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WOTS TUE NOV 30 21 Claims to return the value of the Iraqi dinar to what it was before Corona

Claims to return the value of the Iraqi dinar to what it was before Corona

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Popular demands in Iraq are escalating to restore the value of the Iraqi dinar to what it was a year ago, with the rise in oil prices that revived the Iraqi budget treasury for the next year. The poor and low-income classes, due to the high prices of consumer goods.

Revaluation of the dinar will have the opposite effect

And the Iraqi Ministry of Finance revealed in a statement that "although the devaluation of the currency last year and the restoration of oil prices helped improve the financial situation of Iraq, it is necessary to take into account that the country is still very weak."

The ministry added in its statement that "the current surpluses could turn into deficits with the return of oil prices to normal in the medium term, and another contraction in the oil market could easily lead the country back to the brink of crisis, in order for the Iraqi economy to regain its full strength and be sustainable. That economic policies be geared towards improving resilience in the face of oil price fluctuations through building fiscal buffers and diversifying the economy.

The ministry stressed that "the revaluation of the dinar will have the opposite effect. There are good reasons for the scarcity of revaluation of fixed exchange rates. For example, in 2005 China revalued its currency in response to intense pressure from the United States, which threatened to impose tariffs on imports."