Parliamentary Finance confirms the government's printing of new currencies without financial cover and describes the act as "dangerous"
17:43 - 10/25/2020
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On Sunday, the Parliamentary Finance Committee described the federal government’s printing of currency without providing financial cover as a dangerous and wrong behavior.
"The government of Prime Minister Mustafa Al-Kazemi does not have a vision for economic and financial reform," said Abdul Hadi Al-Saadawi, a member of the committee, in a statement to "Al-Maaloumah", pointing out that "the government made a big mistake by printing currency without providing a financial cover for it."
He added that "printing the currency without providing financial cover is the most dangerous work done by the Central Bank of Iraq at the present time," noting that "this matter will lead to major economic problems."
Last Monday, the Parliamentary Finance Committee announced the opening of an investigation to secure the government’s salaries for September, despite the Parliament’s lack of approval of the loan presented, indicating that its insurance is surrounded by doubts between withdrawing from the central reserve or printing other currencies.