Economic repercussions of the foreign currency exchange rate decision

The State of Law parliamentary bloc announced on Wednesday that the value of salaries has eroded by more than twenty percent following the decision to raise the US dollar exchange rate. Abbas Jaber Al-Ulayanwi, a member of the bloc, stated that the decision came as a surprise, following reassurances from the Central Bank and the Ministry of Finance that the exchange rate and currency alteration would remain untouched. He added that reality proved contrary, expressing surprise at the exchange rate adjustment by over twenty points, and pointed out that wholesale markets witnessed unprecedented hikes affecting societal strata. He continued that salary values suffered clear erosion, expressing hope for market regulation and stability at the current price without further increases.