Economist: Currency auction will secure liquidity for the Ministry of Finance
Economist: Currency auction will secure liquidity for the Ministry of Finance
8-29-2024
Information/Baghdad…
Economic expert Safwan Qusay confirmed that the Ministry of Finance does not suffer from any problems in securing employees’ salaries, noting that the currency auction will secure the necessary liquidity.
Qusay told Al-Maalouma, “The fear of not funding salaries is exaggerated, as the Ministry of Finance has no problem funding the employee compensation item, as it is governed by laws. In addition, some federal ministries have paid their employees’ dues, with the exception of certain units whose salaries were not funded due to lack of data or lack of conformity between the amounts requested for funding and the attached statements, which leads to procrastination.”
He added, “The Central Bank sells at a rate of 280 million dollars daily, and this number is sufficient to cover all commodity and service products.”
He explained that the price of a barrel of oil needs $69 to balance operating expenses at the current production level of 3 million and 200 thousand barrels of oil per day.
He explained that “more than $69 per barrel is used to finance the investment budget, as Iraq needs $96 per barrel to finance all operating and investment expenses.”
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