MP calls for reversing the devaluation of the Iraqi dinar

Shafaq News/ MP of the "National al-Nahj bloc", Mazen al-Fayli, said that the surplus generated by oil revenues exceeds expected profits from the devaluation, calling for restoring the previous exchange rate of the U.S. dollar against the Iraqi dinar.

In a statement issued earlier today, Wednesday, al-Fayli said, "the revenues from May's oil sales amounted to six billion dollars, which is 1.7 billion dollars more than the expected amount given the price fixed in the Federal Budget, 45 dollars a barrel."

"The actual net revenues from oil sales in the first five months of 202 amounted to 27 billion dollars, which is 5.5 billion dollars above the amount expected to be collected in accordance with the price fixed in the budget."

"In five months only, the difference in the actual price in the market and the price fixed in the budget equals or exceeds the profits retained by the devaluation decision that, according to the most optimistic forecasts, does not exceed seven trillion dinars."

"If we take into consideration the rising oil prices at a proportion of 1.6 folds the price fixed in the budget, and obtaining in only five months what exceeded the anticipated profits of devaluation, the need for devaluation is excluded and the excuses of the devaluation proponents are debunked."

Al-Fayli demanded the Government to "withdraw this wrong and harmful decision and restore the previous exchange rate, given that the majority of the difference between the prices sold by the Central bank and the parasitic banks immorally goes to fund unjust parties that feed on the sufferings of the Iraqi people in the most heinous forms of parasitism."