Parliamentary Committee: Iraq’s Oil Revenues This Month Are The Highest Since 2019

Baghdad A member of the Oil, Energy and Natural Resources Committee in the House of Representatives, Ghaleb Muhammad Ali, revealed that Iraq achieved, during the current month, the highest revenue from oil export since 2019 until now.

Muhammad Ali said in a statement: “Iraq sold its crude oil during the current month at a price of $ 62 a barrel, and sales revenue reached about $ 5.5 billion, which is the highest in the country’s revenues since the end of 2019,” indicating: “This amount is equivalent to 8 trillion dinars. In addition to other non-oil revenues, which amounted to one trillion dinars, bringing the number to 9 trillion dinars entered the Central Bank of Iraq during the current month.

He added: “The presence of these sums is supposed to make the conditions of the Iraqis and the economy better, but what exists on the ground is the opposite. We see that the Iraqi economy is unstable and there is a continuous rise in the exchange rates of the dollar in the markets, which negatively affected the market and thus the life of the Iraqi family. Although there is a lot of revenue achieved from the sale of oil.”

A member of the Oil and Energy Committee confirmed that, the Central Bank of Iraq is not able to control the exchange rates of the dollar, and there is a continuous rise within a few days, which calls for an investigation by the government about what is happening in the bank’s imbalance and the rapid rise in the exchange rates of the dollar and the possibility of removing its manager from his position and the selection of people suitable to this position, which controls all the money of Iraq.”

Muhammad Ali acknowledged the existence of cases of corruption in the Central Bank, especially in the dollar sale window, as the exchange rates amount to 145 thousand dinars for the 100-dollar, while in banking offices it reaches 150 thousand dinars, stressing: “This difference between buying and selling prices is from the share of the parties that will use the people’s money in the upcoming elections.”

He explained that the central bank must adopt a monetary policy whereby it can maintain stable dollar prices, as it now affects the lives of citizens, and take a stand far from the parties, since it is currently under their control.

Source: National Iraqi News Agency