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The size of the Iraqi monetary block is 80 trillion dinars

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09/08/2020 20:02

The size of the Iraqi monetary block is 80 trillion dinarsحجم-الكتلة-النقدية-العراقية--80-تريليون-دينار

Baghdad / Obelisk: A member of the Parliamentary Finance Committee, Ahmed Hama Rashid, spoke on Tuesday, September 8, 2020, about a number of reasons that led to a crisis that faced the government when it decided to borrow from banks in the country, while revealing the size of the monetary mass in Iraq and the volume of its trader.

A member of Hama Rashid said, in a press statement, that "the Iraqi citizen's lack of confidence in the banking system is due to many reasons, the most prominent of which is the lack of credibility in the infrastructure of banking systems of all kinds on the part of the Iraqis, although Iraq has 86 governmental and private banks."

Hama Rashid added, "This means that these banks could not participate in building the economic infrastructure due to the poor banking system and the failure of these banks to fulfill their obligations towards the Iraqis, and that Iraq still lacks legal legislation guaranteeing deposits in banks despite the submission of a draft of this." Law since the previous parliamentary session 2014-2018. "

And about the size of the monetary block in Iraqi dinars, Rashid revealed, "Iraq has a printed cash block issued by the Central Bank estimated at 80 trillion Iraqi dinars, with a circulation volume ranging from 38 to 40 trillion dinars, but less than half of the last number is found in government banks. And eligibility, and the rest is stored with merchants and families in their homes, which led to the government facing a crisis in borrowing from banks because of Iraq’s reliance so far on the circulation of paper currency without relying on electronic trading and credit cards.

Iraq witnessed a large cash liquidity crisis following the decline in global oil prices due to the Corona virus pandemic, which led to difficulties the government faced in providing Iraqi cash to meet the requirements of public employees' salaries and operating expenses.

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Edited by 6ly410
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