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[rtl]Financial expert Mahmoud Dagher issues a warning about local currency storage[/rtl]
2023/02/02 09:50
2023/02/02 09:50
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[rtl]Baghdad - Iraq today:
A financial expert warned of the repercussions of the Central Bank of Iraq resorting to cash storage from the local currency to compensate for any currency scarcity in the markets.
The expert, Mahmoud Dagher, said in a press interview followed by (Iraq Today), that “providing the local currency takes place through the continuation of the process of deliberation and commercial exchange within the markets, which goes hierarchically from the merchant to the central bank to buy dollars, and then the local monetary mass goes from the bank to the Ministry of Finance, to be distributed as salaries and financial dues for employees or others who have dues from the state.
Dagher explained that “the Central Bank sells the dollar today in a currency auction at very low rates, which means that the bank's storage of the local currency will be limited, which will put the Ministry of Finance in a difficult position regarding paying employee salaries and other financial obligations,” noting that “the bank's resort to hoarding From the dinar, and paying it to the Ministry of Finance will have negative consequences, most notably an increase in inflation rates.[/rtl]
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