Baghdad / NINA / The specialist in economic affairs, Durgham Muhammad Ali, confirmed: “An increase in the monetary mass without growth in the economic base constitutes a weakness of the local currency,” indicating: “The monetary mass of the local currency amounted to 116 trillion dinars.”
Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that, “There is no actual development of the Iraqi economy and that growth is the result of relatively improved oil prices, which is an unguaranteed issue, so the central bank has limits on the size of the local monetary mass that must be adhered to.” Stating: “What frightens economists is that there will be printing of the local currency with the same specifications outside the framework of the Central Bank to purchase cash dollars, and this is something that the state is closely following up to prevent it from happening.”
He explained that “the bank’s monitoring of the rise in the monetary supply makes the equation accurate to maintain the actual strength of the Iraqi dinar, and that the central bank has accurate calculations of currency reserves as a cover for the local currency.”
Advisor to the Prime Minister, Mohamed Al-Najjar, revealed that the monetary mass of the local currency has reached 116 trillion dinars, indicating that initiatives to expand electronic payment are consistent with the government’s directions.
Al-Najjar said, “Electronic payment is an important axis for developing the Iraqi financial sector and moving it to an advanced stage in the country’s monetary policy,” noting that “the size of the Iraqi monetary mass amounts to 116 trillion dinars, of which 30-40 trillion dinars are circulating within the banking system.”/ End 8
