Economist: Going to print a currency of 20 thousand dinars will cost Iraq a lot of money
Economist: Going to print a currency of 20 thousand dinars will cost Iraq a lot of money
9-29-2022
Information / Baghdad…
The economic affairs specialist, Muhammad Al-Saadi, considered, on Thursday, the Central Bank’s intention to introduce a new currency in the category of twenty thousand dinars, as a futile economic step, and it will cost the country a lot of money.
Al-Saadi told Al-Maalouma, “Proceeding with the printing of a currency of 20 thousand dinars will cost the state great money, as printing money by the Central Bank is an economically complex technical process.”
He added, “Every printed monetary unit must have a balance of foreign exchange reserves, a balance of gold, or real goods and services that were produced in society.”
Al-Saadi indicated that “the money circulating in the market has a real value and is not just printed papers,” noting that most developing countries usually bypass these rules, and money is printed at rates that exceed the permissible, which leads to high inflation rates.
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