January 20, 2021 | banking

Economist: Returning Back To The Old Exchange Rate, Will Make The Currency Loses Confidence And Creates Big Problems


Baghdad / NINA /- Economist Hummam Al-Shammaa affirmed that: Returning back to the old exchange rate will make it loose confidence in it and creates big problems.

He told the National Iraqi News Agency (NINA) that: In anarchy Iraq and in light of non-state, everything is possible except that returning to the old price creates big problems and the Iraqi currency will lose confidence in it.

Al-Shammaa added that: Some of these problems are the financial losses that resulted from the reduction of the exchange rate for everyone who had savings in dinar, as it lost 20% of its value, so if the exchange rate returns to its previous rate, the losses will arise for the dollar holders.

He explained that: the debt relations will also lead to losses, as the trader who was in debt in dollars was forced to pay a larger amount of dinars when the exchange rate was lowered, and conversely, the debtor now in dinars will have to bear a larger amount of dollars to pay off his debt./

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