An economist talks about a “rare” financial problem in Iraq

An economist talks about a “rare” financial problem in Iraq


An economist talks about a rare financial problem in IraqEconomist Rasem al-Aqidi, on Tuesday (26 May 2020), spoke about a problem that Iraq suffers from, describing it as “rare in the world” in the financial field.

Al-Akidi said in a press interview that “Iraq suffers from a rare problem occurring all over the world, in the financial field, in terms of its cash block amounting to 56 trillion dinars, which the central bank is supposed to return any amount of money printed periodically after paying salaries and commercial activities, To the banks within the economic cycle, “pointing out that” that happens that 20% go to banks only and 80% remain in markets, stores, homes, and even in neighboring countries, which are used to buy dollars within the central bank window. ”

Al-Akidi added, “All countries of the world have resorted to the method of modern technologies in the distribution of salaries and commercial activities, via KeyCard, and every employee has a current account and all dues are paid by electronic methods, but this method faces obstacles in its implementation by the symbols of corruption, because it will end the process Sell ​​the dollar, and secure a lot of cash for the government to pay its expenses. ”

The promise of “the use of modern technologies in the performance of the economic cycle is very important, and will allow the central bank and government banks to control the national currency, on the basis of the three elements: the monetary block, the volume of dealings, and the volume of trading.”

And Iraq is suffering from an economic crisis, against the backdrop of low oil prices, due to the fact that the Corona virus was invaded to the country, and the consequent disruption to travel, stopping travel, and closing some border points.