An Economist Explains The Reasons For The Decline In Central Bank Sales… What Is Its Impact On The Economy?
An Economist Explains The Reasons For The Decline In Central Bank Sales… What Is Its Impact On The Economy?
01/01/2022 | 4:26 PM
Information / Baghdad..
The economic expert, Nabil Al-Marsoumi, explained, on Saturday, the reasons for the decline in the Central Bank of Iraq’s sales of hard currency, explaining its impact on the Iraqi economy.
Al-Marsoumi said, in a Facebook post, which was seen by / the information / that “sales in 2021 = 33.835 billion dollars, and sales in 2020 = 44.080 billion dollars,” noting that “the decrease in sales = 7.245 billion dollars.”
He continued, “The reason is the high exchange rate of the dollar against the dinar, which led to a decrease in imports, and the result is a rise in the foreign reserves of the Central Bank by 12 billion dollars as a result of the decrease in dollar sales and the increase in oil revenues.”
He pointed out that “the figures, when you read them economically, find that the Central Bank’s sales of the dollar declined during the first five months of 2021 to 8.616 billion dollars, after it was during the same period in 2020 about 17.666 billion dollars, which is a significant decrease of more than 9 billion dollars and is linked to Mainly in the case of monetary instability and the state of anxiety related to the repercussions of the rise in the price of the dollar and the delay in enacting the budget law until mid-March 2021.”
He pointed out: “If we compare sales from May to K1 between 2020 and 2021, we will find that sales amounted to 26.414 billion dollars in 2020, rising to 28.219 billion dollars in 2021, which means that the positive impact of raising the dollar on the Central Bank’s sales of dollars and on foreign reserves It will not be sustainable as it is associated with an emergency and unstable conditions.” finished/25h
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