Mon. AM KTFA News Articles 10-4-21

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Samson » October 4th, 2021

The Finance Committee provides new information about restoring the dollar exchange rate in addition to employee salaries

2nd October, 2021

The Parliamentary Finance Committee suggested, on Saturday, to reconsider the exchange rate of the dollar against the dinar and return it to its previous position during the next parliamentary session, in the event of an economic or financial development in Iraq.

The Chairman of the Committee Haitham al-Jubouri stated in a televised interview followed by NRT Arabiya, (October 2, 2021), that “the House of Representatives does not have any authority to change the exchange rate, such as increase and decrease, and this is what is stipulated in the Law of the Central Bank of Iraq, and there is a decision issued by the Federal Court in 2013 that the Council has no authority to set fiscal policy and set monetary policy. 

Al-Jubouri added, “The evidence for this is that the government changed the exchange rate on 17/12/2020 and the budget was approved on (29/3/2021),” noting that “Parliament is well aware and knows that this authority is exclusive only to the government.” 

He pointed out that “if the revenues increased in a large way and we were able to diversify them and do not rely on oil revenues only, it is possible only at that time to recalculate the exchange rate again by decreasing it.” And al-Jubouri, “The government can reconsider the exchange rate in one case, which is to increase the dinar revenue over the dollar within the budget with reform steps if it is increased by more than 50% of the total revenue at the expense of oil revenue.”

As for the employees’ salaries, al-Jubouri explained, “their salaries are safe in the state treasury and are continuous and there is no stopping it.”   LINK

Source: Dinar Recaps

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