Allawi: Iraq's economy threatened to collapse under current monetary policy 9/19
Mohammed Allawi: Iraq's economy threatened to collapse under the current monetary policy Date: 09/19/2015 16:43
Information / BAGHDAD / ..
Said former Minister of Communications Mohammed Tawfiq Allawi, on Saturday, the impossibility of the return of oil prices to previous levels, and was charged with those responsible for the economic file to make decisions will make the country's economy collapses, he explained that the coming year will see a significant reduction in the cash reserve.
Allawi said in a statement received by the agency / information /, copy it, that "Treasury bonds loan from three international banks (Deutsche Bank, Citigroup and JP Morgan) by six billion dollars at an interest rate 10.37% per annum up to the year 2028 when a great danger."
He said, "This loan will come within the budget already suffering from clear to cover the operating budget shortage," noting that "this amount will pay Kmaachat will go in vain without the payoff."
Allawi stressed "the impossibility of increase in oil prices to their previous levels, as the price of oil will not be up to eighty dollars per barrel because of shale oil production in the foreseeable future," likely "going down the price of oil to $ thirty levels or even lower over the next year due to an increase Iranian production ".
And that "those responsible for the economic file make decisions will make the country's economy is collapsing without taking deliberate steps to save the country from collapse."
Allawi added, "The coming year will see a significant reduction in the cash reserve and we will have to reduce the dinar or rather the collapse of the dinar," but he also said, "Unfortunately, no one listens to what arises from economic solutions."
He pointed out that the "theft of the Central Bank are still going on in full swing The difference between the price offered in 1190 to the dollar and the selling price in 1223 which is 33 points, or that there are 2.8 cents per dollar and the central bank a month now to sell $ 3.8 billion and more than half of this amount sold in the markets. "
Allawi and continued that "in this year steal more than $ 600 million from the citizen, and soaked in the euphoria of what achieve profits from this class and trying to patch up the situation by borrowing without thinking about the results," .anthy 25 K.