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US dollars is equivalent to 100 Iraqi dinars .. Is it possible? An economic expert 100 .answers
The economic expert, Salam Sumaisem, said that the government is now obliged to reduce the value of the Iraqi dinar against the .dollar in order to obtain greater quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing
In an interview with the "obelisk", Sumaisem said that the printing of the currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance.
Today, it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people who They import from abroad to the demand for domestic goods, which will lead to a devaluation of the currency and the demand for it .becomes more
Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb .inflation represented by high prices and the erosion of purchasing value
Sumaisem indicated that the time is not appropriate to manipulate the zeros or the currency because its value will change, and with regard to removing .the zeros, this requires monetary stability and that was decided during the era of Sinan Shabibi’s administration of the Central Bank
The economic expert called for improving the status of the dinar so that every 100 dinars would be equal to 100,000 Iraqis, and thus raising the zeros so .that every $ 100 would be equal to 100 Iraqi dinars, and thus the dinar would be equal to the dollar .
But Sumaisem believes that raising the zeros is not possible at the present time, due to the monetary and economic crisis that Iraq suffers from
And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 .dinars from the old currency
The Iraqi Minister of Finance proposed reducing the price of the Iraqi dinar as a measure to confront the financial crisis, as Sumaisem believes that this .proposal will be the closest scenario .. and will prevent compromising the storage in the central bank link
Source: Dinar Recaps
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