vomer Posted July 15, 2016 Report Share Posted July 15, 2016 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/ 5 Quote Link to comment Share on other sites More sharing options...
nfire Posted July 15, 2016 Report Share Posted July 15, 2016 Sweet. 1 Quote Link to comment Share on other sites More sharing options...
Boozer Posted July 15, 2016 Report Share Posted July 15, 2016 Well if not devalue.. then revalue ! 2 Quote Link to comment Share on other sites More sharing options...
Gypsygirl11 Posted July 15, 2016 Report Share Posted July 15, 2016 Thanks for the article Vomer.....very sweet! 1 Quote Link to comment Share on other sites More sharing options...
siberian_shaddow Posted July 16, 2016 Report Share Posted July 16, 2016 Much appreciated Vomer, sounds great then change it from a dirty float to something pretty. Like a 1 to 1 RV. 1 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted July 16, 2016 Report Share Posted July 16, 2016 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 7 Quote Link to comment Share on other sites More sharing options...
TLHUBER Posted July 16, 2016 Report Share Posted July 16, 2016 Whoops Jeepguy I think I neged you by accident 1 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted July 16, 2016 Report Share Posted July 16, 2016 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 8 Quote Link to comment Share on other sites More sharing options...
sandfly Posted July 16, 2016 Report Share Posted July 16, 2016 Yep boozer 2 Quote Link to comment Share on other sites More sharing options...
SocalDinar Posted July 16, 2016 Report Share Posted July 16, 2016 Thanks Vomer This is good news. Here is another similar article Iraq news, the latest Iraq news by Iraqi News Security Iraqi Dinar IMF says no reason to devalue Iraqi Dinar Jul 16, 2016 SHARE 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/ 4 Quote Link to comment Share on other sites More sharing options...
Candy01 Posted July 16, 2016 Report Share Posted July 16, 2016 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 1 Quote Link to comment Share on other sites More sharing options...
Wiljor Posted July 17, 2016 Report Share Posted July 17, 2016 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 1 Quote Link to comment Share on other sites More sharing options...
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