The Central Bank determines the dollar price variables and the mechanism for disposing of oil differences

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Economie

PARLIAMENTARY FINANCE DISSIPATES THE HOPES OF THE IRAQIS: THE DOLLAR PRICE IS FIXED

 

 

Thursday, September 2, 2021 1:59 PM

Special / National News Center

Today, Thursday, the Parliamentary Finance Committee resolved the controversy among popular circles regarding restoring the exchange rate of the dollar against the Iraqi dinar to its previous position, stressing that the price is fixed in the draft federal budget law for the year 2022.

Committee member, Faisal Al-Issawi, told the "National News Center" website, "Reconsidering raising the dollar's exchange rate against the Iraqi dinar, and returning it to its previous position has become impossible."

He stressed that "the dollar cannot be returned to its previous price in the 2022 budget bill," noting that "the Iraqi government has begun to draw up its economic plans in light of the current exchange rate, and therefore the monetary value of the dollar cannot be reduced at all."

He pointed out that "the new dollar exchange rate benefited the government a lot in reducing the budget deficit of 2021, and therefore it became part of the monetary policy."

On (March 31, 2021), the Iraqi parliament voted on the first article of the budget law, which included the adoption of the dollar exchange rate of 1450 dinars per dollar.

The first article proposed, calculating the price of a barrel of oil at 65 thousand dinars without mentioning the exchange rate, which leads to fixing the dollar exchange rate as proposed at 1450 dinars per dollar.

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The Central Bank determines the dollar price variables and the mechanism for disposing of oil differences

 Economie

 

•  Today, 13:20

 

Baghdad - conscious - the Mullah Medal

Today, Friday, the Central Bank determined the variables that are subject to the process of selling the dollar from the specified outlets, while revealing the mechanism for disposing of oil price differences.

Deputy Governor of the Central Bank, Ihsan Shamran al-Yasiri, said in a statement to the Iraqi News Agency (INA) today, Friday: “Changing the dollar exchange rate is a studied step from several sides, and the decision to amend was not taken until after extensive studies from the Ministry of Finance (the Financial Authority) and between the Central Bank (the authority). monetary) and in agreement with important international institutions for a fair situation of the dollar,” noting that “the central bank reached this price, which is the fiscal policy price 1450, to which the central bank commission is added, as well as the bank’s commission, so there are three prices: the price of (financial policy) 1450 and The Central Bank) sells 1460 to the banks, and in turn (the banks) sells to the public 1470.” 

He pointed out that “the exchange rate change is not due to the existence of a financial problem, and it was increased and when the price is reduced, but the exchange rate is a financial tool that has nothing to do with the immediate problem,” explaining that “the exchange rate change was long overdue, and it was supposed to be modified from 2010, and we hope that The price stabilizes, takes sustainability and restores economic activity in light of the current price.” 

He added that "the budget surplus due to the improvement in oil prices will help reduce the fiscal deficit, and he does not believe that it will help until the end of the year to bridge the deficit because it is large," noting that "there are proposals for the use of oil price differences for projects, governorates and others, but the opinion of the government and the parliamentary and financial authority That filling the deficit takes precedence over the expansion of spending.