New currency printing warning: Three classes will be affected

New currency printing warning: Three classes will be affected

TUESDAY, 27-10-2020, PM 12:22

25k Iraqi Dinar notesThe reporter of the Parliamentary Finance Committee, Ahmad Al-Saffar, warned, on Tuesday, of the danger of going to print a new currency to cover the financial deficit, noting that the first affected by the repercussions of inflation are those with limited and fixed incomes of employees and property owners.

Al-Saffar said, “The committee has a host for the central bank governor in the coming days, as he was supposed to attend yesterday, Monday, but he was delayed due to commitments and awaiting agreement on a new date for the meeting,” indicating that “the process of issuing a new cash in a non-productive economy like Iraq is.” It will lead directly to the phenomenon of inflation. ”

Al-Saffar added, “Inflation means a rise in commodity prices in the markets with the loss of the local currency’s value and monetary strength against hard currencies,” noting that “the one affected by this situation if it happened is the owners of limited and fixed incomes, meaning that the first affected are employees and property owners.” For Alsumaria News.

He stressed that “this monetary policy will not benefit the Iraqi economy, which is already in a financial crisis, and there are other measures within the financial and monetary policy that could be taken by the government to alleviate the current crisis instead of going to print the currency.”