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'No deficit in the balance of payments account' Financial advisor: monetary policy will maintain the stability of the exchange rate in the present circumstance 2021.05.31 - 22:54 Baghdad - People The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed, on Monday, that the monetary policy of Iraq will maintain the stability of the exchange rate, while indicating that the current account of the balance of payments is free of deficit, but there is an expectation of a surplus in the future. Saleh said, in a statement to the official agency, followed by "People" (May 31, 2021), that "the reduction of the national currency against the dollar was based on a one-time decision," and that the country adopts a fixed exchange system, stressing that "there is an equation between the theory of adjusting the exchange rate and The deficit in the current account of the balance of payments relative to the gross domestic product. " He added, "Whenever the deficit increases by 4% or more, an adjustment or reduction is made in the external value of the currency to avoid a deterioration in external payments," pointing out that "Iraq currently does not suffer from a deficit in the current account, but rather there is stability and balance." "There is a surplus in the future relative to the gross domestic product, in light of the positive developments in the oil market and the positive improvement in Iraq's foreign exchange reserves." He emphasized that "monetary policy will maintain the stability of the exchange rate at the present time."
