An economist calls for a reduction in the dollar due to the rise in oil: the decision acquired a quarter of what a citizen owned
An economist calls for a reduction in the dollar due to the rise in oil: the decision acquired a quarter of what a citizen owned
02/17/2021 15:12:08
(Baghdad: Al Furat News) An economist, Bassem Jamil Antoine, explained, on Wednesday, that the government took a quarter of the citizen’s ownership, while noting that monetary inflation weakened the purchasing power.
Antoine told {Al-Furat News}, “The decline in oil prices before Corona paralyzed the economic process in the country,” noting that “after Corona treatments were found, economic activity began to recover and the demand for oil began to increase.”
He explained, “Oil is supply and demand. When demand occurs, the price increases. We explained at the time of the budget, if oil rises, it will compensate for the deficit.” A year, when we add this number, the budget deficit will decrease, and thus there is no need to reduce the ratio of the dinar. ”
And he added, “If the dinar continues in this way, Iraq will get differences from the sale of oil to the budget,” stressing that “the deficit should decrease and act in a scientific manner to allocate investment clauses, address unemployment, rising poverty rates, and expectations of a higher oil rate than the exchange rate was more than what is addressed.” Economical. ”
Antoine went on to say, “Is it reasonable for the Minister of Finance to ask the central bank to reduce the dinar, wondering? Where is the authority of the Central Bank of Iraq not the duties or rights of the Minister of Finance, as the financial policy is in the hands of the Minister of Finance, the government, and monetary policy is in the hands of the central bank,” indicating, “We expect Over a period of six months, after it reduces 10% on the social and economic classes, the poor classes and the market. ”
He concluded his speech by saying, “What happened now is high monetary inflation, so prices rose and became a high economic downturn, weakening the purchasing power because the government took from the pocket of every citizen a quarter of what he owned.”
alforatnews.com
