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Specialists: The financial revenues are reassuring and constitute an economic lever
Economical 2023/01/18
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Baghdad: the mainstay of the emirate
Specialists in economic affairs pointed out that Iraq has the financial liquidity that enables it to overcome the economic crises resulting from the high exchange rate, praising at the same time, the central bank’s measures aimed at aborting the rise of foreign currency against the dinar, which greatly affected the overall economic process, and contributed With clear increases in inflation rates, while they pointed out that “dollarization” does not constitute a serious obstacle to achieving the goals of economic growth.
During the past year, Iraq achieved financial revenues from the sale of oil estimated at about 115 billion dollars, according to the Ministry of Oil, a figure that specialists consider “reassuring” and able to cope with fluctuations in the exchange rate, which exceeded 1,600 dinars per dollar, stressing that the steps of the monetary authority represented by the Central Bank , capable of putting an end to the unbridled dollar during the coming periods.
The academic and economic researcher, Dr. Abdul Karim Al-Issawi, said in an interview with “Al-Sabah”: ““dollarization” is defined as the possession of citizens (residents) of a large part of their assets in the form of tools denominated in dollars, and this phenomenon has spread in many developing countries in general and in Countries that implement the correction programs set by the International Monetary Fund, and this phenomenon, according to the visions of some, does not constitute a serious obstacle to achieving the goals of economic growth or accelerating inflation rates in countries where this phenomenon partially exists, but in the case of its transformation into a total phenomenon, meaning that all transactions This will lead to economic damage resulting from the rapid circulation of money and speculation.
Al-Issawi pointed out that Iraq is a rich oil country and possesses huge reserves, and the financial revenues from crude oil represent a great economic lever in light of the constant need for Iraqi oil by consuming countries, noting that “the crisis of the last currency window is a financial shock in providing liquidity from the dollar to meet the need of merchants.” And citizens, despite this, monetary indicators are appropriate for the Iraqi market and the various reserves of the monetary authorities in Iraq cover imports by more than two and a half times, according to the financial revenues for the year 2022 amounting to 115 billion dollars and the volume of monthly commodity imports amounting to approximately 4 billion dollars only, according to the spokesman.
Al-Issawi believes that “the financial reserves are able to cover Iraq’s debt service, meaning that the country has a volume of international liquidity capable of avoiding the difficulty of paying external and internal debts,” calling on “the monetary authority to regulate how the currency window works, to send important signals to the market.” And the local sectors reassure everyone through them that the Iraqi dinar is far from its devaluation, and to make the “dollarization” process in its partial scope, which is a normal phenomenon in a country that pegs its currency to the dollar through the sale of oil.
For his part, the academic, Dr. Amr Hisham, believes that talk about “dollarization” of the Iraqi economy as a result of fluctuations in the exchange rate of the dinar in recent weeks is very exaggerated and lacks objectivity, as it is incorrect to fear the collapse of the currency and that the rate of fluctuations did not exceed 8 percent, and the efforts made It was taken by the Central Bank, which succeeded in reducing this percentage to 5 percent, criticizing allowing dealing in many joints in dollars, such as the car market, electrical goods for Apple, and even the real estate and land market.
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