Economist: Restoring confidence in the Iraqi dinar requires moving to adopting financial inclusion mechanisms

Saturday 26 February 2022 10:39
 
Baghdad / NINA / - The expert in economic affairs, Safwan Qusay, stressed the need to expand the sources of obtaining the dollar and open different windows to support the dinar and move to the open currency market, stressing that restoring confidence in the Iraqi dinar and the Iraqi financial and banking system requires moving as soon as possible to adopting financial inclusion mechanisms.

Qusay said in a statement to the National Iraqi News Agency / NINA/ That "the process of determining the fair value of the Iraqi dinar requires monetary policy to unite with fiscal policy to control inflation and convert the Iraqi dinar into a productive dinar after it was disrupted due to misdirection of public spending," noting that "the fixed price policy of the Iraqi dinar, which is pegged to the US dollar, contributed In reducing the sources of risk for the value of the currency, but it transferred those risks to the reserves of the Central Bank, which were reduced due to the dependence of the dollar balance of Iraq on oil prices.”

He stressed: "The necessity of expanding the sources of obtaining the dollar through the current and strategic economic reform approach to contribute to opening different windows to support the dinar and the transition to the open currency market, with the necessity of operating other monetary tools by the Central Bank of Iraq to contribute to controlling the money supply and controlling the rates of price increases. ".

The economic expert continued, "The restoration of confidence in the Iraqi dinar and in the Iraqi financial and banking system requires moving as soon as possible to adopting financial inclusion mechanisms to activate the process of investigating the sex of money and tracking the movement of goods, which is the most important steps to fight corruption."/ End 8

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