Clare: Parliamentary Finance Is Threatening To Move If The Central Bank Fails To Contain The Dollar Crisis
7/24/2023
Today, Monday, the Parliamentary Finance Committee revealed the goal of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, a day after his meeting with the Prime Minister.
Committee member Jamal Cougar told Earth News that “the goal of hosting the Governor of the Central Bank of Iraq, Ali Al-Alaq, is to discuss the issue of the significant rise in the dollar exchange rate in the local market, and the bank’s measures to counter this rise.”
And Cougar stated, “The Parliamentary Finance Committee does not have any powers over the issue of dollar procedures, as this matter is within the jurisdiction of the executive monetary authority, and we have a supervisory role on these procedures and the follow-up of the imbalance, and we are held accountable for it, and we will also have an opinion on the role of the central bank in dealing with the dollar crisis during the coming period.” LINK
Zeeman: IMO all these articles talk about the usd seems to be rising instead of decreasing . it seems as though they either do not really want to revalue the dinar or are being told not to by outside powers. they have been talking about releasing the budget since nov of 2022 if it was so important to the economy and citizens it should have been done a long time ago. again IMO
Clare: Details of the Parliamentary Finance meeting with the Governor of the Central Bank regarding the reasons for the rise in the dollar
7/24/2023 Baghdad
– The Parliamentary Finance Committee is discussing with the governor of the Central Bank the reasons for the high dollar exchange rate
Parliamentary Finance: There is optimism in the process of reforming the economic reality, money management, and the path of controlling the exchange rate
Parliamentary Finance: There is a problem related to the existence of penalties imposed on some banks
– Governor of the Central Bank: The bank’s mission is to achieve monetary stability and control prices
– Governor of the Central Bank: It is necessary to create a balance between supply and demand for foreign currency, and to monitor the cash currency entering and leaving through the outlets, and confirming its entry in a proper manner.
– Governor of the Central Bank: The general principle of monetary stability is the linkage of the exchange rate with cash
Central Bank Governor: The problem lies in the increased demand for currency, while the bank provides currency through the platform LINK
Suzie: Call me dumb, but sounds like a lot of banking issues before any ER change and I thought al Alaq was brought in months ago to speed things up and literally a month ago sounded like this thing was ready to “pop” with the budget and everything else coming into play and here we are almost into August and with banning the use of the dollar I wonder how their people are getting by? Just wonderin”……in MY opinion….
Turk182: Over a Month since the 2023, 2024 & 2025 Budgets were Officially Printed in the Gazette
Several Months since Sudani told the Citizens of Iraq to no longer use the USDollar (or they would be arrested) and also Do Not use your Iraqi Dinar, as it will “SOON” be worth more.
Here we are, on the verge of August 01st and still nothing.
No more excuses, they’ve been using this cover of an excuse for nearly a year now of their “Educating the Citizens on this Monetary Reform” –
Iraq is obviously NOT a Sovereign Nation. (IMHO)
So much Hype, yet the prettiest girl at the Prom is still sitting in the corner.
Why? Something smells rotten in Denmark. (IMHO)
Zeeman: Theres alot of talk but remember action speaks louder then words and we need real action instead of meaningless words. Imo
Turk182: Couldn’t agree more Zee…..and these “ACTIONS” are very long overdue.
Clare: Economic warning of Iraq’s return to Chapter VII
7/24/2023 Baghdad…
Economic expert Abd al-Hasan al-Shammari warned, on Monday, that Iraq would return to Chapter VII and impose sanctions on it due to banking violations of the Swift system, stressing the importance of diversifying the sources of the economy and trade exchange with capitalist countries.
Al-Shammari told Al-Maalouma, “The government does not need to take measures to ensure that the exchange rate of the dollar is returned to its official price, after it recorded an increase from its previous level a week ago today, especially after imposing sanctions on a number of Iraqi banks.”
He added, “Ensuring that sanctions are not imposed on Iraqi banks and the continuation of selling the dollar in its natural state depends on Iraq’s commitment to international resolutions and the Swift system, and otherwise, Baghdad will face sanctions that may return it to Chapter VII.”
And he indicated that “the exchange rate of the dollar may reach 1,700 dinars in the coming days, in the event that sanctions and transactions that violate international resolutions continue to be imposed.”
He pointed out that “the country is liable to return to the oil-for-food program if the situation continues as it is.”
Al-Shammari pointed out, “the importance of heading towards the rich capitalist countries in order to diversify the sources of the economy and trade exchange.” LINK
