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The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate


yota691
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8 hours ago, zul said:

 

Asian countries that devalued their currencies are mostly exporting economies ~ so it is to their benefits and advantages to have a lower/cheaper currencies.

 

Iraq on the other hand, is like other gulf countries, ~ they are importing economies, so it is more beneficial to have a strong 'high' currency to reduce the 'outflow' of their wealth (aka currency).

 

Iraq is one of the richest country in the world and I simply cannot brain how devaluations could benefit them in the open economy.

 

Jmo.

Good post Zul, you hit it good on this one.  Definitely has to be a translation issue, I don't see either on how a devaluation would help them.  

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19 hours ago, Donziman said:

When they say reducing

the dinar i think they mean the total dinar outstanding in circulation..

The CBI has been stating this for many years. 

like when they say, "Deleting the Zeros ", they have clearly pointed out that they'rereferring to. 0008. Still few wish to understand.  Iran has always been what has stopped the RV. And if you believe the news of late that problem has been solved. As Adam Montana said it his last weekly post there is nothing stopping an RV from happening now.

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I have to agree that there may be a bit of a translation issue and possibly poor writing when this article was created. 

They use the words "Benefits and costs" and didn't use the words disadvantages or encumbrances. 

The comment regarding the devaluation I believe refers to their past tense actions (many years go)

And, when they refer to reducing the dinar, they're referring to the amount of paper currency and not the value. 

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2 hours ago, WheresmyRV? said:

Good post Zul, you hit it good on this one.  Definitely has to be a translation issue, I don't see either on how a devaluation would help them.  

 

😊

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10YL I am. In the spirit of America, I am catching up on all of my house projects, lol. Also doing some bbqing and a small amount of drinking. I hope all is well in your neck of the woods. Enjoy the holiday and best of the weekend to you and yours. That goes for the rest of the crew at DV. You all remind me of the brothers and sister I never met, but hope to some day. Cheers and when I'm mowing my lawn, I'll be thinking of you, lol. Enjoy life today because you never know what tomorrow will bring.

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2 hours ago, mr.unlikely said:

10YL I am. In the spirit of America, I am catching up on all of my house projects, lol. Also doing some bbqing and a small amount of drinking. I hope all is well in your neck of the woods. Enjoy the holiday and best of the weekend to you and yours. That goes for the rest of the crew at DV. You all remind me of the brothers and sister I never met, but hope to some day. Cheers and when I'm mowing my lawn, I'll be thinking of you, lol. Enjoy life today because you never know what tomorrow will bring.

 

Good 4 you Ole Son. ... All is well in-my neck of the nape of the woods. Quite an interesting journey with many different personalities that have made this long trip unique and memorable.....and a stabilizing factor in enabling me to manage my psychotic breaks. 16 years in this Rodeo of Fools has been an Epic exercise in patience. 

Tip of the Hat 🎩 to you for being you Mr. U 👌 ( boy how I hate mowing the lawn 😖 )

 

10YL+6&:rocking-chair:

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2 hours ago, 10 YEARS LATER said:

 

Good 4 you Ole Son. ... All is well in-my neck of the nape of the woods. Quite an interesting journey with many different personalities that have made this long trip unique and memorable.....and a stabilizing factor in enabling me to manage my psychotic breaks. 16 years in this Rodeo of Fools has been an Epic exercise in patience. 

Tip of the Hat 🎩 to you for being you Mr. U 👌 ( boy how I hate mowing the lawn 😖 )

 

10YL+6&:rocking-chair:

Ain't that the truth! Sometimes I find myself yelling at my iPad after reading some of these articles. It is truly the comments that come afterward that keep me smiling and laughing and semi sane. 

Side note, I mow the lawn for a couple reasons. 1) to check and see I found I still can.

2) I could pay the kid down the street to do it but I'd have to mow it just to show him how to do it right.

3) been mowing the lawn since I was 7. Sometimes it just brings back memories. Mow the neighbors  lawn for 10 bucks, candy money for two weeks.

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On 7/5/2019 at 12:17 AM, zul said:

 

Asian countries that devalued their currencies are mostly exporting economies ~ so it is to their benefits and advantages to have a lower/cheaper currencies.

 

Iraq on the other hand, is like other gulf countries, ~ they are importing economies, so it is more beneficial to have a strong 'high' currency to reduce the 'outflow' of their wealth (aka currency).

 

Iraq is one of the richest country in the world and I simply cannot brain how devaluations could benefit them in the open economy.

 

Jmo.

Assume Zul.    :bravo:

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  • yota691 changed the title to The value of the currency on the expert table

The value of the currency on the expert table

 
Baghdad / Hussein Thugb
 
 
The importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes The Department of Economic Studies in Beit al-Hikma held a scientific symposium entitled (Change the value of the Iraqi currency .. benefits and costs) with the participation of financial and economic experts in the public and private sectors.
The symposium was moderated by Dr. Falah Hassan Thwaini, supervisor of economic studies at Bayt al-Hikma last weekend, with the participation of the financial adviser to Prime Minister Dr. Muthahra Mohammad Saleh, as well as Professor Dr. Mahmoud Mohammad Dagher, Director of the Department of Financial Operations and Debt Management of the Central Bank of Iraq.
The participants dealt with the reality of changing the value of the Iraqi currency and the reduction of the Iraqi dinar, and its impact on the Iraqi economy, some describe this reduction as a support for the global economy and some see the deterioration of the purchasing power of the Iraqi individual.
New policies
Dr. Mohammed Saleh spoke about the policy of the Central Bank since its establishment so far in a concise and clear way as the bank's goal is to manage the monetary expectations and how Iraq's oil revenues from 2003 to 2014 are improving continuously. 
He pointed to "the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy," and the importance of the need for new policies are consistent with the policy of the Central Bank to reach solutions.
 
Cash balances
Dr. Mahmoud Mohammed Dagher discussed the current exchange rate regime for two years in Iraq and mentioned facts about the Iraqi economy for 2019. 
The decision to devalue the Iraqi currency is effective in all the monetary and real balances of the Iraqi economy, because one of the causes of inflation, which ignites expectations and pressures towards the continuation of its decisions subsequent reductions.
Then he talked about reserves since 2019 to today, and then the exchange rate has been stable for more than a year.
"The actual external debt is 24 billion dollars, and the annual short debt is between 1.5 and 2 billion dollars," he said.
 
Tax reality
Dagher warned that "the decision to reduce the currency risk, because it affects all balances," and then go to the tax and customs fact down to inflation levels.
"Monetary action needs a positive change in the industrial and agricultural sectors, especially as we are financially weak 
economically".
Dagher concluded that "the value of the currency raises inflation and here is the main benefit of the dollar campaign."
 
Economic sectors
The Academy d. Said that "some of the experiences were temporarily reduced to overcome a crisis and then returned, do we have the potential to adopt such a way?" 
Procedure?".
"The need for multilateralism in building economic and productive sectors in particular, as well as the activation of other agricultural policies 
Industrial ".
 
Global experiences
"The financial sector is the cornerstone of the stage of economic development sought by the country, and the introduction of such an important subject before financial experts is the need to come out with effective treatment, and can
 Taking advantage of global experiences in this direction, to find out the merits of the subject and to know the actual benefit of the economy the National". 
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  • yota691 changed the title to The value of the currency on the expert table

This is threw another translation online not google...Currency experts table Sunday July 7, 2019 98 currency experts Baghdad table / Hussein Tgb of the importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes held economic studies at the House of Wisdom tagged Scientific Symposium (change the Iraqi currency .. benefits and costs) with the participation of financial and economic affairs experts in the public and private sectors. The symposium was moderated d. Falah Hassan Thuwainy Supervisor Economic Studies Department at the House of Wisdom end of last week with the participation of the financial adviser to Prime Minister D.mzar Mohammed Saleh, as well as Prof. Dr. Mahmoud Mohamed Dagher, Director General of the Department of Financial Operations and Debt Management at the Central Bank of Iraq. The researchers participants addressed the reality of changing the Iraqi currency and reduce the value of the Iraqi dinar, and its significant impact on the Iraqi economy, some describing the reduction as support for the global economy and some see a deterioration of the purchasing power of the Iraqi people. New policies and spoke appearance of Dr. Mohammed Saleh from the central bank's policy since its inception to now in a concise and clear as the goal of the bank is cash management expectations and how Iraq's oil revenues since 2003 until 2014 continues to improve. He noted "the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy," and the importance of the need for new policies syndrome with the central bank's policy to reach solutions. Balances and cash, Dr. Mahmoud Mohamed Dagher, the exchange rate system is currently stable and two years ago in Iraq, said the facts about the Iraqi economy in 2019. He promised the decision to reduce the value of the Iraqi currency influential in all cash balances and the real Iraqi economy, because of one of the causes of inflation are fueling expectations and pressures toward continuing its subsequent reductions. Then he talked about the precautions since 2019 to today, then he stopped the stability of the exchange rates for more than a year. He pointed out that "the actual external debt of $ 24 billion, and the annual debt short ranges between 1,5- $ 2 billion." Indeed, the tax warned Dagher that "the decision to reduce the currency risk, because it affects all balances", then go to the tax and customs actually down to the levels of inflation. He said the "monetary measure needs a positive change in the industrial and agricultural sectors, especially that we are financially strong economically vulnerable." Dagher concluded by saying that "the achievement of the currency raises the value of inflation and interest here are the major campaign dollar." Economic sectors either academic d. Thuraya Khazraji said that "which calls for the direction of the devaluation, no doubt that the beneficiary of this thing, not better to walk in this direction, because it is not the welfare of Iraq," pointing out that "some experiments reduced temporarily to overcome the crisis and returned afterwards, do we have the potential to adopt such a ?. " And he stressed "the need for pluralism in building economic and productive sectors, in particular, as well as the activation of other agricultural and industrial policies." Specialist in economic affairs Haider al-Baghdadi said the "financial sector, international experiences is a cornerstone for the stage of economic development pursued by the country, and put such an important topic in front of financial affairs experts is the need to exit the treatment effective, and can benefit from international experiences in this direction, to stand on the merits of the subject and find out the actual interest of it for the national economy. "

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Another thing to consider when they use words like “reduce the value” or “devalue the currency” in the above article..  the people may be concerned they are loosing purchasing power because they will go from using a 25,000 Dinar note to a 25 Dinar note. In other words, they may think the new money won’t be worth much... just my opinion..

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7 hours ago, mr.unlikely said:

Ain't that the truth! Sometimes I find myself yelling at my iPad after reading some of these articles. It is truly the comments that come afterward that keep me smiling and laughing and semi sane. 

Side note, I mow the lawn for a couple reasons. 1) to check and see I found I still can.

2) I could pay the kid down the street to do it but I'd have to mow it just to show him how to do it right.

3) been mowing the lawn since I was 7. Sometimes it just brings back memories. Mow the neighbors  lawn for 10 bucks, candy money for two weeks.

 

When I was 10 yrs. old ( 1965 ) I'd mow the neighbors lawn [ 4 of 'em on my block ], front & back plus edging for that lovely manicured look for $2.25 a week. $9.00 a week....I was Mr. Big Shot. I was really unaware I was getting bent over by everyone.

My folks had me doing ours on the same deal but I only got paid $1.00 - and it had better be a damn good job or my Dad would make me do it all over again. He said it would build character. 

 

How I hate mowing the lawn. :lol:

 

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23 minutes ago, 10 YEARS LATER said:

 

When I was 10 yrs. old ( 1965 ) I'd mow the neighbors lawn [ 4 of 'em on my block ], front & back plus edging for that lovely manicured look for $2.25 a week. $9.00 a week....I was Mr. Big Shot. I was really unaware I was getting bent over by everyone.

My folks had me doing ours on the same deal but I only got paid $1.00 - and it had better be a damn good job or my Dad would make me do it all over again. He said it would build character. 

 

How I hate mowing the lawn. :lol:

 

Your dad was right, you are quite the character!

 

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Thank You Yota . GM DV's . Like everyone else I'm trying to wrap my thoughts around some of these articles . Collection of customs , Taxes , Return of assets overseas , a raise in the cbi reserves , a raise in gold holdings , a raise in oil production ,raise in agriculture production, tourism ect. Its my guess all of these things have added to a raise in inflation . Another further guess of mines is the items I just mentioned is the( achievement of the currency )they are speaking of . Which has raised the value of inflation  "the achievement of the currency raises the value of inflation and interest here are the major campaign dollar"......... I'm guessing they have calculated some sort of amount or value (not scene publicly yet) of the dinar from all this increased income and good practices of the cbi . And the problem is its too high ? And the want to devalue it to something that is lower (but still will be outstanding for iraq citizens and us ) and good for the world economy ? "describing the reduction as support system" rel="">support for the global economy and some see a deterioration of the purchasing power of the Iraqi people.".... I don't know ? Its late , I'm tired and I'm a complete novice about these things .....GN DV's 

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2 minutes ago, blueskyline said:

Thank You Yota . GM DV's . Like everyone else I'm trying to wrap my thoughts around some of these articles . Collection of customs , Taxes , Return of assets overseas , a raise in the cbi reserves , a raise in gold holdings , a raise in oil production ,raise in agriculture production, tourism ect. Its my guess all of these things have added to a raise in inflation . Another further guess of mines is the items I just mentioned is the( achievement of the currency )they are speaking of . Which has raised the value of inflation  "the achievement of the currency raises the value of inflation and interest here are the major campaign dollar"......... I'm guessing they have calculated some sort of amount or value (not scene publicly yet) of the dinar from all this increased income and good practices of the cbi . And the problem is its too high ? And the want to devalue it to something that is lower (but still will be outstanding for iraq citizens and us ) and good for the world economy ? "describing the reduction as support system' target='_blank' style=" rel="">support system" rel="">support for the global economy and some see a deterioration of the purchasing power of the Iraqi people.".... I don't know ? Its late , I'm tired and I'm a complete novice about these things .....GN DV's 

OH...... "some experiments reduced temporarily to overcome the crisis and returned afterwards, do we have the potential to adopt such a ?.......This sentence also stood out to me . Could this temporary reduction followed by " and returned afterwards " be the initial lower rate we all heard about..... then sometime later the "former glory or returned rate " ?  Who knows ? GN

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On 7/4/2019 at 7:21 AM, eighty227 said:

 

Change the value of the Iraqi currency ... benefits and costs


2019-07-04

Change the value of the Iraqi currency ... benefits and costs

 

Change the value of the Iraqi currency ... benefits and costs


The importance of the Iraqi currency and its impact on the Iraqi economy in light of the current changes The Department of Economic Studies in Beit al-Hikma held a scientific symposium entitled "Change in the value of the Iraqi currency, benefits and costs" under the chairmanship of Prof. Dr. Falah Hassan Thoini, / 7/2019 on the seminar hall in Beit al-Hikma. 
The seminar was attended by Dr. Mazhar Mohammed Saleh, financial adviser to the Prime Minister, as well as Professor Dr. Mahmoud Mohammed Dagher, Director of the Department of Financial Operations and Debt Management of the Central Bank of Iraq. 
The participants discussed the problem of changing the value of the Iraqi currency and the reduction of the Iraqi dinar and its impact on the Iraqi economy, some describe this reduction as support system" rel="">support for the global economy and some see the deterioration of the purchasing power of the Iraqi individual.
Dr. Mazhar Mohammed Saleh talked about the policy of the Central Bank since its establishment so far in a concise and clear as the goal of the bank is to manage the monetary expectations and how Iraq's oil revenues since 2003 to 2014 is improving continuously so there was no budget deficit. He pointed to the role of Iraq and the agreements signed with the International Monetary Fund and its impact on the Iraqi economy. 
He concluded by discussing the need for new policies that are consistent with the central bank's policy of reaching solutions. 
Dr. Mahmoud Mohammed Dagher discussed the current exchange rate regime for two years in Iraq and mentioned facts about the Iraqi economy for 2019. 
The promise of the devaluation of the Iraqi currency affects all the real and monetary balances of the Iraqi economy because one of the reasons for inflation accompanying the reduction ignites expectations and pressures towards the continuation of subsequent reductions decisions.
In conclusion, there were comments from the audience and views and proposals on the decision to reduce the Iraqi dinar. 

The seminar was attended by Dr. Ihsan Al-Amin, Chairman of the Board of Trustees of Bayt Al-Hikma and a number of prominent personalities in the banking and financial field and a number of academics.  

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Source http://www.baytalhikma.iq/News_Details.php?ID=1025

 

Lol - What A Frickin’ Joke ! <_< 

 

 

Not U Eighty227 - A Great Find And At Least For The Last Three Days - A Perfectly Amazing ‘Original’ Thread ! ;) 

 

 

Unfortunately 72 Hours Later, It’s Now Been Obscurely Tangentially Attached To - And Completely Buried At The Bottom Of Another Suffocating Multi Years Old Barely Related Thread ! :o 

 

:D  :D  :D 

 

 

 

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The value of the currency on the expert table - Sunday 07 July 2019  - Posted by Yota

Todays article above is a little more in depth and speaks of 2019 reserves, short and long term debt. 
I think his remarks are insightful in understanding the implications of the article...RON :tiphat:

Don't forget today they told us they increased the reserves by 14 billion and will again soon to 86 billion. They also remind us that they need the taxes, customs fees,  industrial and agricultural side of things to be in line.

By making the decision to reduce the Iraqi dinar (to raise the rate) and to reduce the auctions (which also needs a higher rate), they are mentioning the good it will do, as if you don't raise the rate the imports will ruin the purchasing power for the citizens, thus, the decision to reduce both Auctions and Iraqi Dinar was done or is to be done when the rate changes internationally.

Reduction from the low of 1190/1 down to 1/1 raises the value. The Dinar when reduced it gets more value. They readjusted contracts recently, so, they are going to need to get busy or they'll have to rewrite them again. imo Thus, all that said, we are looking good imo! ~ MM
 
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  • yota691 changed the title to The Finance Committee reveals the mechanism for paying Iraqi debts .. And the Central reveals its policy to control the exchange rate
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