Economist for / NINA /: Adjusting the exchange rate .. Strengthening the credit position of the Central Bank

Tuesday 03, August 2021 13:07
 
Baghdad / NINA / - The economic expert, Hazem Hadi, confirmed that: The exchange rate adjustment .. strengthening the credit position of the Central Bank.

He told the National Iraqi News Agency ( NINA ) that: One of the reasons for adjusting the exchange rate is to increase resources, reduce the import of luxury goods, create a good reserve for the Central Bank and strengthen its credit position.

Hadi added that: the amendment is to enhance the ability of the Central Bank to fulfill its obligations and try to put pressure on the deficit in the balance of payments, correct its course, and create investment opportunities for the private sector.

He explained that: this increase in resources does not cover the budget deficit completely, indicating that the fiscal and monetary policy requires maintaining the exchange rate at its current position because any change in the exchange rate will confuse the economic situation.

Oil prices, especially the price of Basra oil, witnessed a remarkable improvement during the last period, exceeding $70, which will bridge the budget deficit and raise the level of the economic and financial sector in the country./End 3

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