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Economists call for the issuance of a new Iraqi currency
24/6/2021 13:12:00
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Economists call for the issuance of a new Iraqi operation
Economists called for issuing a new currency for Iraq and linking it to a basket of currencies to maintain the stability of its exchange rate, without the need to remove zeros from the current Iraqi dinar.
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed today, Sunday, that the Central Bank of Iraq has developed a project to delete three zeros from the Iraqi currency in order to reform the cash payments system, pointing out that the implementation of the project needs two conditions, the first is price stability and global economic growth, and the second is appropriate stability in Political life.
Economic analyst Mazen Al-Ashikar, in an interview with PUKmedia , said that the idea is not to remove zeros from the dinar. We want to issue a new Iraqi currency, and the new dinar could be equivalent to 1000 dinars of the current dinar or more, and this is not a condition that it be linked to deleting zeros.
He added, "A new currency must be issued for Iraq that is linked to a basket of currencies, as is the case in several countries in the Middle East, in the UAE, for example, the dirham has been linked to the dollar and its price has been fixed for about 20 years," noting that they suggested that the price of the new dinar be equal to 50 cents of the dollar, and 25 A penny from the Australian pound, and 25 cents from the euro and is linked to the euro, sterling and dollar basket, and in this case, the higher the price of these currencies, the higher the price of the Iraqi dinar, and the dinar will turn into a hard currency, and all government contracts will be signed in dinar and there will be no need for a currency auction that witnesses corruption and thefts.”
Al-Eshaiker stressed that it is necessary to issue a new process to stop waste and corruption, and it is not necessary how much its price will be compared to the current dinar price, but the important thing is that it be linked to a basket of currencies, pointing out that “the implementation of this idea is difficult today because there is corruption, but when an honest person comes who manages The country, it can be implemented," stressing that "issuing the new dinar and canceling the currency shrine is a blow to the corrupt, and therefore it is difficult to implement this now."
For his part, economic expert Hammam Shammaa said that removing zeros does not achieve economic benefit, noting that the only benefit is to reduce the amount of banknotes in circulation.
Al-Shammaa added in an interview with PUKmedia , that removing zeros does not change the exchange rate system, suppose that 3 zeros were removed from the current currency, then each and a half dinar equals one dollar instead of 1500 dinars equivalent to one dollar, stressing that there is no economic return to removing zeros only achieves Ease of dealings, describing those who demand the removal of zeros in the patriarchs, indicating that the removal of zeros means an increase in costs for the state by issuing new currency notes, and the matter does not need to be done as long as things are going normal.
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