Economic expert Nabil Al-Marsoumi provided a detailed explanation on Thursday regarding the approved method for evaluating the financial outcomes resulting from the adjustment of the Iraqi dinar value, emphasizing that the process of calculating additional revenues should not be based
on total oil proceeds, but must instead rely exclusively on net revenues after deducting all external obligations and payments settled in foreign currency. The specialist clarified that adopting the methodology of multiplying the newly introduced exchange rate by total oil
proceeds is considered inaccurate, drawing attention to the necessity of excluding licensing round company dues, the servicing of foreign debts with their interests, and various international obligations, in addition to the costs of government imports in dollars represented by gas,
electric power, fuel, and ration card items. He continued by stating that the remaining value after completing the deduction of those dues is what must be relied upon when adopting the new exchange rate, giving a hypothetical example of oil
revenues reaching eighty billion dollars annually against government obligations of twenty billion dollars, leaving a net of sixty billion dollars. He illustrated that evaluating the sixty billion dollars based on an exchange rate of fifteen hundred dinars results in a
total of ninety trillion dinars, while recording seventy-eight trillion dinars when adopting the previous rate of thirteen hundred dinars. The expert pointed out that the discrepancy between the two totals is estimated at twelve trillion dinars annually, which constitutes a
noticeable percentage of the total public costs within the future financial budget. He concluded by affirming that this calculation approach highlights with high precision the real ramifications of exchange rate changes by focusing attention on net revenues and avoiding costs
and obligations denominated in dollars paid by official authorities.
