Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

IMF committed to dollar peg, not devaluation


vomer
 Share

Recommended Posts

IMF: No Dinar Devaluation, Committed to Dollar Peg

July 15, 2016 in Iraq Banking & Finance News

By John Lee.

The Iraq Mission Chief for the International Monetary Fund (IMF) has said that he sees no reason to devalue the Iraqi dinar “under current circumstances“, and says the authorities are “committed to maintaining the Iraqi Dinar’s peg to the U.S. dollar“.

Christian Josz told IMF News:

Iraq has maintained a peg to the U.S. dollar for years, and it has served the Iraqi economy well. The peg helps provide stability amidst a highly uncertain environment, especially with policy capacity weakened by the fight against ISIS. Under current circumstances and given the nature of the shocks, moving towards more exchange rate flexibility would not be warranted for two key reasons.

“First, Iraq is predominantly an oil exporter, and devaluing the Dinar would have minimal bearing on the economy’s overall trade competitiveness.

“Second, there is a notable degree of import dependence—almost half of Iraq’s consumption needs are imported—and devaluation would immediately trigger a spike in inflation for most food and other consumer goods, which would exacerbate already difficult social tensions.

“The authorities are committed to maintaining the Iraqi Dinar’s peg to the U.S. dollar under these circumstances, and we support this view.

(Source: IMF News)

(Dinar image via Shutterstoc\\

http://www.iraq-businessnews.com/2016/07/15/imf-no-dinar-devaluation-committed-to-dollar-peg/

  • Upvote 5
Link to comment
Share on other sites

it is nice too see the words  of  pegged to the dollar ,  but ,  they  have been  in the  peg business for dinar   a long time , it is time too move the dinar  too equal  the dollar  not  just peg  ...    thinking like boozer  , and  shaddow  ,       1 too 1  would be  pretty nice now  

  • Upvote 7
Link to comment
Share on other sites

Iraq will continue with the dinar peg to the US dollar till:

Get rid of corruption 

Security

Stability

Complete ministerial cabinet

Important laws.... National guard law, federal court, oil and gas law

Develop private sector

Diversify the economy

I believe they can accomplish all that in the next 6 months, to start 2017 with a dinar unpeg from the US dollar with more value

Go Iraq

Go dinar

Go $1:1

 

 

  • Upvote 8
Link to comment
Share on other sites

Thanks Vomer

This is good news. Here is another similar article

IMF says no reason to devalue Iraqi Dinar

Jul 16, 2016
SHARE
 
 
Iraqi Dinar. Iraqi Dinar.

(IraqiNews.com) BAGHDAD – International Monetary Fund (IMF) has approved a three-year $5.34 billion loan for Iraq. The loan is focussed on implementing economic and financial policies to help Iraq cope with lower oil prices and ensure debt sustainability.

In a statement issued by the IMF it was mentioned that the loan would be provided under the ‘Stand-By Agreement’ facility and it includes measures to protect vulnerable populations.

In an interview with IMF news, the transcription of which was also obtained by Iraqi News, IMF mission chief for Iraq Christian Josz said, “The program is designed with a focus to- reduce budget spending and stabilize debt; protect spending on the social front to ease the lives of the poorest, IDPs and refugees; improve the quality of public spending and begin the process of restructuring state-owned banks.”

“Iraq has maintained a peg to the US dollar for years and it has served the Iraqi economy well. The peg helps provide stability amidst a highly uncertain environment, especially with policy capacity weakened by the fight against ISIS,”Josz said, adding, “Iraq is predominantly an oil exporter and devaluing the Dinar would have minimal bearing on the economy’s overall trade competitiveness.”

“The authorities can also spur private sector-led growth by restructuring state-owned enterprises and prioritizing investment projects, which will help improve infrastructure development,” Josz further said, before concluding, “The authorities are committed to maintaining the Iraqi Dinar’s peg to the US dollar under these circumstances, and we support this view. There is no reason to devalue the Iraqi dinar.”

 

http://www.iraqinews.com/business-iraqi-dinar/imf-says-no-reason-devalue-iraqi-dinar/

 

  • Upvote 4
Link to comment
Share on other sites

18 hours ago, Laid Back said:

Iraq will continue with the dinar peg to the US dollar till:

Get rid of corruption 

Security

Stability

Complete ministerial cabinet

Important laws.... National guard law, federal court, oil and gas law

Develop private sector

Diversify the economy

I believe they can accomplish all that in the next 6 months, to start 2017 with a dinar unpeg from the US dollar with more value

Go Iraq

Go dinar

Go $1:1

 

 

:bravo::praying::praying:

  • Upvote 1
Link to comment
Share on other sites

IMF SAYS NO REASON TO DEVALUE IRAQI DINAR 
Iraq, July 17, 2016

International Monetary Fund (IMF) has approved a three-year $5.34 billion loan for Iraq. The loan is focussed on implementing economic and financial policies to help Iraq cope with lower oil prices and ensure debt sustainability.

 

In a statement issued by the IMF it was mentioned that the loan would be provided under the ‘Stand-By Agreement’ facility and it includes measures to protect vulnerable populations.

 

In an interview with IMF news, the transcription of which was also obtained by Iraqi News, IMF mission chief for Iraq Christian Josz said, “The program is designed with a focus to- reduce budget spending and stabilize debt; protect spending on the social front to ease the lives of the poorest, IDPs and refugees; improve the quality of public spending and begin the process of restructuring state-owned banks.”

 

“Iraq has maintained a peg to the US dollar for years and it has served the Iraqi economy well. The peg helps provide stability amidst a highly uncertain environment, especially with policy capacity weakened by the fight against ISIS,”Josz said, adding, “Iraq is predominantly an oil exporter and devaluing the Dinar would have minimal bearing on the economy’s overall trade competitiveness.”

 

“The authorities can also spur private sector-led growth by restructuring state-owned enterprises and prioritizing investment projects, which will help improve infrastructure development,” Josz further said, before concluding, “The authorities are committed to maintaining the Iraqi Dinar’s peg to the US dollar under these circumstances, and we support this view. There is no reason to devalue the Iraqi dinar.”

 

(iraqinews)

 

http://iraqdailyjournal.com/story-z13540449

  • Upvote 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.