The importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes The Department of Economic Studies in Beit al-Hikma held a scientific symposium entitled (Change the value of the Iraqi currency .. benefits and costs) with the participation of financial and economic experts in the public and private sectors.
The symposium was moderated by Dr. Falah Hassan Thwaini, supervisor of economic studies at Bayt al-Hikma last weekend, with the participation of the financial adviser to Prime Minister Dr. Muthahra Mohammad Saleh, as well as Professor Dr. Mahmoud Mohammad Dagher, Director of the Department of Financial Operations and Debt Management of the Central Bank of Iraq.
The participants dealt with the reality of changing the value of the Iraqi currency and the reduction of the Iraqi dinar, and its impact on the Iraqi economy, some describe this reduction as a support for the global economy and some see the deterioration of the purchasing power of the Iraqi individual.
Dr. Mohammed Saleh spoke about the policy of the Central Bank since its establishment so far in a concise and clear way as the bank's goal is to manage the monetary expectations and how Iraq's oil revenues from 2003 to 2014 are improving continuously.
He pointed to "the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy," and the importance of the need for new policies are consistent with the policy of the Central Bank to reach solutions.
Dr. Mahmoud Mohammed Dagher discussed the current exchange rate regime for two years in Iraq and mentioned facts about the Iraqi economy for 2019.
The decision to devalue the Iraqi currency is effective in all the monetary and real balances of the Iraqi economy, because one of the causes of inflation, which ignites expectations and pressures towards the continuation of its decisions subsequent reductions.
Then he talked about reserves since 2019 to today, and then the exchange rate has been stable for more than a year.
The actual external debt is 24 billion dollars, and the annual short debt is between 1.5 and 2 billion dollars," he said.
Dagher warned that "the decision to reduce the currency risk, because it affects all balances," and then go to the tax and customs fact down to inflation levels.
"Monetary action needs a positive change in the industrial and agricultural sectors, especially as we are financially weak economically".
Dagher concluded that "the value of the currency raises inflation and here is the main benefit of the dollar campaign."
The Academy d. Said that "some of the experiences were temporarily reduced to overcome a crisis and then returned, do we have the potential to adopt such a way?"
"The need for multilateralism in building economic and productive sectors in particular, as well as the activation of other agricultural policies Industrial ".
"The financial sector is the cornerstone of the stage of economic development sought by the country, and the introduction of such an important subject before financial experts is the need to come out with effective treatment, and can
Taking advantage of global experiences in this direction, to find out the merits of the subject and to know the actual benefit of the National economy ".