Economist: Iraq will not stand up to the crisis and the dollar exchange rate will rise after 6 months

[Mary B]

Economist: Iraq will not stand up to the crisis and the dollar exchange rate will rise after 6 months

 31/03/2020

 

  

Information / private ..

Economist Salah Al-Zaidi said on Tuesday that Iraq and if the crisis persists, it will not last for long, pointing out that the dollar exchange rates will rise above its normal level and the central bank will lose its control after 6 months of the day in the event of continuing low oil prices.

"The reserves of the central bank amount to 60 billion dollars, but this amount and if it was manipulated, the dollar exchange rate will be affected if the current economic crisis continues," Zaidi said in a statement to "The Information."

He added that "the continued decline in oil prices will lead the central bank to use the cash reserve to cover the market need and the operational budget, and therefore the dollar’s scarcity in the markets will raise its value against the dollar, especially if the current situation continues to more than 6 months."

And that " Iraq should resort to other means to enhance its budget, especially as there are a lot of resources that are not utilized properly, including religious shrines, tourist sites, state properties, agricultural and residential lands belonging to the Ministry of Finance, in addition to housing complexes that could be an alternative to oil imports." 25 n ended

 

https://www.almaalomah.com/2020/03/31/465632/

[Stabstones]

It is time to raise the dinar value.. b4 it's to late..

[screwball]

Rv baby!

[KristiD]

2 hours ago, Stabstones said:

It is time to raise the dinar value.. b4 it's to late..

 

Agreed!  Because the other options this guy recommended...

4 hours ago, Mary B said:

including religious shrines, tourist sites, state properties, agricultural and residential lands belonging to the Ministry of Finance, in addition to housing complexes that could be an alternative to oil imports.

 

aren't gonna bring in much.  Who's going to the shrines and tourist site these days?  And what tourists?  Yeah they could try and sell some state owned properties, but who's gonna buy them as the coronavirus problem continues to shut down everything?  I am very optimistic that the cessation of the auctions and the shut down of the ISX are being done in preparation for the RV.  As of now, the ISX is set to open on Easter, April 11th.  If they don't postpone that again (because they're already postponed it twice).......

Thanks for posting this Mary B.

[ronscarpa]

Thanks Mary B...! The exchange rate in the market has already gone up, although the official market rate hasn't changed since the 16th. But, the CBI Reserves are now well over 87 Billion, not 60 billion as the article indicates.