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[size=36]Al-Kazemi’s advisor: The state’s loss will be great by adjusting the exchange rate[/size]
Economie| 09:04 - 01/03/2022
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Baghdad - Mawazine News
Today, Tuesday, the financial advisor to the Prime Minister, Mazhar Muhammad Salih, identified two directions for resolving the exchange rate crisis, while explaining the extent to which the currency market was affected by conflicting statements.
Saleh said, "The currency market is inevitably affected by information, and the bond sale market is also affected, which is a free market with duelists and an information market," pointing out that "sometimes there is false information that disturbs the market or may be truthful that leads to the exchange of buying and selling very quickly."
He added, "It is not possible to deviate from the contexts of the Ministry of Finance, but if the exchange rate is modified, it will have a benefit and a loss, and the state's loss will be greater because it has achieved revenues in the form of an inflation tax at a rate of 20%, and if the value of the dinar is raised, the value of the increase will be lost by public finance, especially And that it depends on 93% of the value of its revenues that depend on oil, as it is a key player in managing the budget,” stressing that “
He pointed out that "there must be two directions to solve the crisis, the first is to re-evaluate the dinar and raise it alone, and it seems that there is no tendency on the part of the Ministry of Finance, but it must use the compensatory tendency such as taxes and customs duties, expand the base of social assistance and improve the food ration of the poor," referring to That "the budget compensates for the difference between the exchange rate difference by supporting the poor in the budget and expanding the base of support, and this is what the Ministry of Finance tends to do now."
He continued, "Among the solutions is also maintaining the prices of fuel and food and consumer goods in the markets to compensate for the income," stressing that "the market is stable at a low exchange rate and there is a high price difference, but inflation is still within the single decimal place, according to a statement by the Ministry of Planning."
And he warned, that "if inflation exceeds two ranks, it will become a danger," noting that "the biggest solution to treating inflation is interfering with the exchange rate."
Saleh said, "The currency market is inevitably affected by information, and the bond sale market is also affected, which is a free market with duelists and an information market," pointing out that "sometimes there is false information that disturbs the market or may be truthful that leads to the exchange of buying and selling very quickly."
He added, "It is not possible to deviate from the contexts of the Ministry of Finance, but if the exchange rate is modified, it will have a benefit and a loss, and the state's loss will be greater because it has achieved revenues in the form of an inflation tax at a rate of 20%, and if the value of the dinar is raised, the value of the increase will be lost by public finance, especially And that it depends on 93% of the value of its revenues that depend on oil, as it is a key player in managing the budget,” stressing that “
He pointed out that "there must be two directions to solve the crisis, the first is to re-evaluate the dinar and raise it alone, and it seems that there is no tendency on the part of the Ministry of Finance, but it must use the compensatory tendency such as taxes and customs duties, expand the base of social assistance and improve the food ration of the poor," referring to That "the budget compensates for the difference between the exchange rate difference by supporting the poor in the budget and expanding the base of support, and this is what the Ministry of Finance tends to do now."
He continued, "Among the solutions is also maintaining the prices of fuel and food and consumer goods in the markets to compensate for the income," stressing that "the market is stable at a low exchange rate and there is a high price difference, but inflation is still within the single decimal place, according to a statement by the Ministry of Planning."
And he warned, that "if inflation exceeds two ranks, it will become a danger," noting that "the biggest solution to treating inflation is interfering with the exchange rate."
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