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Al-Alaq: There is no scarcity of dinars and the monetary supply exceeds 100 trillion
Economical 11/28/2023
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Baghdad: Al-Sabah
Yesterday, Monday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, denied the existence of a scarcity in the stock of the Iraqi dinar, and while he determined the size of the dinar’s monetary mass and those in circulation, he revealed a broad strategic plan to expand the transition to electronic payment.
Al-Alaq told the Iraqi News Agency (INA): “The state’s financial situation depends in general on its imports and is currently at a good level as a result of the rise in oil prices,” stressing that “it is important to invest this money in a way that accelerates opportunities for construction, advancement and development.”
He added, “The positive thing about the government’s work is that it is moving in this direction, and there is great emphasis and focus on completing projects,” noting that “there are a large number of projects that were stalled and stalled for many reasons, and there is work to address the situation and accelerate the projects, especially since they are mostly related to infrastructure.” Services, etc., and the government gives this matter great attention, priority, and close follow-up by the Prime Minister personally.”
He pointed out that “there is a wide movement regarding the demand for investment projects in the country,” noting that “a large number of companies and countries have begun to conduct studies and have identified some projects to start in Iraq.”
Al-Alaq believed that “these are positive indicators that benefit from the state of stability in the country and the stability of the financial and monetary conditions,” pointing out that “the size of the monetary mass or the exported currency amounts to more than 100 trillion dinars, 70 percent of which is in circulation.”
He denied “the existence of a scarcity in the stock of the Iraqi dinar,” adding: “We are responding to the demand for the Iraqi dinar or in relation to the dollar in dinar initiative for the purposes of the Ministry of Finance.”
He stressed that “the trend towards electronic payment aims to limit the phenomenon of the cash economy, which has major negative effects on the Iraqi economy and consequences and effects with regard to liquidity management and the costs of this liquidity from printing currency and controlling it,” explaining that “the government’s trend is to switch to electronic payment to reduce This phenomenon".
He stated that “there are trends at several levels in this context, and there is direct coordination between the government and the Central Bank. Electronic payment experiments and tools have begun to be circulated in many areas, and there is a broad and strategic plan at the Central Bank to expand in this field,” calling on citizens to “keep abreast of the developments that have occurred and are occurring.” In all countries of the world, to limit
From the phenomenon of using cash.
He pointed out that “keeping pace with development serves the citizen, the state, and the economy,” pointing out that “holding cash and hoarding only carries risks, and deprives the citizen of having these amounts in his accounts and being able to benefit from them in many areas.”
He noted that “the world is heading towards digital transformation, which is the fourth revolution in the world, and we must be close to these transformations to achieve the goals, objectives, benefits and positives that come from them.”
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