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Report: The local purchasing power in Baghdad is 9.21% lower than Erbil


yota691
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9 minutes ago, jeepguy said:

40 trillion dinars (  @ 10 cents cost 400, trillion ? Think that is right ... ) Better close that dollar auction window and save them for dinars buy back !!!!!! 

 

Seems a little steep when you compare it with the value of the US economy--the largest economy in the world?

https://ig.ft.com/sites/numbers/economies/us/

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Not only is the US the largest economy but those dollars are in every corner

of the world. Hiding in cookie jars and under mattress .There is so much faith

in the dollar that some peoples of the world hold onto it like it was gold whereas

their own countries money may be up and down like a yoyo.

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According to google there is only 1.70 trillion $ in circulation including federal reserve notes

currency no longer used and outstanding coins.  This is a long way from 39 trillion dinars

and there country has only 38.2 million people. I don't see dinar=dollar in the near future. lol

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6 hours ago, Dinarrock said:

Hi Greg, I just read this thread and have a quick question for you if I may? Since this seems to be a close buddy of yours and I am sure you have asked him what does he say about a future RV or even 1 to 1? 300 million dinar is a lot to keep in a house I would think he would be worried about being robbed first before a bank steals from him but hey I get it the bank accounts got cleaned out before by Sadam and whoever but still curious if your friend believes they will significantly increase the value one day overnight? Thanks

 

dinarrock , ive asked greg these same questions his reply to me was erbil / Kurdistan is more secure than any other part of iraq , his friend was very successful in business 300 mill not a issue , and most in iraq feel a powerful iqd is a pipe dream , his iraqi friend spends time outside iraq now and he hardly speaks with him much now .... i asked greg if his friend could tell how change is made in iraq since the smallest currency is a 250 note was curious if they just round up or down to get change close to correct never got a reply .... maybe greg will see ur post and have a update ... 

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On 6/17/2019 at 2:01 PM, Dinarrock said:

Hi Greg, I just read this thread and have a quick question for you if I may? Since this seems to be a close buddy of yours and I am sure you have asked him what does he say about a future RV or even 1 to 1? 300 million dinar is a lot to keep in a house I would think he would be worried about being robbed first before a bank steals from him but hey I get it the bank accounts got cleaned out before by Sadam and whoever but still curious if your friend believes they will significantly increase the value one day overnight? Thanks

Hi Dinarrock! My friend has always been cautious when speaking about a possible RV. I don’t think he believes it will happen like we think it will..  His house in Erbil is very secure. His brother lives there and it is in a gated community. Iraqis just don’t turn their money over to banks like we do here.. maybe that way of thinking is changing now, but that’s just how they feel so they keep their money with them. He told me of a meeting back in January of 2015 (I think) where the Kurdish parliamentarians were to meet with Baghdad to talk about increasing the rate of the Dinar but nothing came if it because the price of oil was so cheap at the time. I hope that answers your questions. It has been a while since I spoke to my friend, I need to give him a call. ;)

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33 minutes ago, GregHi said:

Hi Dinarrock! My friend has always been cautious when speaking about a possible RV. I don’t think he believes it will happen like we think it will..  His house in Erbil is very secure. His brother lives there and it is in a gated community. Iraqis just don’t turn their money over to banks like we do here.. maybe that way of thinking is changing now, but that’s just how they feel so they keep their money with them. He told me of a meeting back in January of 2015 (I think) where the Kurdish parliamentarians were to meet with Baghdad to talk about increasing the rate of the Dinar but nothing came if it because the price of oil was so cheap at the time. I hope that answers your questions. It has been a while since I spoke to my friend, I need to give him a call. ;)

 

Good Morning , Mr. Greg,

 

I remember that meeting. 

The Kurds left the meeting upset. 

We were all on pins & needles. 

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  • yota691 changed the title to Local purchasing power in Jordan is 18.54% lower than in Iraq

Local purchasing power in Jordan is 18.54% lower than in Iraq

Economy | 02:27 - 23/06/2019

 
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BAGHDAD - Mawazine News 
revealed a report published on the site "Numbio" which means the standard of living of the world, noting that the local purchasing power in Jordan is 18.54% lower than Iraq. 
"Consumer prices in Jordan are 37.38 per cent higher in Iraq, while consumer prices, including rent in Jordan, are 30.47 per cent higher than in Iraq," the report said, according to the latest update in June. . 
He added that "rental prices in Jordan are 4.91% higher than in Iraq, while the prices of restaurants in Jordan increased by 48.90% compared to Iraq," indicating that "grocery prices in Jordan is 30.03% higher than in Iraq." 
The report pointed out that "domestic purchasing power in Jordan is 18.54% less than in Iraq"

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  • yota691 changed the title to Central bank sales fall in May to $ 4 billion
 
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The Central Bank of Statistics (CBO) disclosed Tuesday that the Central Bank's sales declined during its daily auction of $ 4 billion in May.

The central in the official statistics seen by Alsumaria News that "sales of the Central Bank of Iraq for the month of May in the auction, which is conducted daily amounted to 3 billion and 896 million and 480 thousand and 202 dollars compared to the previous month, which exceeded sales of 4 billion dollars," noting that "the exchange rate The market reached 1200 dinars per dollar. "
 
 
He added that "the total cash sales for the month of May amounted to 444 million and 360 thousand dollars, while the total foreign transfer of remittances and appropriations 3 billion and 452 million and 120 thousand and 202 dollars." 

It is noteworthy that the Central Bank is conducting daily meetings to buy and sell foreign currencies, except public holidays, which stops the bank from these auctions.
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Central bank sales fell in May to close to $ 4 billion

Economy | 02:16 - 25/06/2019

 
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BAGHDAD - 
Central Bank of Statistics revealed on Tuesday that sales of the Central Bank declined during the auction, which is conducted daily to approximate 4 billion dollars during the month of May. 
The Central Bank of the official statistics learned / Mawazin News / "The" sales of the Central Bank of Iraq for the month of May in the auction conducted daily amounted to 3 billion and 896 million and 480 thousand and 202 dollars compared to the previous month, which exceeded sales by 4 billion dollars, "noting that" Exchange rate of 1200 dinars per dollar. " 
He added that "the total cash sales for the month of May amounted to 444 million and 360 thousand dollars, while the total foreign transfer of remittances and appropriations 3 billion and 452 million and 120 thousand and 202 dollars."

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  • yota691 changed the title to Decrease in purchasing power in Iraq in June

Decrease in purchasing power in Iraq in June

Economy | 02:04 - 27/06/2019

 
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Follow - 
Mawazin News The site "Numbio" global, which means the standard of living of the world, the decline in the purchasing power index in Iraq, indicating that the cost of living index is "very low". 
According to the latest update in June this year, Mawazine News reported that "the purchasing power index in Iraq is low at 46.74%." The average net monthly salary per capita in Iraq is $ 568.45, the website said. 
"The cost of living index is very low," he said, adding that "the cost of living in Iraq is 43.37 percent lower than in the United States, where the rent is calculated."

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The Central Bank of Statistics said on Saturday that the amount of dollars sold at the auction of the currency amounted to nearly 4 billion dollars.

"The quantities sold from the dollar during the first five months of 2019 amounted to 3 billion and 960 million and 716 thousand and 966 dollars," the agency said in a statistical survey, which was seen by Alsumaria News. "These sales rose from the same period in 2018, Billion and 713 million, 372 thousand and 926 dollars, and an annual change of 6.7%.
 

He added that "the annual rate of the dollar during the first five months of 2019 amounted to 1200 dinars per dollar compared to the same period of 2018, which amounted to 1215 dinars per dollar, and an annual change of 1.3%." 

It is noteworthy that the Central Bank is conducting daily meetings to buy and sell foreign currencies, except public holidays, which stops the bank from these auctions.
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  • 2 weeks later...
 
Source:
 
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The site "Numbio" World, which means the standard of living of the world, that the expenses of the citizen Baghdadi on food accounted for nearly one third of his monthly salary.

He said the site by last update him in the month of July in 2019, " The markets , which include the basic food accounted for 30.7% of the citizen expenses Baghdadi monthly , " noting that " the bread, cheese, onion, tomato , canned water , the most needed food items in the market."
 
 

He added that "the rent came in second place of the monthly expenditure of the citizen Baghdadi by 21.8%, indicating that the rent of three rooms in the capital of 800 thousand dinars." 

The site pointed out that restaurants ranked third in the expenses of the citizen Baghdadi by13.9%, "noting that" a meal for two people in one of the restaurants average level in Baghdad cost $ 30. " 

The site," The means of transport came 11.4% of the citizen's spending Baghdadi monthly, "explaining that" taxi fare for a distance of 1.5 km is $ 4. "
"The Baghdadi citizen spends only 2.8 percent on clothes and shoes," he said. "The Baghdadi citizen spends on basic services of electricity, heating, cooling, water and garbage at 10.2 percent 

Numbeo is one of the sites launched in 2009 and is considered as a source by many international newspapers and magazines.
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  • yota691 changed the title to What if the central bank stopped selling the dollar?

What if the central bank stopped selling the dollar?

 
Abdul Zahra Al Hindawi
The sale of the dollar, or the so-called "sale of the dollar", carried out by the Central Bank of Iraq for several years, in the framework of its monetary policy, is one of the most important files that raise a lot of talk about it, there are those who applaud the idea and prepare of the very important procedures of The one to preserve the value of the Iraqi dinar against the dollar, which represents a "barometer" sensitive to measure the strength of national currencies. On the other hand, there is someone who speaks with absolute negativity about the window of sale of the currency, returned to it a door of corruption, corruption and currency smuggling. Sold monthly through that window, The latest in May, as the volume of the sold amount of four billion dollars, according to indicators of the Central Bureau of Statistics, as announced by the Central Bank of Iraq on an ongoing basis.
Regardless of the opinion of both parties, pro and opposition, of the mechanism of selling the dollar, if we take the situation impartially, and discussed the issue with its economic dimension, it can be said that the experience of selling the currency, contributed significantly to the preservation of the value of the dinar, which was suffering a lot of instability, We find its value falling, against the dollar, so much so that people in the past were turning the dinar into dollars, so that they would be reassured.
But after the start of the sale of currency, the dinar stabilized, and people no longer think to convert it into dollars, and the dealing in dinars is more popular and wide, it has not exceeded its current stable value at 1200 several years ago, which in itself represents support for the strength of the national economy, strength and stability of the currency Is an important positive indicator of the strength of the economy, and countries are strongly seeking this direction in order to maintain their national currencies stable, on the one hand, and on the other hand, the sale of currency has played a prominent role in curbing inflation in Iraq.
Prior to that, the indicators of the Central Bureau of Statistics talk about a crazy rise in the annual inflation index, exceeding the (20 percent) sometimes, and such an increase, was threatening the collapse of the currency and then deterioration of the development climate by about a year, but noted, since the start of selling the dollar, saw Inflation indices are stable at rates of 2% or less. In some months, we find a decrease in the index, noting that it is not easy to talk about a drop in inflation in the world, there is always a rise, as a result Demand for many departments and services has increased, with steady increases in population numbers And the growing volume of investments.
In addition to the above, the sale of the currency has played a major role in providing the "dollar" coverage of the volume of goods imports over the past years, and if the window is not open, there have been many problems in this regard. But the question that is raised here, from which we move to the other bank, where there are critics of the process, was this "dollar" coverage sound 100 percent ?, certainly the answer would be no, because we are talking about the size of a very large import, amounting to more than 50 billion dollars This is an indication from the Central Bank and others. There are some imports that were not real. They are only papers and receipts, which are offered for the dollar, which is probably Go in other tracks.
On the other hand, this is also an aspect of the criticism of the process, is that the sale of the currency caused the emergence of banks, adopted in the process of the window, it was like shops, which buy something from the wholesale market, and then sold retail or retail, This is a problem in itself, because the presence of such emergency shops on the monetary and financial scene in the country has caused a distortion of the image of banks and banks, and distrust between citizens and banks. As the central bank started in cooperation with the Masar Association The Iraqi Special Monitoring this file, take appropriate measures to reduce the proliferation of shops of this kind.
And when we talk about reforming the situation, and taking into account all the sharp criticisms of the sale of currency by the Central Bank, to the extent that there are those who describe it as a window of corruption and waste of public money, without taking into account other aspects, including, , To ensure the need of Iraqi citizens who travel to other countries for the purposes of tourism and treatment, and stop trading on the black market, it requires the treatment and procedures that will pruning and refining the window selling the currency and the problems that can not be overlooked.
It may be necessary to resort to other mechanisms that are quite different from what is currently being used. Also, there must be a realistic match between what is sold to cover imports and between imported goods and products through coordination with border ports and related parties.
In the end, it is certain that practical solutions will exist to address all the disadvantages of the process, in order to preserve public money, before we talk or demand the closure of the window selling the currency in Iraq.
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WHAT IF THEY JUST GOT UP OFF THEIR DMAN FLAT AZZEZZ, QUIT RUNNING SO SCARED, NERVOUS, FRIGHTENED OF SHADOWS, LOCK UP YOUR CORRUPT OFFICIALS ( Lord knows y'all have enough proof ) AND STOP WHINING WITH ALL " THE WHAT IF's " ABOUT ALL THE THINGS THAT MIGHT HAPPEN  ? ? ? 

 

. . . AND FRICKING RI/RV THAT TOILET PAPER CURRENCY ! ! ! GET ON WITH THE REBUILDING OF IRAQ YOU POOPY HEADS ! ! ! ! :facepalm: - - bet y'all thought I was gonna say S*^T, huh.

 

How many years & how many ways are these fools going to talk around all this ? :facepalm: I know, things are never that easy but Shiite, Damn It and other expletives ! ! !

 

( Yep, thats right . . . you gotta Double Face Palm Tonight . . . Good God Almighty :facepalm: ) - Okay, make it a Triple Face Palm ! ! ! ;)

 

10YL+6&:rocking-chair: ( where oh where can the Full IMF report be I wonder ? )

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11 hours ago, 10 YEARS LATER said:

WHAT IF THEY JUST GOT UP OFF THEIR DMAN FLAT AZZEZZ, QUIT RUNNING SO SCARED, NERVOUS, FRIGHTENED OF SHADOWS, LOCK UP YOUR CORRUPT OFFICIALS ( Lord knows y'all have enough proof ) AND STOP WHINING WITH ALL " THE WHAT IF's " ABOUT ALL THE THINGS THAT MIGHT HAPPEN  ? ? ? 

 

. . . AND FRICKING RI/RV THAT TOILET PAPER CURRENCY ! ! ! GET ON WITH THE REBUILDING OF IRAQ YOU POOPY HEADS ! ! ! ! :facepalm: - - bet y'all thought I was gonna say S*^T, huh.

 

How many years & how many ways are these fools going to talk around all this ? :facepalm: I know, things are never that easy but Shiite, Damn It and other expletives ! ! !

 

( Yep, thats right . . . you gotta Double Face Palm Tonight . . . Good God Almighty :facepalm: ) - Okay, make it a Triple Face Palm ! ! ! ;)

 

10YL+6&:rocking-chair: ( where oh where can the Full IMF report be I wonder ? )

 

:twothumbs: Would You Tell Us How, pray tell, You REALLY Feel AND Think About ALL This???!!!, 10 YEARS LATER, AND The Very Best Of Your Weekend To You, SIR!!! :tiphat:

 

:lmao:   :lmao:   :lmao:

 

:salute: !!!10 YEARS LATER!!! :salute:

 

Go Moola Nova!

:pirateship:

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1 hour ago, Synopsis said:

 

:twothumbs: Would You Tell Us How, pray tell, You REALLY Feel AND Think About ALL This???!!!, 10 YEARS LATER, AND The Very Best Of Your Weekend To You, SIR!!! :tiphat:

 

:lmao:   :lmao:   :lmao:

 

:salute: !!!10 YEARS LATER!!! :salute:

 

Go Moola Nova!

:pirateship:

 

I think that pretty much sums up how we all feel right about now!! 😆👍🏻

 

Have a delightful weekend Synopsis! 

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Just now, Half Crazy Runner said:

 

I think that pretty much sums up how we all feel right about now!! 😆👍🏻

 

Have a delightful weekend Synopsis! 

 

:twothumbs: Thank You, Half Crazy Runner, AND The Very Best Of Your Weekend To You, Too!!! :tiphat:

 

Have a REALLY fun run with Your REALLY fine canine!!! :twothumbs:

 

I ran out of purple trophies AND emeralds so, for now, please accept

 

+++++++++++++++++++++++++++++++

 

Go Moola Nova!

:pirateship:

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  • yota691 changed the title to Report: The local purchasing power in Baghdad is 9.21% lower than Erbil

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