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An expert reveals the size of the financial damage the government has borne as a result of the exchange rate cut
[ltr]2023.02.16 - 09:02[/ltr]
[ltr]2023.02.16 - 09:02[/ltr]
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Baghdad - people
On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, revealed the size of the financial damage the government borne as a result of the devaluation of the exchange rate.
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Al-Marsoumi said in a post followed by “NAS” (February 16, 2023), that “22 trillion dinars is the amount of direct financial damage that the government borne as a result of the reduction in the exchange rate of the dollar against the dinar, which led to an increase in the internal debt, valued at the new exchange rate, from 50 to 55 billion.” Dollars and the decrease in government revenues denominated in dinars by about 15 trillion dinars in the 2023 budget.
He added, "However, commodity prices did not decrease in the local market, and the gap between the official and parallel prices of the dollar against the dinar did not shrink."
And the Cabinet approved, earlier, the decision to adjust the exchange rate of the dollar by the equivalent of 1,300 dinars.
The media office of the Prime Minister said in a statement, which "NAS" received a copy of, (February 7, 2023), that "the Council of Ministers approved the decision of the Board of Directors of the Central Bank of Iraq to adjust the exchange rate of the dollar against the dinar, equivalent to 1,300 dinars per dollar."
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