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Weekend UPDATE for February 13, 2021




Trying to confirm some “reported” activity for the “first wavers”


Tishwash:  A debate related to a legal solution that “forces” the Central Bank to re-price the dollar after “Parliament’s silence”

Citizens and shopkeepers in the Iraqi market began to get fed up with the issue of raising the exchange rate of the dollar and reducing the value of the Iraqi dinar opposite it, after its effects began to appear clearly, on the decline of purchasing activity and the complaints of shop owners about the decline in their income and the weakness of the purchasing movement by citizens.

The move to reduce the dinar and raise the dollar raised the prices of various materials, even those manufactured locally, which led to the reluctance of citizens to buy and make their purchases only for necessities.

Hence, the question arises about the possibility or ways to re-price the dollar, whether by political or legal means.

Either by political means or through the House of Representatives, the Parliamentary Finance, Economy and Investment Committee closed this section permanently, as a member of the Parliamentary Economic and Investment Committee, Salem Tahmir al-Tufayli, confirmed the fixation of the dollar exchange rate against the Iraqi dinar in the 2021 budget as sent by the government.

Tufayli said in a press statement, “The budget sent by the government is based on the exchange rate of 1450, and it has remained the same and has not undergone any change in the recent amendments.”

He added, “The government wanted to put the House of Representatives in front of a fait accompli, which is fixing the price of the Iraqi dinar at a value of 1450 against the dollar, a decision that does not carry any economic justification.” In the local market. ”

What about legal methods?

After closing the door on political or parliamentary interference to return or reduce the new dollar price, questions arise about the possibility of obtaining a new rescue outlet, represented by legal methods by filing a lawsuit against the Central Bank to re-quote.

The head of the Jurists Union in Diyala, Hussein Al-Taie, revealed the possibility of filing a lawsuit against the Central Bank to restore the exchange rate of the dollar to what it was, as Al-Taie said in a press statement followed by “Yass Iraq”, that “determining the value of the exchange rate for the dollar against the dinar is one of the exclusive powers The Central Bank of Iraq, being responsible for the monetary policy in the country and the law according to its various contents, allows it to regulate and determine the exchange rate for economic requirements, whether its decision is correct or wrong, as it is the one who bears responsibility and is entitled to be questioned by Parliament as it is the highest legislative body in the country and has the right to control all institutions The state, including the financial one.

Al-Taie added, “It is not possible to file a lawsuit against the Central Bank to return the exchange rate of the dollar to what it was, because determining the price is an exclusive right of the bank, such as the exercise of a ministry or a specialized sectoral body concerned with its powers, meaning that the matter is related to the exclusive powers and it is the right of the central bank.”

He pointed out that “the Iraqi judiciary intervenes through the existence of a case, and the latter must have a legal basis if it does not exist and is missing basically how will the judge rule,” noting that “even if it is lifted, the response of the Central Bank or its representative will have exercised its exclusive powers according to the law. He did not violate its provisions.  link