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[size=36]Al-Kazemi’s advisor: The payments account is free of deficit, and we expect a surplus in the future[/size]
Political| 09:31 - 31/05/2021
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Baghdad - Mawazine News
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq's monetary policy will maintain the stability of the exchange rate, while noting that the current account of the balance of payments is free of deficit, but rather there is an expectation of a surplus in the future.
Saleh said, "The devaluation of the national currency against the dollar was based on a one-time decision," and that the country adopts a fixed exchange system, stressing that "there is an equation between the theory of exchange rate adjustment and the deficit in the current account of the balance of payments relative to the gross domestic product."
He added, "Whenever the deficit increases by 4% or more, an adjustment or reduction is made in the external value of the currency to avoid a deterioration in external payments," noting that "Iraq currently does not suffer from a current account deficit, but rather there is stability and balance," expecting that There is a surplus in the future relative to the gross domestic product, in light of the positive developments in the oil markets and the positive improvement in Iraq’s foreign exchange reserves.”
He stressed, “The monetary policy will maintain the stability of the exchange rate in the present circumstance.”
The Central Bank of Iraq had decided On December 20 last, he reduced the value of the Iraqi dinar against the dollar, bringing the price of 100 dollars to 145 thousand dinars, after it was 122 thousand Iraqi dinars. Ended 29 / A87
, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Monday, that Iraq's monetary policy will maintain the stability of the exchange rate, while noting that the current account of the balance of payments is free of deficit, but rather there is an expectation of a surplus in the future.
Saleh said, "The devaluation of the national currency against the dollar was based on a one-time decision," and that the country adopts a fixed exchange system, stressing that "there is an equation between the theory of exchange rate adjustment and the deficit in the current account of the balance of payments relative to the gross domestic product."
He added, "Whenever the deficit increases by 4% or more, an adjustment or reduction is made in the external value of the currency to avoid a deterioration in external payments," noting that "Iraq currently does not suffer from a current account deficit, but rather there is stability and balance," expecting that There is a surplus in the future relative to the gross domestic product, in light of the positive developments in the oil markets and the positive improvement in Iraq’s foreign exchange reserves.”
He stressed, “The monetary policy will maintain the stability of the exchange rate in the present circumstance.”
The Central Bank of Iraq had decided On December 20 last, he reduced the value of the Iraqi dinar against the dollar, bringing the price of 100 dollars to 145 thousand dinars, after it was 122 thousand Iraqi dinars. Ended 29 / A87
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