Central Bank lowers the value of the Iraqi dinar against the dollar

[yota691]

Central Bank lowers the value of the Iraqi dinar against the dollar

He wrote in: December 21, 2015

The Central Bank of Iraq, on Monday, reduced the value of the dinar against the US dollar.

According to a statement of the bank, that "lifting of US dollar selling to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars."

The statement noted banks and the conversion of financial, investment and banking offices that "the exchange rate by international standards is still under study and will report results if completed, knowing that he has changed the base rate of the US dollar against the Iraqi dinar by the Bank to the (1182) dinars per dollar. "

The bank was selling dollars at 1166 dinars, it reported statistically the bank sold more than $ 42 billion in the auction of the currency since the beginning of this year until last Wednesday.

 

 

[yota691]

Central Bank lowers the value of the Iraqi dinar against the dollar

December 21, 2015

 

 

 

 

Our economy / Baghdad

The Central Bank of Iraq, on Monday, reduced the value of the dinar against the US dollar.

According to a statement of the bank "agency of our economy" it has received a copy of it, that "raise selling the US dollar to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars."

The statement noted banks and the conversion of financial, investment and banking offices that "the exchange rate by international standards is still under study and will report results if completed, knowing that he has changed the base rate of the US dollar against the Iraqi dinar by the Bank to the (1182) dinars per dollar. "

The bank was selling dollars at 1166 dinars, it reported statistically the bank sold more than $ 42 billion in the auction of the currency since the beginning of this year until last Wednesday.

[blueskyline]

Thank You and Good Morning Yota . Looks like they still have the need to pull in more Dinar ?

[sandfly]

THANKS

[docneedles]

So the CBI made the switch to reduce the value of the dinar on Dec 1 to 1182. I wonder why it took them this long to report it?

[yota691]

Reducing the rate of the dinar against the dollar by 1.37%

Writings

Monday, December 21 0.2015

 

 

 

Iraqi Central Bank said on Monday that he, selling the US dollar to banks and exchange companies by 16 dinars price of any by 1.37% to 1182 dinars. 
The bank said in a press statement on Monday, that: 'decide to modify the price of the dollar to 1182 dinars', without He said additional details. The news agency 'Reuters', for the appearance of Saleh, chief economic adviser to the prime minister Haider al-Abadi and former Deputy Governor of the Central Bank of Iraq, that:' the former price was 1166 dinars to the dollar .. This simple adjustment to the price and not the reduction of the value of the currency .. will increase government revenues to meet the needs Local '. 
During the last period, compounded by the CBI, sales of the US dollar in the local market, in order to stop the deterioration of the Iraqi dinar exchange rate, which has fallen, last June, to its lowest level in more than 12 years. 
The bank attributed the low price exchange rate of the dinar against the dollar earlier, to the exploitation of describing them B'alamadarbin 'from the owners of the private sector banking companies, who receive a single dollar from the central bank at 1190 dinars, and they raise the selling price of the importers and the general citizens. 
and last week, the voice of the Iraqi parliament , by majority vote, on the country's budget for next year, in 2016, estimated at $ 99 billion, a deficit of 29.4 trillion dinars (25.81 billion dollars). 
Iraq has a date with the devaluation of the dinar and that in the nineties of the last century, during the period of the economic blockade that brought inflation to a very large proportion It is 492%, and then people faced destruction as a result of selling everything they have the property to provide a living. 
Iraq relies on the sale of oil revenues to cover about 95% of the country's expenses, and collapsed prices since last year of about $ 100 per barrel to less than $ 40 a barrel .

[gregp]

Maybe this will get them closer to the 2% spread.

[yota691]

Markets | Mon Dec 21, 2015 3:21am EST Iraq central bank devalues dinar by 1.37 percent versus dollar

BAGHDAD

 

An employee of a money changer holds a stack of U.S. Dollar notes before giving it to a customer in Jakarta, October 8, 2015.

REUTERS/BEAWIHARTA

 

Iraq's central bank has increased the sale price of U.S. dollars to banks and currency exchange companies by 16 dinars, or 1.37 percent, as the government seeks to compensate a decline in oil revenue, a government official and the central bank said.

The sale price of the dollar "has been adjusted to 1,182 dinars," the central bank said in a statement on Monday.

The previous price was 1,166 dinars for a dollar, Mudher Saleh, a top economic adviser to Prime Minister Haider al-Abadi and former deputy central bank governor, told Reuters.

"This is a small adjustment, it's not a devaluation. It will increase government revenue to meet local needs," said Saleh.

A global oversupply of crude oil has pushed prices to below $40 a barrel from more than $100 a barrel in June 2014. The government depends on oil sales for 95 percent of its revenue.

 

(Reporting by Ahmed Rasheed; Writing by Maher Chmaytelli; Editing by Hugh Lawson)

 

 

[ChuckFinley]

I am hoping that people really start thinking that it is truly worthless and buy as much of the dollar as possible. This will reduce the note count and make it easier to push the dinar to 1 to 1 with the dollar.

[yota691]

Couple weeks ago couple articles pointed this out, that this was gonna happen, beside what the CBI showed..just a fyi

[calkid11]

Thank you Yota

[TQueezy]

Saleh said it's all good guys, no need to worry.

 

RV in June, 2016!

[jcfrag]

I think in the next 6 weeks, not 6 months. Though they do seem to be reporting more valid info and less BS these days... That in itself should be a good sign that someone some where knows what's going on in the CBI as well as Parliment!!!

[tigergorzow]

jcfrag, Totally agree......This RV of the IQD will be done sooner but definitely not later IMHO. Too much positive progress all around to get this done. The IMF made specific conditions reference the loan Iraq will receive before end of the year. Initiate tariffs & other revenue now!!

Keeping the faith!!

GO RV!!

[climber7]

So, just so I understand this correctly.....when the tariff laws are initiated there will be a new rate? In other words....they can't initiate the tariff laws without an 'RV' or am I wrong? 

[tigergorzow]

climber7, I do believe if Tariffs are implemented 100% across all provinces then definitely a "Big Step" forward. IMHO we will see other important laws like "HCL" being passed to actually seal the deal hopefully very near term. Tariffs bring higher taxes which will require more purchasing power for the citizens. 1182 is not gonna get it done. IMO

[yota691]

Deputy: the devaluation of the dinar would adversely affect the low-income and poor classes

History of edits:: 2015/12/21 14:50 • 150 visits readable

[baghdad - where] 
Deputy for the National Alliance, said the central bank's decision to reduce the value of the dinar by 1.3% will saddle the citizens and put pressure on their standard of living and in particular the owners of low-income and poor people.

And between Abdul-Hussein al-Musawi said in a statement received by the agency all of Iraq [where] a copy of "first had to think about alternatives to distract us from this result, which will increase the suffering of the disadvantaged classes and low-income people, such as pressing the unnecessary expenditure and activate regulatory mechanisms to meet the corruption and waste of public money and inquire outlets about the fate of non-oil revenues that have been actually Asthsalha of citizen resources, such as fees, and take the sale of public sector products, and profits ministries, and taxes but absent presence in the budget items as a supporter of revenue for it. 
"He added that" the investigation and audit in the fate of those revenues that carry citizen commitment it without to have a role in the consolidation of the budget is required and necessary, noting that "the cooperation of the executive and supervisory authorities in the detection of destiny will provide convenient alternatives to enrich us all make decisions increase the suffering of our people and patient." 
The Central Bank of Iraq announced reduced the value of the dinar against the the US dollar. 
According to a statement of the bank received [where] a copy of it, that "raise selling the US dollar to banks and exchange companies rate by 16 dinars, or 1.37 percent, to 1182 dinars" .anthy

 

Prompt the central bank lowers the value of the dinar against the dollar by 1.37%

History of edits:: 2015/12/21 12:20 • 1013 visits readable

[baghdad-where] 
the Iraqi Central Bank announced the reduced value of the dinar against the US dollar.

According to a statement of the bank received by the agency all of Iraq [where] a copy of it, that "raise selling the US dollar to banks and exchange companies rate by 16 dinars any by 1.37 percent to 1182 dinars." 
The statement noted banks and the conversion of financial, investment and banking offices that "the exchange rate by International standards are still under study and will report results if completed, knowing that he has changed the base rate of the US dollar against the Iraqi dinar by the bank to the [1182] dinars per dollar. 
"The bank was selling dollars at 1166 dinars, reported statistically Bank sold more than $ 42 billion in the auction of the currency since the beginning of this year until last Wednesday. 
The Governor of the Central Bank and the Agency on the Keywords announced in 20 of the month of November last that the bank reserves of foreign exchange of 60 billion dollars, "adding that" enough for six months, "noting "The central bank is working on the application of parallel policy to maintain the overall stability of prices and curb inflation," .anthy

[ronscarpa]

 ....

[yota691]

Central Bank denies doing to reduce the value of the dinar against the dollar

 

Monday, 21 December 2015 22:40

 

 

 

 

 

 

 

Alsumaria News / Baghdad 
Denied the Iraqi Central Bank, on Monday, news that talk about doing to reduce the value of the dinar against the dollar. 

The bank said in a statement received by Alsumaria News, a copy of "news stories about the bank to reduce the value of the dinar against the dollar baseless," denying "the news." 

The bank said that "the sale price of the dollar has not changed." 

A number of media have picked up earlier, the news that the central bank reduced the value of the dinar against the dollar.

[Bunk]

[justchecking123]

Something's going on even if it's not revalue related. 

 

CBI seems wishy-washy...not...

 

     

[yota691]

 

Specialists warn of the devaluation of the dinar against the dollar and the central bank denies

 

Author: ASJ, HH 
Editor: BK, HH 2015/12/23 12:27 Number of Views: 138 

 

Long-Presse / Baghdad

Counting specialists, economists and businessmen, on Wednesday, that the reduction in value of the dinar against the dollar "error" involves "serious repercussions middle and poor layers", in the absence of industry or agriculture and national "real" able to meet the needs of the citizens, as the central bank denied the existence of intention to reduce the value of the dinar, the Parliamentary Finance Committee stressed the need to support the private sector about my grandfather and to allow him to be able to contribute to the revitalization of the national economy.

Specialize: reduce the dinar against the dollar exacerbates the suffering of the poor

He says economic reform Institute adviser Ahmed al-Husseini, in an interview to the (long-Presse), "The devaluation of the dinar against the dollar error involves a very serious implications," noting that it "leads to inflation, especially in light of the austerity experienced by the state and reduced salaries."

He adds Husseini, that "the thrust of such a procedure requires the presence of the production of goods and services to be covered, and not, as is the case in Iraq, where almost are imported everything," adding that "the central bank went to lift the dollar exchange rate, would hurt the middle class and exacerbate the suffering of the poor more, it requires the central bank to pay attention to the consequences of that. "

In turn, says a member of the Union of Entrepreneurs Muhannad Sabri, in an interview to the (long-Presse), said that there is "confusion in the political decisions of the government reflected negatively on the economic reality," she returned to "prosthetic solutions do not benefit the Iraqi economy and the government must find a radical solution unilateral economy It depends almost entirely about oil. "

Sabri explains, that "Iraq is a sorry state of dependence on oil", calling for the need to "revitalize agriculture, industry, tourism and other important sectors to diversify national income resources."

And see a member of the Union of Entrepreneurs, to "raise the value of the dinar certainly will reflect negatively on the commercial reality where would lead to an unequal equation as a result of the abundance of the dinar against the dollar a few, most of the country in business dealings in dollars, and imports almost everything."

Sabri asserts, that "the decision to reduce the value of the dinar will be correct only if a real production and national industry obviates the importer and meets the need of the citizens were available."

Central Bank denies reduction rate of the dinar

According to a source at the Central Bank in an interview to the (long-Presse) that "the selling price of the dollar has not changed and is still the equivalent of thousand and 166 dinars," noting that "the Board of the Central Bank's management met a few days ago has not been included on its adjusted sale price of the dollar against the dinar's agenda, but I did not think so at all. "

Adds the source, who asked not to be named, said: "The central bank is always trying to find solutions that support the Iraqi dinar and maintain stability."

Parliamentary Finance: no alternative to stimulate the private sector

He says the Finance Committee decision in the House of Representatives Ahmed Hama Rasheed, said in an interview to the (long-Presse), "The central bank's mission is to maintain the dinar and support, and he has to be a level that," stressing that there is "a lot of initiatives and plans that have been developed on the shelves of the Ministry Planning without activated ".

Rashid and stresses the need to "support the private sector about my grandfather and to allow him to be able to stand up and contribute to the revitalization of the national economy."

The local media recently picked up the intention of the central bank cut the value of the dinar against the dollar, unexpected lift to sell dollars to banks and exchange companies rate, by 16 dinars, an increase of 1.37 percent, for a price sell thousand and 182 dinars instead of thousand and 116 dinars.

Read more: http://dinarvets.com/forums/index.php?/topic/213228-specialists-warn-of-the-devaluation-of-the-dinar-against-the-dollar-and-the-central-bank-denies/#ixzz3v8yxrY2o