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Is Iraq heading to print a new paper currency?
Money and business
Economy News - Baghdad
Today, Thursday, the Parliamentary Finance Committee confirmed that there is no intention to print a new paper currency.
Committee member Moeen Al-Kadhimi said, in a statement followed by Al-Eqtisad News:
“There is no intention to print a new paper currency at the Central Bank,” noting that
“the Ministry of Finance two days ago began financing the ministries and governorates with salaries.” He added,
"The cash flow required monthly to pay employees' salaries is estimated at four million employees, four million beneficiaries from the Retirement Authority, and two million social welfare funds, meaning approximately 7 trillion and 500 billion dinars." He continued,
"This quantity is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $75 per barrel." He explained that
"the provision of the necessary liquidity is provided by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and
there is no severe problem regarding cash liquidity."
observations 459 Added 08/22/2024 - 11:11 AM
https://economy-news.net/content.php?id=46608
Money and business
Economy News - Baghdad
Today, Thursday, the Parliamentary Finance Committee confirmed that there is no intention to print a new paper currency.
Committee member Moeen Al-Kadhimi said, in a statement followed by Al-Eqtisad News:
“There is no intention to print a new paper currency at the Central Bank,” noting that
“the Ministry of Finance two days ago began financing the ministries and governorates with salaries.” He added,
"The cash flow required monthly to pay employees' salaries is estimated at four million employees, four million beneficiaries from the Retirement Authority, and two million social welfare funds, meaning approximately 7 trillion and 500 billion dinars." He continued,
"This quantity is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $75 per barrel." He explained that
"the provision of the necessary liquidity is provided by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and
there is no severe problem regarding cash liquidity."
observations 459 Added 08/22/2024 - 11:11 AM
https://economy-news.net/content.php?id=46608
