An expected problem with the salaries of employees.. The state does not own the dinar, and the bet is on "electronic payment".[You must be registered and logged in to see this link.][You must be registered and logged in to see this link.] |Today, 17:59 |
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Experts and specialists agree that the Iraqi government is facing a real crisis in providing Iraqi dinars to pay its monthly obligations, especially the salaries of employees.
The revenues of the Iraqi state are represented in dollars, which it receives as a result of selling oil and exporting it globally. In return, the Ministry of Finance, in order to pay its monthly obligations, sells dollars to the central bank and takes an Iraqi currency in return for distributing salaries and paying other obligations in Iraqi dinars.
The Central Bank comes in Iraqi dinars through selling dollars to merchants, importers, and other cash sales, as the Ministry of Finance needs monthly to pay operating expenses, including salaries, about 8 trillion dinars per month, or more than 260 billion dinars per day , which is equivalent to 182 million dollars per day.
This means that the Central Bank must sell 182 million dollars daily, to be able to obtain 260 billion dinars daily, or 8 trillion dinars per month, in order to pay the monthly international obligations, including salaries.
However, the Central Bank, 3 months ago, does not sell less than $100 million per day, which means that the Central Bank and thus the Ministry of Finance do not get enough Iraqi dinars to cover their needs, but only have the dollar.
And economic expert Abdul Rahman Al-Mashhadani says, in televised statements followed by “Baghdad Today,” that “the central bank does not have an Iraqi dinar next month,” noting that “this problem began to show signs since this month, as salaries were delayed until the 29th of the month, at the time which some ministries receive their salaries since the 16th of the month.
He emphasized that "77% of the exported currency exists with the people, and no one can withdraw it from them because of the lack of confidence in the banking system. Therefore, the decrease in the central bank's sales of dollars means that it does not own the dinar, and we will face a problem in distributing salaries next month.”
On the other hand, specialists point out that some indicators that have begun to appear from the government as well as the central bank confirm the depth of the problem and their lack of possession of dinars, as they consider that the central bank touched on issuing a cash currency of 20 thousand dinars, as well as the government's tendency to activate electronic sales, all of them Questions indicate that the state does not own the Iraqi dinars to distribute to employees.