Section : Iraq
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Baghdad / Obelisk: The Finance Committee hosted, on Thursday, December 17, 2020, the Governor of the Central Bank, Mustafa Ghaleb Makhaif, to discuss the economic crisis and the implications of the high exchange rate of hard currency on the Iraqi market situation.
During the hosting, which was held at its headquarters, the committee focused on ways to confront the negative repercussions of the increase in the exchange rate on citizens, particularly the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak from exploiting this situation.
The committee called on the government to carry out rapid reforms to protect the vulnerable classes and those covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card.
The governor of the Central Bank provided an explanation on the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative in the amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing interest rates. On the Iraqi currency deposited in banks.
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