46 minutes ago
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The economist, Nabil Al-Marsoumi, identified three important points in the national economy after the release of the budget funds.
Al-Marsoumi said in a press interview seen by “Takadam” that “the general budget funds have been released, which means that public spending in Iraqi dinars will increase and push to a higher pace to buy consumer goods due to the narrow local production base, which leads to an increase in demand for the dollar and eventually raising the exchange rate.” .
And he added, “The central bank will launch a new monetary block added to the existing one, which means price inflation and an increase in the gap between the official dollar exchange rate and the parallel price,” noting that “the central bank is forced to print more money, as it printed between 2020-2022 about 20 trillion dinars, and the process Really going on.”
He pointed out that "the demand for the dollar will increase in the coming days due to the increased demand for the purchase of consumer goods, which means that dollar sales will increase in order to contain the increasing demand."
The current budget is the largest in the country's history, amounting to approximately $153 billion per year, with a large fiscal deficit estimated at about $48 billion annually.
The Ministry of Justice had issued, on Monday (August 7, 2023), controls to facilitate the implementation of the Iraqi general budget law for the years (2023-2024-2025).
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