An economist explains why Iraq did not fully benefit from the exchange rate difference
An economist explains why Iraq did not fully benefit from the exchange rate difference
August 22 20:30
Information/Exclusive..
The economic expert, Dia Al-Mohsen, attributed, on Sunday, the reason why the hard currency reserves of Iraq did not rise to the fact that the Ministry of Finance sold hard currency to the Central Bank of Iraq.
Al-Mohsen said in an interview with Al-Maalouma, that “there is eleven billion dollars per month, which is the difference in the global oil price, which the Ministry of Finance sells to the Central Bank of Iraq,” noting that “the Ministry of Finance must keep stocks of hard currency to face future risks and shocks.” that occur from time to time in the global economy.
He pointed out that “Iraq is facing the high prices of imported goods and the needs that the state needs with the difference in the world oil price, because Iraq is an importing country and is not self-sufficient.”
He added, “The currency difference from the Central Bank of Iraq’s sale of dollars to private banks is 300 billion dinars per month.”
And he indicated that “Iraq now gets 220 billion dinars, which is the difference in the world price of oil per month, but Iraq did not benefit from this rise.”
According to specialists in economic affairs, oil prices are constantly declining and will not remain at this rise due to the increase in exports from many countries of the world, including Saudi Arabia, whose daily exports reached about 13 million barrels. exports. finished 25/j
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