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Parliamentary Finance and the Central Bank take an important step regarding changing the dollar exchange rate

The Parliamentary Finance Committee discussed, on Tuesday, the repercussions of changing the dollar exchange rate with the Central Bank, while the latter revealed the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector.

The Parliamentary Finance said in a statement received by Mawazine News, a copy of it, that it “hosted, headed by the Chairman of the Committee, Representative Haitham Al-Jubouri, and in the presence of its members and a number of members of other parliamentary committees, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Deputy Governor Ammar Hamad Khalaf.”

The statement added, “The periodic meeting that took place at the headquarters of the Finance Committee discussed the steps that the Central Bank promised to implement to reduce the repercussions of changing the exchange rate and its implications, and the issue of selling the currency and confronting the process of its depletion and ways to preserve and invest it properly.”

He pointed out that “the committee discussed projects, plans and loans that the bank promised to implement after changing the currency exchange rate, stressing the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agriculture sectors, support the local product and ease restrictions and routine procedures on them.”

He continued, “The committee discussed the issue of electronic connectivity between the ministries of commerce and finance and the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings, stressing the need for the government to fulfill its duty towards this as indicated by the Finance Committee and the House of Representatives through the Budget Law for 2021.”
According to the statement, the committee called on the central bank to “take the strongest and strict measures against banks that violate regulations, stressing its support for the bank in this regard, since the current period requires concerted efforts among all authorities.”

The committee was directed to host the Minister of Finance to discuss what was proposed in the hosting and to discuss a number of issues that concern the economic reality of the country.

For his part, the Governor of the Central Bank provided a clarification on what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate, revealing at the same time, “the launch of an initiative worth 5 trillion in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as The imminent issuance of bonds that enable citizens to invest their money.”