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Employees' salaries ... a warning against adopting two options to secure them, and fear of rejectionist international action

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Employees' salaries ... a warning against adopting two options to secure them, and fear of rejectionist international action

6,525 Economy 10/17/2020 19   ht
Baghdad Today - Special


The economic expert, Salam Sumaisem, warned, Saturday, October 17, 2020, the government against disposing of foreign currency and gold reserves to pay employees' salaries, indicating that "this plan will have severe risks to the Iraqi economy."

Sumaisem said in an interview with (Baghdad Today), "There are severe risks to the Iraqi economy in the event that the state deliberately disposes of foreign currency and gold reserves," noting that

"international organizations, including the International Monetary Fund and the World Bank, will have a role opposing this step." .

He added that "the rise that occurred today in the price of the dollar is the result of a trend that may be the exchange rate of 1500 dinars," noting that

"this step will provide the government with large amounts of Iraqi cash to meet the local need and reduce the size of the economic crisis the country is going through."

Sumaisem indicated that "the Iraqi economy will be hit by inflation, and citizens with fixed or limited income will pay the price for that."

Earlier, a member of the Parliamentary Finance Committee, Naji Al-Saeedi, said today, Saturday, that the new cash issue to finance internal borrowing will contribute to raising the exchange rate.

Al-Saeedi wrote in his Twitter account: "The Central Bank's use of the new cash issue to finance internal borrowing (to fill the budget deficit) will lead to an increase in the exchange rate of the dollar against the dinar, which will lead to an increase in the price of goods."

He continued: "The beneficiaries of this process are the joint banks in the window of selling the currency," considering it "legal theft of the people's money."

On Saturday (October 17, 2020), independent MP Asaad Al-Morshedy said that the jump in the exchange rates of the dollar today is linked to internal and external factors.

Al-Morshidi said in an interview with (Baghdad Today), "The high exchange rate of the dollar in the Iraqi market during the past hours is due to multiple reasons and factors, including the statements of the Minister of Finance and the Central Bank."

He added, "There are other reasons that prompted this rise, which is the American pressure on the Iraqi government, in light of the presence of hot files in the scene, including the bombing of the embassy and the threat to close it, all of which lead to an increase in the exchange rates of the dollar and the rest of the basic materials."

Al-Morshidi added, "There is no global crisis that leads to a rise in exchange rates, but there are international and internal bodies that stand behind the recent rise to achieve a specific agenda in the Iraqi scene."

The exchange rates of the dollar jumped in the main stock markets and local markets, during the past few hours.

The Kifah Stock Exchange recorded 125.700 dinars against 100 US dollars, while last Thursday the dollar exchange rate recorded 124.400 dinars per 100 dollars.
Sale price: 127,000 dinars per $100.
Purchase price: 126,000 dinars per $100.

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