The government owns only 20% of the cash in Iraq

[6ly410]

 

The government owns only 20% of the cash in Iraq

 

ECONOMY

Iraqi Government Logo - Ir

Of the 84 trillion dinars in Iraq, the government has only 20%, equivalent to 16.8 trillion dinars, and a member of the Iraqi parliamentary finance committee says that the government will need more cash after the approval of the federal budget law.

 

According to Rudaw Media Network, the volume of Iraqi currency is 84 trillion dinars, but only 20% of this amount of cash is at the disposal of the Ministry of Finance and the Central Bank of Iraq.

 

The Central Bank of Iraq's measures to curb dollar smuggling have reduced the collection of dinars that used to come by selling dollars, especially since these sales are approaching $200 million a day.

 

An official at the Central Bank of Iraq, who preferred not to be named, told Rudaw Media Network that "the majority of citizens keep their money with them in their homes and do not deposit it with banks, and we seek to urge them to deposit and use electronic cards in buying and selling transactions."

 

The foreign currency reserves of the Central Bank of Iraq exceed $ 100 billion, and this comes from oil sales, and for the purpose of obtaining cash from the Iraqi currency, the Federal Ministry of Finance urges the Central Bank of Iraq to provide it through the sale of dollars.

 

Jamal Kojar, a member of the Iraqi parliament's finance committee, told Rudaw Media Network that "the government's lack of cash is linked to the reluctance of citizens to deposit their money in banks and keep it in their homes instead of banks."

 

While the government has only 20% of Iraq's currency, equivalent to 16.8 trillion dinars, the government will need 16.5 trillion dinars per month after the federal budget law is issued and comes into force.

 

"When the budget is approved, the government will need more cash to cover salaries and project expenses, and although the central bank has the authority to print more currency, this step will cause inflation," said MP Jamal Kojar.

 

The Deputy Governor of the Central Bank of Iraq, Ammar Hamad Khalaf, announced on (March 31, 2023) to Rudaw Media Network that "the contracting procedures for printing a currency of 20000,2023 Iraqi dinars, by the Central Bank of Iraq, are ongoing, and they are taking place abroad, and this new denomination of currency will be introduced in late <> or early next year, with the aim of facilitating dealing with dinars in the markets."

 

The Central Bank of Iraq's move comes as data from the Iraqi Ministry of Planning indicate that inflation rates in the country have risen by 7.2%.

[screwball]

18 minutes ago, 6ly410 said:

March 31, 2023) to Rudaw Media Network that "the contracting procedures for printing a currency of 20000,2023

Talking abiut printing 250 Dinar and now this….20,000 is bullshit. The cash shortage can only be fixed by chnaGe the rate and calling in all the big nites and relaxing the lower denoms and coins! 

[Laid Back]

“Of the 84 trillion dinars in Iraq, the government has only 20%, equivalent to 16.8 trillion dinars, and a member of the Iraqi parliamentary finance committee says that the government will need more cash after the approval of the federal budget law.”

 

84 - 16.8 = 67.2 Trillion Dinars in chunky cash stashed at home.

 

84 trillion dinars in circulation / 1310 = $64 billion dollars 

$114 billion dollars in foreign currency reserves 

$114 / $64 = $1.78

 

Time to increase dinar exchange rate and roll out Lower denomination notes.

 

Go Stronger Dinar $1+

Go Purchasing power 

 

 

 

 

[Officiallytook]

Ohhhhh let's hurry this up

[RV-2-Day]

So does this really mean with 84T Dinar in circulation that one Dinar is only worth $.13 based upon their oil reserves

 

147B Reserves x $73.68 = $10.8T / 84T Dinar = $.13

[screwball]

3 hours ago, Laid Back said:

Go Stronger Dinar $1+

Go Purchasing power