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Economist: Changing The Dinar Exchange Rate Is “Unthoughtful” And Returning To The Previous Rate Is Difficult
01/10/2022
115
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01/10/2022
115
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Earth News/ An economic expert confirmed, today, Monday, that changing the exchange rate of the dinar against the dollar was ill-considered and unrelated to reality, while he expected the exchange rate to reach 1300 dinars per dollar.
The economic expert, Majed Hantoush, told Earth News, "The decision to raise the value of the dollar against the Iraqi dinar was taken at the end of the year 2020, and explained that it was taken based on the existence of an economic study from several axes to revitalize agriculture and the economy and stop currency smuggling, and that there will be a positive impact of this change after five years." years, but these are things that have nothing to do with the economic reality, but they appeared with government statements.”
He added that "the culture of the Iraqi economy is still governmental and not realistic," noting that "oil prices have begun to recover, and the Iraqi street is suffering from this decision, which raised the poverty rate to 30 percent, due to the high prices in the market."
He stressed that "people who spoke positively about the decision previously, including government advisers, and after loud cries against the decision, began talking about the possibility of reversing the decision with the improvement of oil prices, and this indicates the lack of a real study."
He pointed out that "it is difficult to return to the previous price, as this is not possible, and in the future it may reach 1300-1350 dinars per dollar."
It is noteworthy that the government announced a change in the exchange rate of the dinar against the dollar in December 2020, and it included the new rate in last year’s budget, and it was approved by Parliament.
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The economic expert, Majed Hantoush, told Earth News, "The decision to raise the value of the dollar against the Iraqi dinar was taken at the end of the year 2020, and explained that it was taken based on the existence of an economic study from several axes to revitalize agriculture and the economy and stop currency smuggling, and that there will be a positive impact of this change after five years." years, but these are things that have nothing to do with the economic reality, but they appeared with government statements.”
He added that "the culture of the Iraqi economy is still governmental and not realistic," noting that "oil prices have begun to recover, and the Iraqi street is suffering from this decision, which raised the poverty rate to 30 percent, due to the high prices in the market."
He stressed that "people who spoke positively about the decision previously, including government advisers, and after loud cries against the decision, began talking about the possibility of reversing the decision with the improvement of oil prices, and this indicates the lack of a real study."
He pointed out that "it is difficult to return to the previous price, as this is not possible, and in the future it may reach 1300-1350 dinars per dollar."
It is noteworthy that the government announced a change in the exchange rate of the dinar against the dollar in December 2020, and it included the new rate in last year’s budget, and it was approved by Parliament.
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