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Mazhar Salih: Restoring confidence in the Iraqi dinar is a national necessity
The first 2023/05/27
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Hoda Al-Azzawi
Experts and consultants in financial and economic affairs saw that government procedures and the steps of the Central Bank of Iraq regarding limiting the obligation of ministries and state institutions to pay wages for goods and services in Iraqi dinars and urging merchants and companies to do so, are likely steps to restore confidence in the country's national currency, indicating that the market's linkage to two currencies, one of which is foreign, undermines The state of stability and generates turmoil in the market.
And the Advisor to the Prime Minister for Financial Affairs, Dr. Mazhar Muhammad Salih, stated in an interview with “Al-Sabah” that “pricing in the currency of another (foreign) country subjects the general level of prices to market disturbances and speculators, and thus deprives the monetary authority from exercising the power of stability according to Central Bank Law No. 56 of 2004.
He pointed out, "The government took the decision to deal in the Iraqi dinar with what was announced by the monetary authority insisting that it be the unit of payment, value, and the unit of legal dealing in internal transactions, and no other currency is considered in Iraq except in the Iraqi dinar, while foreign currency is for the purpose of external transactions only."
Salih noted that "dealing in foreign currency depends on monetary policy and the general level of prices depends on market speculation. On this basis, the supremacy of the national currency and its defense through monetary policy is the only right platform for monetary stability and keeping monetary income away from the forces of conflict."
He explained that "the existence of two currencies in one economy is dangerous, and it means that monetary policy is given with all its components and influence in the national economy through a currency other than the country's currency, so the decision came to not consider any monetary unit except in the Iraqi dinar in order to impose monetary stability in transactions, contracts, payment and receipt, and distancing." The introduction of any hybrid currency in economic transactions, which is the legal monetary unit adopted in linking price stability and the stability of the value of the national currency without being disturbed by foreign currencies entering the economy.
In addition, the expert on economic affairs, Nabil Jabbar Al-Ali, said in an interview with "Al-Sabah": "Because of the shake-up of confidence that the Iraqi dinar has gone through among traders since the end of the year 2020 until this moment, the central bank administration and the government are restoring the reputation of the Iraqi dinar." ".
He added, "The sudden change in the exchange rate in December 2020 and the broad government promises at the time of several benefits regarding that decision and the failure to implement any of them, affected many commercial transactions and raised inflation by a high rate and the inflation of the exported cash until it became difficult to control the stability of the currency, which prompted many to The belief that the dinar has become an unreliable currency because of these fluctuations in government policies.
He pointed out that "the Central Bank administration is trying today to work to re-strengthen the status of the Iraqi dinar and its stability in front of currencies in order to stabilize the markets and end the state of turmoil, as well as reduce inflation rates and reduce their damage to the incomes of Iraqis."
Edited by: Muhammad Al-Ansari
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