أثر الأدوات الكمية للسياسة النقدية في تحديد سعر الصرف في العراق للمدة (1990-2019)‎

الملخص EN

The exchange rate is one of the economic and financial indicators that express the quality of the economic performance of any country, and it represents the exchange rate based on many economies, whether developed or developing, so most countries of the world aspire to use monetary policy, especially modern ones, to achieve stability in exchange rates.

The importance of the study is to determine the monetary policy tools, whether they were the traditional ones or the new ones, which were used in Iraq by the Central Bank after 2003, which are represented in (Currency Auction, Existing Facilities), where the study confirmed that the use of quantitative and innovative tools by The Central Bank was able to reach the main objectives, achieve stability in the general level of prices, and control the rampant inflation, as the inflation rate decreased from 5.33% in 2003 to 9.1% in 2013, This led to achieving relative stability in the general level of prices, and then determining stability in exchange rates, and the model was formulated based on economic theory, as the legal reserve, open market operations and the discount rate were determined as explanatory variables for the approved variable exchange rate, and the test results showed that There is a joint integration and a long-term equilibrium relationship between the monetary policy variables and the exchange rate, and it has been proven that there is only one causal relationship in one direction between the legal reserve and the exchange rate.

As for the most important proposals that the researcher came up with, he recommends activating and revitalizing the stock market in Iraq by offering remittances and bonds.

by the Central Bank of Iraq, In order to verify and verify the effect of these tools, their validity or not in light of the information and data obtained, the researcher adopted the quantitative approach in addition to the method of theoretical analysis of the State of Iraq for the period (1990-2019).