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[size=45][size=41]A financial expert warns the Central Bank of resorting to storing the local currency because of the repercussions of the dollar[/size]
16 hours ago
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16 hours ago
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A financial expert warned of the repercussions of the central bank resorting to cash storage from the local currency to compensate for any currency shortage in the markets.
The expert, Mahmoud Dagher, said in a press interview seen by “Takadam” that “the local currency is provided 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 the dollar, and then the local monetary mass goes from the bank to the Ministry Financial to be distributed as salaries and financial dues for employees or others who have dues from the state.
Dagher explained that “the Central Bank today sells the dollar 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 employees’ salaries and other financial obligations,” noting that “the bank’s resort to storage From the dinar and paying it to the Ministry of Finance will have negative consequences, most notably an increase in inflation rates.
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