The currency auction will provide the necessary liquidity, according to economic expert Safwan Qusay, who confirmed that the Ministry of Finance has no issues securing employee salaries.
“The fear of not funding salaries is exaggerated, as the Ministry of Finance has no problem funding the employee compensation item because it is governed by laws,” Qusay stated. In addition, some federal ministries have paid their employees’ salaries, with the exception of a few units whose salaries were not paid because of a lack of data or a discrepancy between the funding amounts requested and the attached statements, which causes procrastination.”
“The Central Bank sells at a rate of 280 million dollars daily, and this amount is sufficient to cover all commodity and service products,” he added.
He explained that at the current production rate of 3 million and 200 thousand barrels of oil per day, the price of a barrel of oil needs to be $69 to cover operating costs.
He made sense of that “more than $69 per barrel is utilized to back the speculation financial plan, as Iraq needs $96 per barrel to fund all working and venture costs.”
