Parliamentary Finance Committee: The currency exchange rate will remain the same for the next five years

Baghdad-INA

the Parliamentary Finance Committee affirmed on Sunday, that the currency exchange rate will remain the same for the next five years.
 
Committee member MP Naji Al-Saidi told the Iraqi News Agency (INA): " The reason for not changing the exchange rate is that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar, in addition to the purchasing power of the Iraqi dinar and the net goods and services produced during a certain period.

The Government is determined to achieve its goals by defining main objectives: the first is financial, which is to reduce the deficit in the public budget, the second is a monetary goal through increasing the reserves, while the third is to increase the competitiveness production currently produced within the country towards other goods exported from neighboring countries, Al-Saidi added.
He also pointed out that the devaluation of the Iraqi dinar has increased the competitiveness of the Iraqi price since the goods that come from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar against the dollar because the dollar is a global currency, thus when the dollar exchange rate is raised, the competitiveness of goods will rise and fall Because it reduces Iraqi exports from abroad.
Earlier, the Central Bank of Iraq decided to devalue the national currency against the US dollar, as the purchase price of the US dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar.