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A specialist explains in numbers the "cash liquidity" crisis that caused a delay in the disbursement of salaries
Economy |Yesterday, 19:05 |
Baghdad today - Baghdad
Today, Wednesday (February 28, 2024), financial affairs expert Nabil Jabbar Al-Tamimi revealed details of the “cash liquidity” crisis that Iraq is going through, which led to a delay in the release of employee salaries. Al-Tamimi told "Baghdad Today",
"There is a real crisis in cash liquidity, and the
Iraqi Ministry of Finance brings money to pay salaries through the Central Bank of Iraq, and
the bank brings this money by making transfers (selling dollars)." He stated,
“There is a limited possibility for the Central Bank of Iraq to make transfers and sell dollars due to American censorship, and
the bank sells approximately (200) million dollars a day, and
this process takes place in a month for approximately (22) days only,
meaning it sells approximately (4) billion dollars a month.”
A dollar per month compared to the exchange rate is (5) trillion Iraqi dinars
per year, which is approximately (65) trillion Iraqi dinars, and
this number is only the volume of sales of the Central Bank of Iraq.” He added,
"In contrast, Iraq's budget exceeds (200) trillion dinars, and
for this reason there is a crisis in the issue of cash liquidity, and
the delay in releasing employee salaries during the past months,
but this crisis is not very severe, and it is not an economic or financial crisis,
but there is a faltering in... Finance is what creates the crisis despite the financial abundance of the dollar, and
this is why the Iraqi government is turning to electronic payment so that the process of
printing more Iraqi currency does not take place.”
On February 25, the Ministry of Finance denied the lack of sufficient cash liquidity to secure the salaries of state employees and confirmed in a statement,
“Securing the salaries of employees, the social protection network, and the salaries of retirees without delay or delay through its retained cash balances for the previous year and its oil and non-oil revenues.”
https://baghdadtoday.news/243714-مختص-يوضح-بالأرقام-ازمة-السيولة-النقدية-التي-تسببت-بتأخير-صرف-الرواتب.html
Economy |Yesterday, 19:05 |
Baghdad today - Baghdad
Today, Wednesday (February 28, 2024), financial affairs expert Nabil Jabbar Al-Tamimi revealed details of the “cash liquidity” crisis that Iraq is going through, which led to a delay in the release of employee salaries. Al-Tamimi told "Baghdad Today",
"There is a real crisis in cash liquidity, and the
Iraqi Ministry of Finance brings money to pay salaries through the Central Bank of Iraq, and
the bank brings this money by making transfers (selling dollars)." He stated,
“There is a limited possibility for the Central Bank of Iraq to make transfers and sell dollars due to American censorship, and
the bank sells approximately (200) million dollars a day, and
this process takes place in a month for approximately (22) days only,
meaning it sells approximately (4) billion dollars a month.”
A dollar per month compared to the exchange rate is (5) trillion Iraqi dinars
per year, which is approximately (65) trillion Iraqi dinars, and
this number is only the volume of sales of the Central Bank of Iraq.” He added,
"In contrast, Iraq's budget exceeds (200) trillion dinars, and
for this reason there is a crisis in the issue of cash liquidity, and
the delay in releasing employee salaries during the past months,
but this crisis is not very severe, and it is not an economic or financial crisis,
but there is a faltering in... Finance is what creates the crisis despite the financial abundance of the dollar, and
this is why the Iraqi government is turning to electronic payment so that the process of
printing more Iraqi currency does not take place.”
On February 25, the Ministry of Finance denied the lack of sufficient cash liquidity to secure the salaries of state employees and confirmed in a statement,
“Securing the salaries of employees, the social protection network, and the salaries of retirees without delay or delay through its retained cash balances for the previous year and its oil and non-oil revenues.”
https://baghdadtoday.news/243714-مختص-يوضح-بالأرقام-ازمة-السيولة-النقدية-التي-تسببت-بتأخير-صرف-الرواتب.html
