on some files."

It is noteworthy that the Central Bank of Iraq decided on December 19 to amend the exchange rate of the dollar as follows:

1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance.

1460 dinars per dollar the selling price of foreign currency to banks.

1470 dinars per dollar is the selling price of foreign currency to the public.

The federal government attributes the decision to raise the exchange rate of the dollar to 1,450 dinars, after it was 1,190 dinars to fill the financial deficit that the state suffers from, which aroused the discontent of citizens as a result of high prices in the local markets in general.

Prime Minister Mustafa Al-Kazemi said that the new exchange rate has provided foreign exchange reserves in the Central Bank about 4 billion dollars since its change.

Ammar Al-Masoudi

LINK