Parliamentary Committee: The dollar exchange rate will stabilize with the broader launch of the budget

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Parliamentary Committee: The dollar exchange rate will stabilize with the broader launch of the budget

Jamal Kujar, a member of the Parliamentary Finance Committee, stated on Thursday that the decrease in the US dollar exchange rates against the Iraqi dinar results from citizens’ apprehension towards the fluctuations in the market. He believes this is linked to the budget, which was halted prior to the local elections. Additionally, Kujar mentioned that the government’s shift towards electronic transactions in the upcoming year is a positive development.

In an interview with the official newspaper, Cougar confirmed that the value of the US dollar may decrease further in relation to the Iraqi dinar. This is expected to happen due to the resumption of more significant budget disbursements and the implementation of an electronic system by the government. The electronic system aims to reduce financial dealings with the US dollar. The interview was followed by NRT Arabia.

He noted that the current exchange rate is unrealistic, causing price fluctuations.

Koger emphasized the importance of determining the real price based on need. He expressed concern about the need for more reliable financial institutions discussing imports and exports.

He mentioned that the government did not utilize the budget during the period of local elections to avoid using it for election campaigns. He urged the government to start spending the budget to achieve stability in the market and exchange rate.