Iraqi News Early Tuesday AM 2-22-22
Iraqi News Early Tuesday AM 2-22-22
TLM724 Administrator BondLady’s Corner
The Finances Of The Former Parliament Reveal The Circumstances Of Raising The Price Of The Dollar: Everyone Is Involved
Posted On2022-02-22 By Sotaliraq Baghdad/ Firas Adnan The Finance Committee in the former parliament says that changing the dollar exchange rate was supposed to be taken since 2016, and refused to describe it as the wrong decision, stressing that what is currently happening is a political debate aimed at winning over the citizens, stressing that all those who objected to it had supported it when it was taken, noting that Resorting to him was after a series of dialogues and meetings with the government and the Central Bank.
Member of the Committee, former MP Ahmed Hama Rashid, said in a statement to (Al Mada), that “the crisis of changing the dollar exchange rate did not start in 2021, and the Central Bank intended to raise its price in 2016.”
Rashid continued, "The lack of agreement between the Minister of Finance and the Governor of the Central Bank at the time prevented the exchange rate change," explaining that "the former minister did not have full knowledge of the economic situation as did the current Minister of Finance, Ali Abdel Amir Allawi."
He pointed out that with "the significant decline in oil prices, and the accompanying decline in the Federal Reserve, the government feared that it would not be possible to pay the salaries of employees and retirees."
Rashid explained, "The government had a choice, which was to reduce the salaries of employees, but the Ministry of Finance and the Central Bank went to reduce the price of the dollar to cover the percentage of the deficit in these salaries."
He pointed out that "what exacerbated the crisis, is the rise in the prices of food commodities on global stock exchanges, coinciding with the change in the exchange rate from the central bank, and in general, citizens of the poor and middle classes were affected."
Rashid noted, “The political debate that is taking place is just more at the expense of the public interest of Iraq,” stressing that “the Minister of Finance raised the issue of the dollar exchange rate in a meeting with political leaders, and all of them either agreed or did not object, except for the head of the Virtue Bloc at the time, Ammar Tohme.” .
And he added, "International organizations had opinions on the exchange rate. The International Monetary Fund suggested that the dollar price be 1650 dinars, and the World Bank demanded that it be made at 1450 dinars, and the Central Bank of Iraq went to make it 1300 dinars."
Rashid spoke about "another proposal at the time that the rise should be gradual, but the specialists warned against that because it would harm the Iraqi currency and lose its value, because we will be facing instability."
He continues, "The opinion in the latter has gone to make the price of the dollar 1450 dinars, in a purely monetary and financial issue, which did not involve a political aspect."
Rashid explained, "Some of the political blocs may go to the opposition and need a peg to win over the citizens and are currently calling for a change in the exchange rate," stressing that "any political bloc that demands today to change the exchange rate, it did not oppose raising it at the time."
And he indicated, "All political blocs had representatives in the Finance Committee, and they did not make any objection to the change, with the exception of MP Magda Al-Tamimi, who demanded that the exchange rate be kept as it is."
And Rashid added, "The decision was taken after extensive study and meetings between the government, the Finance Committee and the Central Bank, and as a result, there was an increase in the ration card allocations and proposals were developed to lift the damages on the lower class."
He believes, "Many of the paragraphs related to removing the negative effects on the simple citizen, which were agreed upon, did not see their way to implementation."
Rashid went on, "The decision was not wrong in order for a certain party to bear the responsibility, whether the Minister of Finance or the House of Representatives, and what is happening is just political bidding."
The Deputy Speaker of the House of Representatives, Hakim al-Zamili, had held a meeting attended by a number of deputies to discuss the exchange rate change and its effects based on proposals launched by the leader of the Sadrist movement Muqtada al-Sadr, but the Minister of Finance refused to attend based on a summons addressed to him, and asked to set another date in which to vote on his grant trust.
For his part, the representative of the State of Law coalition, Muhammad Saadoun Al-Sihoud, stated that “the parliament session last Saturday, which was dedicated to hosting Finance Minister Ali Abdul-Amir Allawi and Central Bank Governor Mustafa Ghaleb Mikheib, was not official.”
Chihod added, "What happened is a review that does not have any legal effect, especially with regard to demands to change the dollar exchange rate."
He pointed out that "the second parliamentary session set by the constitution its task, which is to elect the President of the Republic to assign a candidate for the Prime Minister, after which the House of Representatives can exercise its other competencies."
Chihod concluded, “What was announced about addressing the Minister of Interior to prevent Allawi from traveling is political speculation, as this procedure is within the jurisdiction of the judiciary exclusively based on real charges and not just allegations in front of the media.”
Public opinion is currently preoccupied with talking about the possibility of changing the dollar exchange rate, which experts and specialists have warned of, because this leads to great damage to the Iraqi economy. LINK
The Ministry Of Finance: Inflation In Prices Is A Global Phenomenon That Is Not Linked To The Devaluation Of The Currency
Money and business Economy News _ Baghdad Today, Tuesday, the Ministry of Finance confirmed that price inflation is a global phenomenon that is not linked to currency devaluation.
A ministry statement received by "Al-Iqtisad News" stated that "price inflation is a global phenomenon that is not linked to the devaluation of the currency," pointing out that the exploitation of some importers and traders by imposing additional prices for the purposes of competition and achieving additional gains also leads to this phenomenon. Views 143 Date Added 02/22/2022 https://economy-news.net/content.php?id=27223
The Rise In The Exchange Rate Of The Dollar Against The Dinar
Economie| 09:59 - 22/02/2022 Baghdad - Mawazine News The dollar exchange rates witnessed an increase, today, Tuesday, in the local markets. The selling prices of the dollar were 146750 dinars per 100 dollars, while the purchase prices of the dollar were 146250 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=185376
Association Of Banks: The Banking Sector Is Under Attack From Malicious Parties
Economie| 02:25 - 22/02/2022 Baghdad - Mawazine News, the Association of Iraqi Private Banks, called on the media, on Tuesday, not to circulate or publish any "incorrect" information about the banking sector, calling for the need to obtain information from real sources and "not to rely on unreliable parties."
In a statement received by Mawazine News, the association said that "during the past days, some media outlets have circulated completely incorrect news about the banking sector, which affects citizens' confidence in these banks."
She added, "The banking sector is subjected to a major attack by some malicious parties that want to blackmail it and achieve special goals, and thus reflect negatively on the country's economy."
And she continued, "The news that the Central Bank has laid hands on some banks is incorrect," warning against "taking legal measures against those who publish news contrary to the truth." Ended 29/N33
https://www.mawazin.net/Details.aspx?jimare=185401
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