دور الاحتياطيات الأجنبية في تفعيل آلية التعقيم النقدي في العراق لما بعد 2003

الملخص EN

The flow of foreign reserves to Iraq and achieving the optimal size of it is considered a basic goal and an important source towards financial crises, but this flow may have undesirable effects represented by increasing the cash basis and thus the money supply and the general price level.

Therefore, it has become imperative to use the monetary sterilization policy to limit the undesirable effects of foreign reserves.

As a result of the rentier nature of the Iraqi economy and its large and sole reliance on cash flows resulting from crude oil exports, there comes the binding role of reserves to use monetary sterilization, which is what the research found in order to neutralize expansions in the inflationary monetary mass that may exceed the ability of monetary policy to confront it in achieving Its goals, in addition to the preference for partial rather than total sterilization The study also recommends the need for the central bank to set target rates for monetary sterilization as well as target inflation rates and to find developmental alternatives that limit the depletion of foreign reserves and invest the surplus part of it in low-risk foreign investments, or build a sovereign fund.