Government official: Iraq is not thinking of floating the currency at the moment

[yota691]

 

Government official: Iraq is not thinking of floating the currency at the moment

 

 2022-08-10 08:12

 

Shafaq News/ A government official confirmed, on Wednesday, that Iraq is not considering floating the currency currently, indicating that the flotation at the present time will threaten the collapse of the country's economy.

The official said in an interview with Shafaq News Agency, "The rentier nature of the Iraqi economy makes it difficult to float the Iraqi currency, and therefore Iraq is not currently thinking of floating it."

The official, who asked not to be named, added, "Access to hard currency in Iraq comes mostly from our oil exports, which is in the hands of the government, and that the local market is circulating for it and does not bring this currency, and therefore its flotation will threaten the Iraqi economy with collapse because it will increase demand for it in exchange for limited supply."

He also indicated that “floating the currency without diversifying the economy will have negative repercussions on the purchasing power of the Iraqi consumer, especially the middle and poor groups,” adding that, “the float is on the table with the government in the long run because of its importance in stimulating the production process in the country.”

It is noteworthy that some officials talk from time to time on the necessity of floating the currency and liberalizing it to preserve the hard currency reserves with the Central Bank.

[Mammaw]

With US going into a recession and costs for everything going up, up, up here, I can only imagine how the cost of living in Iraq must be. That being said, shouldn't that cause an RV of the dinar? At what point will their government determine something must  be done? 

[Officiallytook]

36 minutes ago, Mammaw said:

With US going into a recession and costs for everything going up, up, up here, I can only imagine how the cost of living in Iraq must be. That being said, shouldn't that cause an RV of the dinar? At what point will their government determine something must  be done? 

To them prolly when pigs fly... but no seriously, the world's going into a recession and Iraq's still dwindling their thumbs...just push the button to just try to float through this recession smh lol

[Officiallytook]

5 hours ago, yota691 said:

Access to hard currency in Iraq comes mostly from our oil exports, which is in the hands of the government, and that the local market is circulating for it and does not bring this currency, and therefore its flotation will threaten the Iraqi economy with collapse because it will increase demand for it in exchange for limited supply.

Wait isn't this what we want?...these guy's man I swear

[horsesoldier]

I saw pigs fly on an episode of Monty Python's Flying Circus, that's legit, right ???

😄 Wish they'd get on with things .... spinning your wheels getting nothing done: just neverending chin wagging with your country's future hanging in the balance is very nonproductive. 

[HowieC]

9 hours ago, yota691 said:

 

Government official: Iraq is not thinking of floating the currency at the moment

 

 

 

 

Why would they even bring it up if they weren't thinking about doing it?

[screwball]

21 minutes ago, HowieC said:

Why would they even bring it up if they weren't thinking about doing it?

They also used the word “at the moment” 

[screwball]

3 hours ago, Officiallytook said:

Wait isn't this what we want?...these guy's man I swear

Yeah maybe managed float within currency band 2%, love the words “not at the moment?” So there’s no flat out denial.....just not at the present moment but maybe in the so near distant future?

[screwball]

9 hours ago, yota691 said:

floating the currency and liberalizing it to preserve the hard currency reserves with the Central Bank.

Sounds like a good reason to me 

[screwball]

9 hours ago, yota691 said:

Access to hard currency in Iraq comes mostly from our oil exports,

Hmmmm...it’s the only think they produce apart from gas....gold and dates

[Goggles]

The title of this article tells me that they are thinking of floating the currency. The word moment means "right this second" in Iraq. So any second after that is up for grabs.