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Iraqi Parliament warns of a "financial collapse"

Category: Economy

Date: 2021-06-28T11:43:44+0000
Iraqi Parliament warns of a "financial collapse"
Shafaq News/ The Parliamentary Finance Committee warned the Iraqi government of a "financial collapse" as a result of not controlling the dollar's exchange rate against the Iraqi dinar.

Committee member Abdul Hadi Al-Saadawi told Shafaq News Agency, "Iraq mainly depends on oil imports, and any drop in oil prices will cause a financial collapse."

"The financial situation in Iraq has begun to collapse dramatically, without any treatment or solutions from the government," warning against of neglecting customs and border crossings revenues, as well as taxes and fees imposed on imported goods and commodities."

Al-Saadawi stressed, "Iraq's need for appropriate solutions and plans to address the financial crisis and save the local currency from financial collapse and control the market."

The Parliamentary Finance Committee had previously issued a warning to the Central Bank of Iraq following the dinar's collapse against the U.S. dollar. It demanded the government to impose measures on private banks and control the market.

Mazhar Muhammad Salih, the economic advisor to the Prime Minister, rules out changing the dollar's exchange rate against the Iraqi dinar any soon, pointing to the central bank's ability to control the exchange rate.

After the government decided to reduce the Iraqi dinar rate against the U.S. dollar in late 2020, the exchange rate of every $100 reached 145,000 dinars.

This price was fixed in the 2021 federal budget, and since then, the dollar exchange rate has not been stable.

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