Representative Finance: The central bank is responsible for changing the exchange rate
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Representative Finance: The central bank is responsible for changing the exchange rate
Admin Mon Mar 01, 2021 4:07 pm
Representative Finance: The central bank is responsible for changing the
exchange rate
Posted 35 seconds ago
News source / Independent Press Agency
The Independent / - The representative of the Parliamentary Finance Committee, Ahmed Al-Saffar, said
that the desired goal of changing the exchange rate of the dollar against the Iraqi dinar has not
been achieved, indicating that what is being said about the interference of political forces to restore
the exchange rate to what it was before changing something outside the powers of the blocs And
Parliament.
Al-Saffar added in a televised interview, that determining the exchange rate is the
exclusive competence of the Central Bank of Iraq and it is not permissible to interfere in
the bank's work.
He stressed that setting the new exchange rate was based on a government decision and
negotiations with the World Bank.
Regarding the results of the devaluation of the currency, Al-Saffar commented by saying:
The direct effects of changing the exchange rate caused market inflation and a price i
ncrease of 20-25%, because it was assumed that citizens would turn to local goods after
the imported goods rose, and this means that the desired goal has not been achieved.
He continued: But the problem is that there is no competition that favors local goods
until the change in the exchange rate achieves significant local results.
Regarding the existence of a political move to restore the exchange rate of the dollar to
before a change decision, the representative of the Parliament stressed that what is said
about the intention of political forces to intervene to determine the exchange rate is talk
outside their powers, because it is exclusively within the government's authority and will
not be permitted.
The post Parliamentary Finance: The Central Bank Is Responsible for Changing the Exchange Rate
appeared first on The Independent Press Agency.
link
exchange rate
Posted 35 seconds ago
News source / Independent Press Agency
The Independent / - The representative of the Parliamentary Finance Committee, Ahmed Al-Saffar, said
that the desired goal of changing the exchange rate of the dollar against the Iraqi dinar has not
been achieved, indicating that what is being said about the interference of political forces to restore
the exchange rate to what it was before changing something outside the powers of the blocs And
Parliament.
Al-Saffar added in a televised interview, that determining the exchange rate is the
exclusive competence of the Central Bank of Iraq and it is not permissible to interfere in
the bank's work.
He stressed that setting the new exchange rate was based on a government decision and
negotiations with the World Bank.
Regarding the results of the devaluation of the currency, Al-Saffar commented by saying:
The direct effects of changing the exchange rate caused market inflation and a price i
ncrease of 20-25%, because it was assumed that citizens would turn to local goods after
the imported goods rose, and this means that the desired goal has not been achieved.
He continued: But the problem is that there is no competition that favors local goods
until the change in the exchange rate achieves significant local results.
Regarding the existence of a political move to restore the exchange rate of the dollar to
before a change decision, the representative of the Parliament stressed that what is said
about the intention of political forces to intervene to determine the exchange rate is talk
outside their powers, because it is exclusively within the government's authority and will
not be permitted.
The post Parliamentary Finance: The Central Bank Is Responsible for Changing the Exchange Rate
appeared first on The Independent Press Agency.
link
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