[size=36]Finance talks about the benefits of raising the price of the dollar: save the reserve currency from falling[/size]
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, the Ministry of Finance spoke, on Tuesday, about the benefits of raising the price of the dollar, pointing out that it stopped the fall of the reserve currency and strengthened import capabilities.
A statement by the ministry, which "Mawazine News" received a copy of, stated that "the ministry has continuously followed up the indications of devaluing the currency against the dollar and over the past nine months. In April 2021, after it was $54 billion in December 2020, this came after implementing reform measures.
He added: "The change in the exchange rate also helped reduce the demand for foreign currency, which was positively reflected in the decrease in imports and the increase in domestic production."
The statement continued: "The indicators showed a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis, the spread of the "COVID-19" virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.
He stressed, "The ministry is working to reinvest the revenues of the generated funds with the aim of building a targeted production base outside the oil sector and relying on other sectors, which will contribute to a decrease in demand for the dollar as a result of compensating some of the produced goods, which made the proportion of imports to local consumption decline."
He pointed out, "Since the formation of the current government, the ministry has adopted plans and mechanisms to work on reforming Iraq's fiscal policy, which culminated in the adoption of the reform paper, the "White Paper", which outlined future economic and financial policy steps to advance local production and reduce imports for the country," stressing: "This measure also contributed to Improving the state of the general budget, reducing imports, and moving towards encouraging local products and providing job opportunities. Ended 29/A43