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Reducing the value of the Iraqi dinar against the dollar .. Do I approach and what is the position of the Central Bank?

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Reducing the value of the Iraqi dinar against the dollar .. Do I approach and what is the position of the Central Bank?

5,290 Economy 10/15/2020 20:48   ht   Baghdad Today - Special

A member of the Parliamentary Finance Committee, Kamal Cougar, confirmed, Thursday, October 15, 2020, that the Central Bank is concerned about the government and parliamentary approach to reducing the value of the Iraqi dinar against the dollar.

Cougar said in an interview with him (Baghdad Today), that "there is a governmental and parliamentary approach to reduce the value of the dinar against the dollar, but this approach has not been made final decision on it," pointing out that

"the Central Bank has great concerns about the step of reducing the value of the Iraqi dinar in exchange for Dollar."

He added that "the final decision on this issue will be decided in the draft federal budget law for the country for the year 2021," noting that

"the details of this approach are not clear features regarding the price of the reduction."

The Finance Committee of the Iraqi Parliament commented, Thursday (July 2, 2020), on news that there are possible intentions to change the exchange rate of the dollar against the dinar within the anticipated financial reform law.

Committee reporter Ahmed Saffar said, in an interview with (Baghdad Today), that "until now we have not seen the draft financial reform bill, but there are information and leaks.

We state that there is an intention to change the exchange rate of the dollar against the dinar, but we do not know its accuracy until the moment, as there is."

Some MPs have approached this option, and there is parliamentary opposition to such an approach.

Al-Saffar indicated that "any reduction in the value of the dinar or the dollar will cause price inflation because it will reduce the purchasing power of the Iraqi dinar, and here the affected will be those with limited income from employees, contracts and renters," indicating that

"within the monetary policy, this is the last solution to the crises."

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