Iraqi parliament summons Governor of Central bank

Iraq 06:39 PM - 2021-01-22

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The Presidency of the Iraqi Council of Representatives set a date for the questioning of the Governor of the Central Bank of Iraq, Mustafa Ghaleb. 

 

Mustafa Ghalem will be questioned by the parliament at the request of by the head of the Parliamentary Wisdom Bloc, Faleh Al-Sari.

 

It was not mentioned why the Governor of the Central Bank is being summoned.

 

Currency exchange rates against the dinar have recently hiked in Iraq, which largely relies on oil sales and is facing a large budget deficit due to the drop in oil prices as a result of the coronavirus pandemic.

 

To cover the budget deficit, the Iraqi government has recently deducted government employees' salaries, as well as a currency devaluation by almost 20% in the yet to be voted on 2021 budget to address the problem.

 

The Central Bank of Iraq had decided to raise the exchange rate of the dollar against the Iraqi dinar, by adopting the new dollar price.

 

 

 

PUKmedia