There is a tendency to cancel the currency auction!

The Parliamentary Finance Committee confirmed that there is a tendency to cancel the currency auction, while indicating that the Central Bank’s reserves will not be affected in the 2021 general budget.

Committee rapporteur Ahmed Al-Saffar said in a press statement, “The draft budget when it is approved In the House of Representatives voting session, it becomes a binding law for the government and is enforceable, “indicating that” the Ministry of Finance then issues instructions within a week or two to send to ministries to facilitate the budget implementation process. ”

He continued: “The budget deficit was reduced from 71 to 24 trillion only, as the lending scheme deducted the treasury transfers to the central bank 47 trillion, but we reduced it to only two trillion, if the price of a barrel of oil remained at 45 dollars.”

The government will have an abundance of money if the price of a barrel of oil remains high. ”

The decision of the Finance Committee indicated that there is a tendency to cancel the currency auction because it does not exist in all countries of the world except in Iraq, explaining that the currency auction mechanism is incorrect, and hard currency is supposed to be given to actual importers, students, professors, and patients who travel outside the country and not to banks.

On the exchange rate of the dollar, Al-Saffar explained: “The exchange rate is exclusively within the authority of the Central Bank and it is not possible to interfere in its work as it is responsible for the monetary system, the monetary mass, the exchange rate and the cash reserve.”

Radionawa.com