Today, Wednesday, the Parliamentary Finance Committee disclosed an attempt by the Central Bank to enhance Iraqi currency transactions with the US Federal Reserve.
A statement by the committee stated that “external and internal factors are behind the crisis of fluctuations in the dollar exchange rate,” stressing that “the governor of the Central Bank of Iraq is working hard to solve these problems in order to reach understandings with the US Federal Reserve to increase Iraq’s transfers of dollars, as well as confronting speculators and brokers internally.”
In it, the statement urged “citizens to support the procedures and policy of the Central Bank because the crisis requires the combined efforts of everyone.”
He went on to say, “The Finance Committee is in constant contact with the Central Bank of Iraq and other concerned parties regarding the problem of the fluctuation of dollar selling prices and supports all steps and measures that would restore stability to the exchange rate,” and pointed out that “several immediate and future proposals are being submitted in this regard, with the aim of finding alternatives and solutions.” This is beneficial for this crisis and protects the strength of the Iraqi dinar as well as the strength of our hard currency cash reserves.”
The press release went on to say: “We are following up with the government on steps to increase non-oil revenues in order to diversify the sources of the national economy and not rely on a single resource to finance the state budget, by activating other sectors, and collecting all customs and tax funds and other national revenues by automating collection systems and converting them from paper to electronic.” In order to protect public funds.