Economist: The Central Bank is working on issuing new money. Warns of a "commodity catastrophe"

[6ly410]

Economist: The Central Bank is working on issuing new money. Warns of a "commodity catastrophe"

•  Time : 2023/05/15 22:58:29
•  
• Economist: The Central Bank is working on issuing new money. Warns of a "commodity catastrophe" - Euphrates News (alforatnews.iq)

  

{Economic: Euphrates News} The economic expert, Humam Shamma, revealed that the Central Bank of Iraq is working on issuing a new cash, while warning of a "commodity" disaster.

 

Shamma said for the program {without accusation} broadcast by the Euphrates satellite channel on Monday evening, that: "The Central Bank is currently working on a new monetary issue, which is the disaster because the increases that occurred in 2012-2022 and now in the 2023 budget, the volume of monetary issuance of the Iraqi dinar will reach 150 trillion dinars and it has no place now to contain it, and therefore a recycling process must be carried out for the dollar to avoid the problem of inflation."
"The increase in monetary issuance leads to inflation, which is a disaster for goods and services, so they are moving to buy dollars, which reduces the value of the Iraqi dinar," he said.
"The abstract spending is currently 150 trillion dinars divided by 12, the output is 10.2 trillion Iraqi dinars per month, and the Central Bank will face a problem in the size of the reduction and is selling two trillion or less per month," Shamma said.
"The speech that we witnessed two weeks ago, and the dollar reached 140, after which Prime Minister Mohamed Shia al-Sudani stated that the parallel rate will match the official rate was the result of debit cards, and the Central Bank's sales of the dollar are currently 50% less because the other part of the attempts are not guaranteed, so they return to the treasury," he said.
Shamma said, "Exchange companies and the Ministry of Finance are fully aware that the adoption of the budget will lead to a monetary disaster in Iraq, i.e. the problem is how the Iraqi dinar will be provided in the Ministry of Finance and deal with it without the dollar and allow the purchase of goods in dinars," describing it as "the difficulty of achieving because the actual sales compared to the size of the budget are catastrophic."
"The Iraqi reserve is controlled by the US Federal Bank, and it is just money invested by the Central Bank with investments, which brings a huge return to the country," he said.
Shamma suggested that "the Central Bank issue bonds that are traded on the stock exchange with high financial interest to be covered by the returns of Iraq's huge reserves, with the need for the government to reduce the size of expenses by half to leave the avenue factors."
The economist criticized Iraq's fiscal policy by saying, "It is far from monetary policy and went in formulating an explosive budget away from the Central Bank, and all Iraq's reserves are in America and there is talk of regime change."
 

[Woldopep]

I can only hope that this economist is detached from reality. If this is true, it is not good for us.

[JonnyV]

Yes, this economist is detached from reality or this is smoke.  

 

Makes no sense what so ever.  It would be a total waste of time, money and energy after all the work and what has been accomplished thus far to RV/RI the Dinar to all of a sudden print a new currency that is not commensurate with the smaller denoms. 

[horsesoldier]

This " economist " needs to put down the Hash Pipe.

[Officiallytook]

Education then misinformation 

[Laid Back]

“The Central Bank is currently working on a new monetary issue, which is the disaster because the increases that occurred in 2012-2022 and now in the 2023 budget, the volume of monetary issuance of the Iraqi dinar will reach 150 trillion dinars and it has no place now to contain it, and therefore a recycling process must be carried out for the dollar to avoid the problem of inflation."

 

Unless, the new monetary issue is the Lower Denomination notes.

 

Go CBI

Go new monetary policy 

Go Stronger dinar $1+

Go Lower denomination notes 

Go purchasing power 

[Longtimelurker]

They have to come out with a new currency for the reset. Asset backed 👍

[screwball]

5 hours ago, Longtimelurker said:

They have to come out with a new currency for the reset. Asset backed 👍

100% ALL "ALL" currencies will be on alevel playing field

[cutter73]

10 hours ago, horsesoldier said:

This " economist " needs to put down the Hash Pipe.

Or pass it this way...geeze

[md11fr8dawg]

11 hours ago, horsesoldier said:

This " economist " needs to put down the Hash Pipe.

Hookha, baby hookha!!!

[rvmydinar]

15 hours ago, 6ly410 said:

Economist: The Central Bank is working on issuing new money. 

Issuing new money? Hmmm , Just wonder , are they talking about " 20,000 New Currency Iraq Dinar " or " New lower denoms "??