Legal settles the debate over the possibility of filing a lawsuit against the Central Bank to restore the exchange rate
Legal settles the debate over the possibility of filing a lawsuit against the Central Bank to restore the exchange rateThe head of the Jurists Union in Diyala, Hussein Al-Taie, resolved, on Saturday, the controversy over the possibility of filing a lawsuit against the Central Bank to restore the dollar’s exchange rate to what it was .
Al-Taie said, “Determining the value of the exchange rate for the dollar in front of the dinar is one of the exclusive powers of the Central Bank of Iraq, as it is responsible for the monetary policy in the country and the law according to its various contents allows it to regulate and determine the exchange rate for economic requirements, whether its decision is correct or wrong because it is the one who bears responsibility and is entitled to question it. The parliament accepted it as the highest legislative body in the country and has the right to control all state institutions, including the financial ones .
Al-Taie added, “It is not possible to file a lawsuit against the Central Bank to return the exchange rate of the dollar to what it was, because determining the price is an exclusive right of the bank, such as the exercise of a ministry or a specialized sector body concerned with its powers, that is, the matter is related to the exclusive powers and it is the right of the central bank .”
He pointed out that “the Iraqi judiciary intervenes through the existence of a case, and the latter must have a legal basis if it does not exist and is missing basically how will the judge rule,” noting that “even if it is lifted, the response of the Central Bank or its representative will have exercised its exclusive powers according to the law. He did not violate its provisions .
The central bank suddenly raised the exchange rate of the US dollar against the Iraqi dinar, without prior warning about a month ago, which led to confusion in the markets.