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Central Bank: The dollar's appreciation will end this week


Mary B
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Central Bank: The dollar's appreciation will end this week

 

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04/04/2020

 

Baghdad - Mawazine News
, the Central Bank of Iraq revealed the implementation of several steps to control the high exchange rate of the dollar in the markets.
"The central bank has implemented a number of steps to control the exchange rate of the dollar," he said, noting that "the bank will try and in any way to curb this large disparity.
" Jabbar explained that "there are some weak souls speculating in dollars, so the bank Central will try in any way to curb this great disparity and we expect this week to resolve the issue of higher dollar prices. "
He explained that" Obozor these steps to open ports for sale and the strengthening of banks in hard currency, while Rahj to end the rise happening in the dollar exchange rate against Uncle Of the local during the current week. "
The exchange rate of the dollar in the local markets during the past few days increased, reaching sometimes from 126 to 128 thousand dinars per 100 dollars. Ended 29 / p

 

https://www.mawazin.net/Details.aspx?jimare=93447

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Central Bank: The dollar's appreciation will end this week

 

image.jpeg.e0d4cd8f28f1aa214c41383e6020f9c3.jpeg

 

4th April, 2020


The Central Bank of Iraq revealed the implementation of several steps to control the high exchange rate of the dollar in the markets.

"The central bank has implemented a number of steps to control the exchange rate of the dollar," he said, noting that "the bank will try and in any way to curb this large disparity. "Jabbar explained that "there are some weak souls speculating in dollars, so the bank Central will try in any way to curb this great disparity and we expect this week to resolve the issue of higher dollar prices. "

He explained that "Obozor these steps to open ports for sale and the strengthening of banks in hard currency, while Rahj to end the rise happening in the dollar exchange rate against Uncle Of the local during the current week." The exchange rate of the dollar in the local markets during the past few days increased, reaching sometimes from 126 to 128 thousand dinars per 100 dollars. 

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The central bank reveals the reasons for the high dollar exchange rate

4/3/2020

The central bank reveals the reasons for the high dollar exchange rate

 

Baghdad / Al-Ghad Press:

The Director General of the Financial Operations and Debt Management Department of the Central Bank of Iraq, Mahmoud Dagher, revealed on Friday the reasons for the high dollar exchange rate against the dinar.

 

Dagher said in a press statement, "The rise in the exchange rate of the dollar is due to the overlap of a set of expectations for the financial crisis that Iraq is going through, resulting from the drop in oil prices and accompanied by the impact of the Corona virus and curfews, which resulted in them as a result of a halt in economic activities."

 

He added that "all these factors are added to them by stopping the outlets of selling currencies in the central bank, which led to a rise in the exchange rate of the dollar and a decrease in the value of the Iraqi currency."

 

And Dagher stated that "the central bank was not able to stop the rise in exchange rates, due to the auction of selling the currency, and there was no real interventionist administration at the exchange rate from the central bank, as it was in the past", explaining that "the window stopped, and there is no economic activity Real in the market only the food, and we find that the demand for dollars rises, and the exchange rate rises with him. "

 

He pointed out that "the issue relates to future expectations and that the assurances were not at the required level regarding the payment of salaries and the talk of printing the currency, which led to a lot of efforts to convert what he has from dinars to dollars."

 

"I think with the intervention of the central bank from next week and the expected high price of oil, it might mitigate the sharp increase in the exchange rate," Dagher said, explaining that "👉 the central bank announced the opening of the dollar sale window next week,👈  and it has already opened the doors of certain transfers for food purposes." And the medicine, and it did not work much because it remained open for a short time. "

 

He pointed out that "if there is reassurance in terms of oil prices and improvement in public finances due to high rates of revenue and because of the intervention of the central bank and foreign currency injection into the market, then all of these factors, if combined correctly, and not one of them, will stabilize the exchange rate."

 

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sounds to me like they are going to open up the auctions again so that the money laundering can continue and the GOI will use that to bring the rate back down to the program rate. It seems like the easiest way to pump a lot of USD back into the market. It also gives the appearance to their people that they are 'working real hard' to reduce the exchange rate when all they have to do is change it. IMO if they reopen the auctions and go back to the exact same rigmarole, they have wasted a huge opportunity to make a structural change in the currency regime and their, our, window of opportunity is going to close. If 20 dollar per barrel doesn't dislodge these criminal f---tards, I'm not sure anything will. I swear it would take these knuckleheads three tries to get a yes or no question right.

Sorry DV not trying to be a wet blanket, but these mooks are grinding on my last nerve. 

Where is 10 years later? I miss his rants. They always make me laugh. Mostly cause he's right and I think about what he might say if he wasnt sugar coating it out of respect for all of the members here,and the rules of the forum, lol. 

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This is three weeks old and has probably been posted somewhere already, but it gives me good cheer:

https://www.ikhnews.com/index.php?page=article&id=210860

Former minister: Iraqi dinar on the way to "float"

 

11-03-2020 05:24 PM
image.php?token=f8d9f797e2acf7904c2d47e28fb73d00&c=3221709&size=
 


 

Baghdad - news

The former minister, Amer Abdul-Jabbar, confirmed today, Wednesday, that the Iraqi dinar is on the way to floating, in light of the sharp decline in oil prices, while noting that employees should expect that during the coming days their salaries will be deducted.

"The continuation of monetary policies and the current government in the same contexts with the sharp decline in oil prices will be catastrophic, and the employee should expect to deduct his salary, perhaps for half, or spend part of his salary every two months," noting that "the next stage may witness a reduction in employee salaries, deductions and taxes to reduce the budget deficit." .

He added that "the Iraqi dinar is on its way to float (i.e. reduce its value), and the Iraqi government may have to increase the exchange rate of the dollar to 1250 dinars against the dollar in order to obtain additional funds estimated at 4 trillion dinars in the budget and this matter is positive because it will allow encouraging the national industry because it will raise the value Imported goods and makes domestic competitive. "

He added, "We are afraid of a government decision to reduce the price of the dinar against the dollar to 1300 or 1350 in the event that the drop in oil prices is catastrophic. This float will cause the price of commodities to rise and burden the citizens. The state may use it to reduce the budget deficit."

Abdul-Jabbar continued, "The government's decision to place customs and other exemptions to remove visa amounts with some neighboring countries has harmed Iraq and contributed to preventing the entry of important revenues to the state," noting that "since 2018, he warned of low oil prices in 2020".

He pointed out that "the advisory base available to the Prime Minister is not qualified to deal with major crises, especially those related to low oil prices." He added that "the current advisers are friends of the Prime Minister, one of them told me: whoever understands his work with specialists will not enable him to reach the Prime Minister." Because it will take the place of others. "

Abdul-Jabbar said, "The recent appointments made by the Prime Minister killed the state and burdened its financial resources, and there is a 200-square-meter department with 270 employees."

 
 
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2 hours ago, mr.unlikely said:

Where is 10 years later?

 

.... different moniker same wit and flair ... 

dont let it drive u up a wall mr.u , they have stated they will resume the auctions a few dayz ago

so i'm prepared for that but hoping the cbi puts the iqd on the market and international and bankable ... cheers

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8 hours ago, Laid Back said:

I think we have a 50/50 chance between The CBI pumping massive amount of dollars into The economy or RV the dinar
 

 

 

 

8 hours ago, Wiljor said:

The “perfect storm” brother 😉

 

Morning LB and Wiljor, trust you are both doing well. I would say 50/50 is about right. I think we are down to the wire. Two months would be the far outside. Not knowing all that is taking place in Iraq, I can not see this going into June unless oil moves dramatically. Right now they are talking under $40 a barrel and that is for sure not going to help. Now, for my disclaimer - This is Iraq.  

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The central bank begins selling the dollar through its daily auction

4/5/2020

The central bank begins selling the dollar through its daily auction''

On Sunday, the Central Bank of Iraq began selling the dollar through its daily auction, after stopping the result of the embargo and since March 17.


The bank’s sales today amounted to 245 million and 669 thousand and 143 dollars, covered by the bank at a base exchange rate of 1190 dinars per dollar.


The bank's sales were all to enhance the balances abroad in the form of transfers and credits that were fully covered by the bank at an exchange rate of 1190 dinars per one dollar., While there was no cash sale to banks.


While none of the 27 banks participating in the currency auction made any offers to sell the dollar.

 

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