The Parliamentary Finance Committee has announced that it will host the Governor of the Central Bank of Iraq and its general directors in the upcoming days. The meeting will be held to discuss the lack of control over the exchange rate of the US dollar against the dinar.
According to Committee member Mustafa Al-Karaawi, the committee will be hosting the Governor of the Central Bank, Ali Al-Alaq, and the bank’s general directors this week to investigate the reasons behind the fluctuations of the dollar exchange rate in the parallel market. They aim to identify the party responsible for implementing the reform packages launched by the Central Bank.
During a recent interview, he highlighted the economic issue arising from the unstable dollar exchange rate, citing the lack of clear policy by the central bank. He emphasized that the government must work together with the central bank to implement the reform packages launched, and it is a shared responsibility to control the exchange rate, especially for government agencies dealing with imports and customs ports.
Al-Karawi suggested hosting the central bank’s Governor to address the economic crisis, the fluctuating dollar, and the bank’s agreements with the US Federal Reserve and the World Bank.
The value of the US dollar has been increasing significantly against the Iraqi dinar for many months. Currently, the exchange rate stands at 1,655 dinars per dollar which is higher than the official exchange rate of 1,320 dinars per dollar set by the government and the Central Bank.