Warnings of the continued exit of hard currency from Iraq to other countries

Warnings of the continued exit of hard currency from Iraq to other countries

Thursday 11 February 2021 | 09:11 am

Warnings of the continued exit of hard currency from Iraq to other countriesThe economic expert, Ihssan Al-Kinani, warned that the continued exit of hard foreign currency from inside Iraq to the outside will have negative effects on the Iraqi economy, pointing out that any decrease in oil prices will have disastrous consequences for the loss of the currency .

Al-Kinani said that “the exit of foreign currency from Iraq has not noticed its negative effects at the present time due to high oil prices and the large amount of dollars entering the country .”

He added that “the banking policy in Iraq is incorrect because of its reliance on the auction of selling the currency and not launching any investment projects to maximize revenues .”

And that “the political class’s acquisition of banks, especially the currency auction, will lead to disastrous results that lead to the exit of most of the foreign currency from Iraq to the outside, either through politicians to deposit it in foreign banks or through trade exchange, as Iraq depends 95 percent on foreign goods.” .

aynaliraqnews.com