Economist: We are facing a fatal crisis and reveals 54 trillion dinars in banks and individuals

[yota691]

Economist: We are facing a fatal crisis and reveals 54 trillion dinars in banks and individuals

•  Time: 05/28 2020 21:47:55
•  
•  Read: 10,088 times

  

{Baghdad: Al Furat News} The economic expert, Alaa Al-Fahd, described the current economic crisis in the country as a “lethal”, while revealing that there were 54 trillion dinars in banks and individuals.

"The government is currently studying several tools for the state's financial policy, including internal tools by trying to diversify revenues for other sectors and revitalize them, such as the industrial and agricultural sectors, and the participation of the private sector, which can contribute to providing the state and running many stalled projects," Al-Fahd said. 
He added, "There are several tools on the table of the government and parliament, including the direction of revitalizing the private sector and supporting it to be a partner of the state," noting that "the economic crisis due to the reduction of oil prices in Iraq is not a result of today, and in every drop we notice the government's resort to cut costs."
Al-Fahd pointed out that "this crisis is the most deadly in the Iraqi economy, especially its entry with the Corona pandemic crisis, which are multiple challenges that may portend two financial and health catastrophes, so there should be diversification of revenues and rationalization in spending, and this is confirmed by the report of the International Fund by having multiple jobs with more than 250 thousand jobs and horizons can be pressured according to productivity, "stressing," The government seeks to work on this by adopting the 2020 budget law. "
He continued, "All the solutions currently presented are immediate solutions, either resorting to internal or external loans by selling bonds or resorting to funds funds in addition to the trust accounts with the ministries, which have not been disposed of until now."
Al-Fahd noted that "Finance Minister Ali Abdul Amir Allawi has experience in managing the financial file during previous years through which tools and alternatives can be found that contribute to supplying the budget," asking, "Are these solutions close to reality, especially since banks are mostly idle and the cash block is mostly at homes?" ? "
He revealed, "The presence of 54 trillion Iraqi dinars, 4 of which are in banks and 50 among individuals in homes, how can the government withdraw this large cash block? What are the encouraging means to buy government bonds and lending? This is what the state's financial policy is currently looking at." 
Al-Fahd added, "The government is currently working to close simple computers {trust accounts}; but our problem in Iraq is most of our operating expenses, not investment, and our dependence on oil mainly."
He added, "There are job slack and double wages. Radical solutions must be put in place. Most countries in the world, especially oil, have suffered from the crisis, but they have sovereign funds through which the deficit can be bridged," usually resorting to withdrawing cash reserves from the central bank that "will weaken the Iraqi currency." 
He concluded Fahd his speech by saying , "There are things that many are on the table , including savings mandatory for employees , " pointing out that " the withdrawal of funds frozen and smuggled out of the country file legal needs to raise claims and evidence and the timing of the long and the government is currently looking for quick solutions to get out of this crisis , " .anthy 
Wafa Al-Fatlawi

[DWS112]

19 minutes ago, yota691 said:

Radical solutions must be put in place.

Better start them NOW!

[horsesoldier]

How soon is now is anyone’s guess. 

[GregHi]

That was a great article yoga! 4 T on the streets and 50 Trillion in homes.. no surprise there. So how do you get people to circulate their dinars.. to get 50 Trillion in liquidity stagnant from inside the walls of houses to into circulation or banks??? Offer them something they can’t refuse.. like enormous purchasing power!! Boom!!

[southbeach]

And it will be as simple as that - when they finally do it

[southbeach]

What I really want to know is, what will a unified GCC currency rate look like, with the Saudis on one end at .27 and Kuwait on the other at 3.60 ish and Iraq already saying $1.17

[horsesoldier]

2 minutes ago, southbeach said:

And it will be as simple as that - when they finally do it

 

“ - when they finally do it “ ... but when ? Every time I ask my crystal ball🔮 “ When ?” It fogs up immediately and the sound of faint whimpering can be heard. 

 

Throw us a meaty bone 🍖 - nope they won’t do that either.

[3n1]

On 5/29/2020 at 6:47 AM, yota691 said:

"The presence of 54 trillion Iraqi dinars, 4 of which are in banks and 50 among individuals in homes, how can the government withdraw this large cash block? What are the encouraging means to buy government bonds and lending? This is what the state's financial policy is currently looking at." 

 

Iraq knows the answer shabb's laid it all out years ago , Introduce the low denominations , give the iraqi citizens a time period to exchange the estimated 50 trillion they are holding , begin a free market economy in iraq , internationally get on with the rest of the world ....

easy peasy , now if it was just dat simple ......... cheers dv'ers