By: Qasim Al-Askari
In a faltering Iraqi monetary scene, the money supply has become more than just a number in central bank reports; it has transformed into a mirror reflecting a deep crisis of trust between the citizen and the bank, and a new revelation of an enormous level of corruption that exceeds imagination.
As soon as the sun sets on the streets of Baghdad, one realizes that cash no longer resides in bank vaults but instead is settled in citizens' bags and under their pillows, out of fear of a banking system that lacks transparency and security. Here, the first money supply is formed, reflecting a fragile economic reality. However, the bigger surprise came with the second money supply that surfaced after the campaign led by Prime Minister Ali Al-Zaydi against the corrupt, revealing numbers that showed an enormous cash hoard estimated in millions of dollars piled in the boxes and secret vaults of the corrupt.
This staggering figure is no longer just a fleeting news item, but has transformed into a heavy question: How can a country live with two conflicting money supplies, one suffering from inflation and stagnation due to the citizen's liquidity blockage, and the other fueled by corruption and smuggling deals?
In the midst of this equation, the Iraqi bank becomes an absent party, while the citizen stands face to face with a corruption block larger than the size of their national economy. Here, the most important question arises: Will this campaign be the beginning of restoring trust and returning money to its natural cycle, or is it merely another episode in a long series of revelations without punishment?
In any case, this dual monetary scene does not only foreshadow an economic collapse but also threatens to tear apart the social fabric that has remained cohesive despite all crises. Today, Iraq needs more than a corrective campaign; it needs a redefinition of the relationship between the citizen and their money, between the state and its institutions, and an unprecedented boldness in confronting the corrupt whose funds have turned into a parallel money supply that obstructs any real reform.