What is the area in which the central bank moves in the area of controlling the currency exchange?
The price of the US dollar on Wednesday, April 28, 2021 recorded a value of 1,461.5000 Iraqi dinars, while the Deputy Governor of the Central Bank of Iraq, Ihsan Al-Yasiri, on April 14, revealed a proposal submitted by the World Bank to amend the exchange rate of the dollar to 160 thousand dinars One Iraqi per $ 100, to raise the question about the future of the exchange rate that worries the Iraqi citizen, especially those with limited income, the role of the Central Bank of Iraq, and the area in which it moves.
Legal expert Tariq Harb says, Thursday, March 25, 2021, that the constitution includes that the Central Bank is not subject to Parliament’s oversight.
Harb said in a statement to “Al-Masalla”, that the Central Bank’s non-attachment to Parliament requires taking into account the exchange rate set by the bank and the budget law.
He added that the Integrity Commission is the only independent body that the constitution has granted privileges that exceed those of other independent bodies, which were mentioned in the constitution in the chapter on independent bodies, namely Articles 102 and 103 of the Constitution.
Harb indicated that the constitution did not make the link between the Central Bank and the House of Representatives, but it made the link between the Office of Financial Supervision and the Media and Communications Commission in the House of Representatives and the link between the offices of endowments and the Council of Ministers.
Harb said that the constitution did not make the Central Bank subject to the oversight of the House of Representatives, as it did with the Human Rights Commission and the Independent High Electoral Commission, which the constitution decided to be subject to oversight by the House of Representatives.
And he added: The independence of the Central Bank was confirmed by Law No. 76 of 2004 issued by Bremer during his term and which is still in effect. These constitutional and legal provisions have their place when discussing the dollar exchange rate that he set and issuing laws, especially the 2021 budget bill that is currently being discussed in the House of Representatives.
The debate continues to escalate over the implications of the exchange rate of the dollar against the dinar, due to the exchange of different political forces, the various accusations, between the search for special interests, or linking positions with regional powers, while the Iraqi citizen does not matter, that is, the extent to which the mechanisms and conditions that facilitate his daily life are provided, and the availability He has a livelihood.