Devaluating the Iraqi currency is devastating, MP says

Shafaq News/ The member of the parliamentary Economic Committee, Nada Shakir Jawdat, stressed on Sunday that the devaluation of the Iraqi dinar has detrimental downsides, hinting that the political blocs agreed on increasing the exchange rate of the US dollar.

Jawdat said in a statement to Shafaq News Agency, "the devaluation of the Iraqi currency is very dangerous since our economy is rich in oil and we have many great resources. therefore, Iraq is not in need of this devaluation, especially that the Iraqi economic system is unilateral and built on import which is different from countries with multilateral economy such as Turkey where increasing the foreign exchange rate won't affect citizens."

Jawdat added, "the government must look into the matter carefully and evaluate it correctly, taking into consideration how it will affect the Iraqi citizen."

She also noted that only 32 parliament members attended the special session we requested recently to discuss the reasons behind the drop in the exchange rates and financial policy, which means that political blocs have already agreed and signed the PM Mustafa Al-Kadhimi's decision on increasing the exchange rate of the foreign currency.

The Central Bank Iraq already increased the selling price from 1182 to 1460 Dinars per Dollar in an attempt to mitigate the decline in oil revenues.

The member of the parliamentary economic and investment bloc, Mazen Al-Faili, revealed on January 30 to Shafaq News Agency that a group of MPs made a request to change the exchange rate to 130, 000 dinars in the budget law of 2021.