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Al-Shamaa: The old exchange rate creates big problems and loses confidence in the Iraqi currency

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Al-Shamaa: The old exchange rate creates big problems and loses confidence in the Iraqi currency

On January 19, 2021

The Independent / -
Economist Hammam Al-Shamaa emphasized that returning to the old exchange rate ... loses confidence in the currency and creates big problems.

Al-Shamaa said in a press statement followed by Al-Independent today, Tuesday, that in Iraq there is chaos and in light of the state, everything is possible, except that returning to the old price creates big problems and the Iraqi currency loses confidence in it.

Al-Shamaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings hoarded in the dinar, as it lost 20% of its value.

He explained: Debt relations will also result in losses.

The trader who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was reduced, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt.

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