Reducing the dollar exchange rate is a patchwork measure and a deportation of the problem, not a solution

The Secretary-General of the preacher’s party, Professor Saad Jasim Al-Tamimi, commented, on Tuesday, on the government’s decision to reduce the exchange rate of the dollar against the dinar from 1460 to 1300 per dollar, as a patchwork and unreal measure, describing the decision as an attempt to deport the problem and not solve it, referring to political parties known for their vision. The superficiality of matters stands behind its approval, and it is practicing a process of continuous deception of the people, indicating that the government relied its decision on the cash reserves it possesses due to the rise in oil prices.

Al-Tamimi added that the collapse of the Iraqi dinar against the dollar was not caused by the exchange rate that was approved by the Central Bank of Iraq, but rather because of the difficulty of the dollar flowing into Iraq as a result of the procedures that were followed by the US Federal Reserve to stop smuggling, money laundering and terrorist financing, after Iraq became An illegal and unsafe trading environment.

He continued by saying: It was better for the government to work to combat smuggling and stop money laundering, much of which goes to supporting and financing terrorist groups linked to regional regimes, and this violates Iraq's commitment and international commitments.

Al-Tamimi concluded his speech, by saying that the process of reducing the exchange rate is the price of reducing Iraq’s budget despite the high oil prices, and that any drop in the global oil price will put the people in front of a real crisis, at which time the government will be unable to pay the salaries of employees, even welfare salaries and social benefits.