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In numbers: the decline in the value of the Iraqi dinar
Economy | Yesterday, 23:56 |
Baghdad Today - Baghdad
Today, Friday (December 27, 2024), the economic expert, Manar Al-Obaidi, determined how much the Iraqi dinar has lost its value.
Al-Obaidi explained in a blog post followed by “Baghdad Today” that
“the value of any currency is determined based on two basic factors, which are the
quantity of the currency issued, which is the total cash pumped by the central bank, and the
size of the reserves, which includes foreign currencies, investments, and gold held.” At the Central Bank. He stated,
"The situation at the end of 2023, the amount of currency exported reached 101 trillion dinars, and the
value of official reserves reached 145 trillion Iraqi dinars." Al-Obaidi added,
"As for the situation at the end of 2024, the amount of currency exported remained at the same level, 101 trillion Iraqi dinars, and the
value of official reserves decreased to 139.7 trillion Iraqi dinars."
He pointed out, “The impact on the value of the Iraqi dinar.
Despite the stability of the exported monetary mass, the decrease in the value of official reserves by 5.3 trillion Iraqi dinars led to a decline in the purchasing power of the dinar.
As a result of this decrease in reserves, the actual value of the Iraqi dinar declined by 5.3%.”". Al-Obaidi pointed out,
"The continued decline in the actual value of the dinar will lead at some point to an increase in inflation as a result of the decline in the strength of the dinar in exchange for only the reserves.
All of this was the average price of Iraqi oil was high, so how will things turn out in the event of a decline in oil prices?"
https://baghdadtoday.news/264779-بالأرقام.-انخفاض-قيمة-الدينار-العراقي.html
