How much does Iraq lose by "returning the dollar" to its old price? Economist explains

2022-02-27 | 03:25

Today, Sunday, the economic affairs specialist, Nabil Al-Marsoumi, revealed the expected losses for Iraq in the event of a return to the old dollar exchange rate.

"The expected net oil revenues in 2022 = 70 billion dollars (after subtracting the costs paid to oil licensing companies and government imports)," Al Marsoumi said in a blog post seen by Alsumaria News.

He added that "oil revenues are denominated in dinars at the current exchange rate = 101.5 trillion dinars."

He continued, "Oil revenues are denominated in dinars at the old exchange rate = 78.260 trillion dinars."

And the specialist in economic affairs indicated that "the difference between the two prices = 101.5 - 78.260 = 23.240 trillion dinars," adding that "the internal debt of Iraq = 68.214 trillion dinars."

Al-Massoumi held thatMinistry of FinanceIt will pay at the current exchange rate 47.044 billion dollars to pay off the value of the internal debt, "noting that"Ministry of FinanceYou will pay at the old exchange rate $61.014 billion to pay off the internal debt."

He explained that "the difference between the two prices = 61.014 - 47.044 = 13.970 billion dollars."

And the economic affairs specialist added, "The total financial losses for Iraq in 2022 due to the return to the old exchange rate (after converting the dinar to dollars) will be about 34.757 billion dollars."

Al-Marsoumi concluded by saying: “This amount is equivalent to seven times the budget.”SyriaAnd more than twice the balanceJordanIn 2022, this amount is sufficient to complete the port of Faw in its three phases and complete most of the necessary infrastructure to connect with the Silk Road, which subsequently leads to an effective contribution to providing job opportunities and confronting and reducing poverty.”

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