The reasons for the rise in the exchange rate of the US dollar against the Iraqi dinar were revealed by Prime Minister Muhammad Shiaa Al-Sudani on Tuesday, and while he acknowledged the need for “strict” legal penalties against currency speculators, he pointed out the presence of private banks and money changers seeking to keep dollar prices high.
“There are problems in banking reform and major challenges facing the government,” Al-Sudani said during a weekly news conference hosted by Shafaq News Agency. “The current dollar exchange rate in the markets is the price of currency speculators.”
He went on to say, “There are entities, private banks, merchants, and owners of banking companies who are seeking to keep the dollar exchange rate at the current price.”
Al-Sudani stressed, “We support some banks that we trust are good and have achieved success, in order to be part of the solution,” adding, “One of the problems we face is that Iraqi law does not contain strong and strict penalties against those who are arrested as speculators at the dollar exchange rate.” “.
He stated that “despite the high dollar exchange rate, food prices are stable and good, and the government will assume the role of some merchants in some matters.” There is also a good plan to offer international drugs for chronic diseases and sell them at discounted costs in the market, as well as building materials that we will provide and sell.”
According to Al-Sudani, “the Development Fund is one of the important projects that we adopt and is supposed to have a special law, and the Fund project has been included in the budget law.”
“Today this fund was voted on, and this is a glimmer of hope for the Iraqi economy,” he remarked. This fund will only be available to the private sector and will offer investment options. One of its top goals is school construction, with a thousand schools planned, and it will then move on to other areas such as industry, the environment, and housing.”
“The costs of producing electricity are very high,” Al-Sudani continued, “and the government today has given the green light to the Ministry of Electricity to adopt very modern electronic systems to measure the wages of electric energy consumption.” We will consider people with restricted income using a special approach. This technique will help to avoid electricity waste and offer energy stability.”
“There will be a trial for these organizations in ten regions, with ten sectors in each region and 50,000 subscribers in each sector,” he explained. They will have access to power 24 hours a day.”
He emphasized that “these systems will be overseen by major companies, and the Prime Minister and the Iraqi government have granted the Ministry of Electricity a contracting license.” There will also be a remedy for any defect in quickly reading the consumption fees recorded by the systems, as well as teams committed to fixing any error in record speed.”
In a different setting, he said, “On the 27th of this October, a full year will have passed since the formation of the government, and we asked the House of Representatives to be a host to talk about the achievements and failures that have been achieved since the formation of the government until now.”