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[size=30]An international report talks about a threat to the Iraqi dinar ... and an economist "refutes"
2021-03-04
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Yes Iraq: Baghdad
An Arab report classified Iraq among 5 Arab countries whose national currencies suffer from collapse, while an economist refuted the report's contents.
According to a report by Sky News Arabia on Thursday, the population of Iraq, Syria, Lebanon, Yemen and Blacks is under the influence of a gradual deterioration of the local currency against the dollar, which contributes to high commodity prices and threatens hunger and crushing the poor classes.
The report indicated that Iraq is trying to control the exchange rate of the dollar without changing that from the poor living reality, which was naturally affected, according to the expression of the report, which indicated that the price of the dollar reached 1462.5 Iraqi dinars.
The report indicates that the federal government decided at the end of last year to raise the value of the dollar against the Iraqi dinar from 1200 dinars per dollar to 1450, to cover the deficit in the 2021 budget that has not yet been approved, pointing out that this decision contributed to high prices, especially foodstuffs, as Iraq depends on import. In securing his goods.
For his part, the economist Hammam Al-Shamaa considered the report political and not economic, stressing that the Iraqi currency is in a good position.
Al-Shamaa said in a press statement that the Iraqi currency is not subject to decline because the exchange rate is controlled, and the exchange system in Iraq is the fixed exchange system in dollars.
Al-Shamaa pointed out that the decision to reduce the price of the Iraqi dinar does not mean a change in the fixed exchange system, explaining that the fixed exchange system is based on very strong reserves amounting to $ 55 billion, which is equivalent to almost 100% of the volume of Iraq's foreign trade, indicating that the reserve is supposed to be a third of the volume The country's foreign trade, i.e. what covers 4 or 5 months of the country's trade, but in Iraq the reserve covers a full year of the country's trade and thus the currency is in good condition and is not vulnerable to collapse, stressing that the report is political and not an economic report.
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