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FRANK26: "PARLIAMENT... STOP ASKING STUPID QUESTIONS!!!"..............F26
Is Iraq heading towards printing new paper currency?
8/22/2024
The Parliamentary Finance Committee confirmed, on Thursday, that there is no intention to print new paper currency.
Committee member Moeen Al-Kazemi said in a statement followed by "Al-Eqtisad News": "There is no intention to print new paper currency at the Central Bank," noting that "the Ministry of Finance began funding ministries and governorates with salaries two days ago."
He added that "the cash mass required monthly to pay employees' salaries is estimated at four million employees and four million beneficiaries of the Retirement Authority and two million social care, which is approximately 7 trillion and 500 billion dinars." He
continued that "this amount is prepared monthly and there is no shortage in this aspect, considering that the current export is approximately 3 million and 400 thousand barrels of oil at a price of more than $ 75 per barrel."
He explained that "providing the necessary liquidity is done by the Central Bank and delivered to the Ministry of Finance, which in turn delivers these numbers and the cash mass to the ministries and governorates, and there is no acute problem regarding cash liquidity."
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