Researcher: Mismanagement and politics negatively affected the value of the Iraqi dinar against the dollar
Iraqi affairs researcher Qasim Balshan confirmed today, Sunday, that mismanagement and politics have negatively affected the value of the Iraqi dinar against the dollar.
Balshan said in an interview with Al-Maalouma Agency that “the current mismanagement and politics have negatively affected the value of the Iraqi dinar against the dollar, which has made prices volatile and unstable in Iraq.”
He pointed out that “until this moment, no one specialized in the field of currencies and banking has been chosen to manage the Central Bank of Iraq well,” noting that all those chosen belong to certain political blocs.
He added, “When the Central Bank of Iraq offers the dollar for sale, we notice that citizens are far from the issue and the sale is limited to some companies and banks.”
He pointed out that “the Iraqi money that comes from selling oil does not go directly to the Iraqi government, but rather to the US Federal Reserve, which is the one that handles these matters.”
He added, “The political disputes and crises, the poor distribution of wealth, and the lack of real investment are what led to the deterioration of the Iraqi dinar against the dollar.”
Parliamentary Finance Committee reveals a move to question the Governor of the Central Bank of Iraq: We are working to change him
Member of the Parliamentary Finance Committee, Mohammed Nouri, revealed on Sunday that there is a move within the committee and the House of Representatives to question the Governor of the Central Bank of Iraq, Ali Al-Alaq, due to the lack of control over the stability of the dollar price and the dominance of private banks over the currency selling window.
Nouri told Shafaq News Agency, “There is a move within the Parliamentary Finance Committee and the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq, due to the existence of many files, most notably the bank’s lack of control over the stability of the dollar exchange rate in the market.”
He pointed out that “the other reason, which is considered one of the reasons for questioning the governor of the Central Bank, is the dominance of some private banks owned by foreign nationalities over the window for buying and selling currency and foreign transfers.”
Nouri explained that “there are other works that we are doing through official letters and correspondence to change the governor of the Central Bank because he has exceeded the legal age and continues in the position while he should be referred to retirement.”
On Monday, August 19, a member of the Parliamentary Finance Committee, Mustafa Al-Karawi, revealed that a request had been submitted to the Presidency of the Council of Representatives to set a date to question the Governor of the Central Bank of Iraq regarding several files, most notably the exchange rate of the dollar against the local currency.
Al-Karawi told Shafaq News Agency, “Members of the Parliamentary Finance Committee had previously submitted a request to the Speaker of the House of Representatives to question the Governor of the Central Bank, Ali Al-Alaq.”
He added, “The interrogation relates to several files, the most important of which are the dollar exchange rate, its sale to travelers, the currency buying and selling window, financial transfers abroad, cash financing, US sanctions, and negotiations with the US Federal Reserve.”
It is noteworthy that the Supreme Judicial Council in Iraq, on August 19, supported the State Council’s findings regarding the referral of the Central Bank Governor, Ali Al-Alaq, to retirement after reaching the legal age.
The Supreme Judicial Council said in an official document received by Shafaq News Agency that the same subject was studied by the Studies Committee in the Presidency of the Judicial Supervision Authority, and the same opinion of the State Council was reached in the two aforementioned decisions.
The House of Representatives had sent a letter to the Supreme Judicial Council inquiring about the judiciary’s opinion on the permissibility of the bank governor continuing in service after reaching the legal retirement age.
The State Council has decided the official position on whether or not the Central Bank Governor, Ali Al-Alaq, will continue in his position, confirming that he has exceeded the legal retirement age.
It was stated in correspondence between the State Council and Parliament that in response to the House of Representatives’ request to clarify the opinion of the State Council regarding the permissibility of the Governor of the Central Bank continuing in service after reaching the legal retirement age.
He pointed out that the legislator has explicitly stipulated that retirement upon reaching the legal age is an inevitable retirement by law unless exempted by a special provision, and since there is no special provision exempting the Governor of the Central Bank from the provisions of inevitable retirement upon reaching the legal age.
The State Council confirmed that the legal principle states: “Heads of independent bodies are subject to the legal age for retirement.”
During a month.. 88 billion shares worth 84 billion dinars were traded in Iraq
The Iraq Stock Exchange announced, on Sunday, the trading of 88 billion shares, with a financial value of more than 84 billion dinars, during last October.
The market stated, in a report seen by Shafaq News Agency, that “the market organized 22 trading sessions, and the number of companies whose shares were traded during October reached 81 joint-stock companies, out of 110 companies listed on the market.”
He added, “The number of traded shares reached 88 billion, 232 million, and 25 thousand shares, with a financial value of 84 billion, 455 million, and 79 thousand dinars, through the implementation of 22,160 transactions.”
The market indicated that “the ISX60 index closed at 1,044 points, recording a 12% increase from its closing in the previous session.”
It is noteworthy that the Iraq Stock Exchange organizes five trading sessions weekly from Sunday to Thursday, and 110 Iraqi joint-stock companies are listed in it, representing the sectors of banking, communications, industry, agriculture, insurance, financial investment, tourism and hotels.
