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Sudanese financial advisor: Raising the value of the dinar came to fight inflation
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Economy News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank's decision yesterday to raise the value of the dinar is to fight inflation.
Saleh said, in an article published by the Iraqi Economists Network and seen by "Al-Iqtisad News", that the decision to raise the value of the Iraqi dinar against the dollar is to fight inflation and combat inflationary activities and their expectations, noting that the Central Bank of Iraq has provided monetary means since 2020 to support public finance without The fiscal policy itself shows any financial adjustment in maximizing non-oil revenues or reducing unemployment or poverty levels. Rather, it resorted to maximizing domestic borrowing to reach $20 billion provided by the Central Bank of Iraq.
He added that the previous dollar exchange rate of 145 did not achieve its goals of development and stability, noting that Iraq's reserves amounted to 115 billion dollars.
He stressed that the annual inflation rose to about 10%, which necessitated the intervention of the Central Bank of Iraq to address it, by raising the external value of the Iraqi dinar, adding that foreign reserves cover 20 months for the import of goods, while the global one is 3 months.
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Added 2023/02/08 - 9:22 AM
Updated 2023/02/08 - 2:07 PM
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Appearance of Muhammad Saleh
Appearance of Muhammad Saleh
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Economy News - Baghdad
The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the Central Bank's decision yesterday to raise the value of the dinar is to fight inflation.
Saleh said, in an article published by the Iraqi Economists Network and seen by "Al-Iqtisad News", that the decision to raise the value of the Iraqi dinar against the dollar is to fight inflation and combat inflationary activities and their expectations, noting that the Central Bank of Iraq has provided monetary means since 2020 to support public finance without The fiscal policy itself shows any financial adjustment in maximizing non-oil revenues or reducing unemployment or poverty levels. Rather, it resorted to maximizing domestic borrowing to reach $20 billion provided by the Central Bank of Iraq.
He added that the previous dollar exchange rate of 145 did not achieve its goals of development and stability, noting that Iraq's reserves amounted to 115 billion dollars.
He stressed that the annual inflation rose to about 10%, which necessitated the intervention of the Central Bank of Iraq to address it, by raising the external value of the Iraqi dinar, adding that foreign reserves cover 20 months for the import of goods, while the global one is 3 months.
150 views
Added 2023/02/08 - 9:22 AM
Updated 2023/02/08 - 2:07 PM
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