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Specialists warn of a decline in the "monetary mass" of the dinar
Economical 2023/02/02
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Baghdad: Nafeh al-Naji
Observers have warned of the danger of a shortage in the national currency, the dinar, estimated at 3 to 4 trillion dinars per month, in light of the decline in dollar sales at the currency auction.
The Central Bank witnessed a significant decline in its dollar sales, for several reasons, most notably the withholding of some banks from the auction and the creation of a new platform for money transfer.
Economic analyst Haider al-Husseini warned of the danger of the central bank issuing cash or printing new quantities of the Iraqi currency, as it would contribute to more inflation in the Iraqi economy, as he put it.
Al-Husseini explained to "Al-Sabah" that "the assets of the Iraqi monetary block in the Central Bank are good, but with the decrease in the Central Bank's sales, there will be a scarcity in the Iraqi dinar."
He added, "The scarcity of the dinar may approach three to four trillion per month, and these can currently be fed because the balances are available in Iraqi banks, but gradually there will be a shortage in the national monetary mass, which calls us to think of alternatives to create Iraqi cash in a way that does not harm the economy." Iraqi."
For his part, the academic, Mudhar Abdullah Al-Zalimi, suggested that the process of (liquishing) operational spending take place at the level of the Iraqi dinar at this stage, indicating, "Those affected can be compensated with shares in projects that will be established by French and German companies, as is the case."
is expected".
He explained, "Employees in state departments whose salaries range from three to five million can be compensated in Iraqi dinars plus shares in those projects." Al-Zalimi called on the Ministry of Commerce to increase imports through official outlets, so that sales of the hard currency window (auction) in the Central Bank would rise, and certainly if we succeed in that, there will be no shortage of the national monetary mass.
He pointed out that "several countries, not only Iraq, suffer from the problem of dollar scarcity, such as Egypt, Lebanon, Turkey, Iran, Syria, Pakistan and others, which caused sharp declines in the value of currencies and the national exchange rates of those countries."
Dr. Al-Zalimi refused to think and go towards increasing currency printing or cash issuance, because it will lead the Iraqi economy to (mazes) as he described it, and this will lead to the accumulation of inflation rates, as happened with other countries such as Zimbabwe and Venezuela, and before them Argentina, the former Yugoslavia and Hungary.
and Germany.
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