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Showing results for tags 'Not good news...'.
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I have made friends with an Iraqi economist through a mutual friend. He lives in Baghdad, his name is Omer Alobide. Here is his Facebook page...https://www.facebook.com/omer.alobide.9 I recently asked him about his take on the IQD and here was his response. He feels that the IQD will not increase in value. Granted, this is just one Iraqi economist and it is just his opinion alone. Am I going to sell my IQD as a result? No, I have always stated that I am in this venture until the end...good, bad or otherwise. I am simply sharing what I information that I have from someone in Baghdad. My dear friend, Dr. Johnson, since 2007, the Iraqi dinar has kept to the stability in the exchange rate against the US dollar until 2014 that mean since control ISIS terrorist to some Iraqi cities so the budget began witnessing deficit and the reason is the military spending to fight the terrorist ISIS and reduced oil exports that It is the main source of hard dollar currency, and that the decline in oil exports are caused by several factors, including: decline of oil prices in world markets as well as control ISIS terrorist on the border outlets in Iraq and refineries, so the oil ministry began export oil at $ 10 per barrel, as well as ISIS control over the oil areas in Syria Libya.. from here seemed to decrease oil imports, which is the main source to finance the budget, that the Iraqi Ministry of Finance sells dollar to the Central Bank of Iraq and the latter uses the dollar, which he got from the Ministry of Finance to feed the Iraqi market for foreign currency and required by individuals for various purposes, including travel and import and compactness, so when oil imports decrease the Iraqi Central Bank fell to pumb the dollar so it seemed the Iraqi dinar exchange is deteriorating against the dollar due to increased demand for the dollar in the market and lower supply than price, but at the moment returned dinar stabilized at a price of 1200 dinars to the dollar, but my expectation that the dinar exchange rate will return to deteriorate again in return the dollar because of lower oil prices and lower oil exports.
