Popular Post DWS112 Posted April 14, 2020 Popular Post Report Share Posted April 14, 2020 Report| What is the Iraqi dinar equal to? Corona come on the rest of the local currency? 14 April 2020 Observers: Iraq is the second largest country in the production of oil by about 4.5 million barrels per day and the poorest country in the organization at the height of the political crisis that entered Iraq and lasted for months, Iraq was and remains the No. 2 source in OPEC with daily production of 4.5 million barrels of oil An awful number, and yet Iraq remains a poor country and its citizens still live in poverty ?! The only reason is that the will of corruption within the Iraqi state is greater than the will to change, reform and progress, and after the winds of Corona blew, the Iraqi dinar was in the face of the storm and amid expectations of a severe collapse in its value in front of the dollar. His homeland .. According to several reports, turmoil in the Iraqi dinar exchange rate Against the dollar in recent times to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority. The dinar collapsed after the central bank stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of $ 140 million or more per day to maintain the value of the currency and support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 To 1,280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of measures to confront the outbreak of the Corona epidemic. In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see. An official in the caretaker government stressed that the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, due to the lack of public revenues due to weak demand for oil with a decline in its price, noting that "the central bank will have to legalize Selling the currency for a certain period until oil prices rise again. And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day. He added that continuing to hold auctions to sell currency and pumping tens of millions of dollars per day to maintain the value of the dinar leads to great risks for the country's economy, and👉 it is better for the central bank to cancel the currency auction and install its local currency,👈 since most of the beneficiaries of these auctions are not businessmen and traders, but rather Banks, banks and private sector companies dominating the market, a large part of which was diverted from outside Iraq. He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private. The professor of international economic relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said that canceling the currency auction is very difficult, since the goal of the currency window is to finance imports in the private sector. According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods. Al-Mashhadani stressed that the currency auction is a drain on foreign exchange due to its association with prominent political figures, pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves. And at the end of March 2020, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that the central bank reserves amounted to 87 billion dollars, and not only includes cash and foreign currency but also gold bars. Observers point out that unless serious economic policies are taken and income sources are diversified and oil is not relied only, the dinar will pay a heavy price, and the Iraqi citizen will pay the most invoice of his nutritional and medical needs. 1 12 1 8 Quote Link to comment Share on other sites More sharing options...
Mary B Posted April 14, 2020 Report Share Posted April 14, 2020 DWS112 best article I have seen in a long time, thanks 3 1 4 Quote Link to comment Share on other sites More sharing options...
jeepguy Posted April 14, 2020 Report Share Posted April 14, 2020 but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. it seems like the best start for the dinar now would be roll out above a dolar , as the oil per barrel is @ around 20.00 per barrel roll the dinar out even at .1 cent per dinar give some sort of strength to dinar which is ( 2000 % of value against the barrel prices ) as oil rises bring dinar up gradually ( even at 50.oo dollars per barrel bring dinar to .5 cents per dinar ) 3 1 Quote Link to comment Share on other sites More sharing options...
gregp Posted April 14, 2020 Report Share Posted April 14, 2020 Thanks DWS. One could only hope, this independent professors article, would somehow be read by someone in the CBI and wake them up. 3 Quote Link to comment Share on other sites More sharing options...
screwball Posted April 14, 2020 Report Share Posted April 14, 2020 44 minutes ago, DWS112 said: Report| What is the Iraqi dinar equal to? Corona come on the rest of the local currency? 14 April 2020 Observers: Iraq is the second largest country in the production of oil by about 4.5 million barrels per day and the poorest country in the organization at the height of the political crisis that entered Iraq and lasted for months, Iraq was and remains the No. 2 source in OPEC with daily production of 4.5 million barrels of oil An awful number, and yet Iraq remains a poor country and its citizens still live in poverty ?! The only reason is that the will of corruption within the Iraqi state is greater than the will to change, reform and progress, and after the winds of Corona blew, the Iraqi dinar was in the face of the storm and amid expectations of a severe collapse in its value in front of the dollar. His homeland .. According to several reports, turmoil in the Iraqi dinar exchange rate Against the dollar in recent times to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority. The dinar collapsed after the central bank stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of $ 140 million or more per day to maintain the value of the currency and support system" rel="">support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 To 1,280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of measures to confront the outbreak of the Corona epidemic. In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see. An official in the caretaker government stressed that the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, due to the lack of public revenues due to weak demand for oil with a decline in its price, noting that "the central bank will have to legalize Selling the currency for a certain period until oil prices rise again. And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day. He added that continuing to hold auctions to sell currency and pumping tens of millions of dollars per day to maintain the value of the dinar leads to great risks for the country's economy, and👉 it is better for the central bank to cancel the currency auction and install its local currency,👈 since most of the beneficiaries of these auctions are not businessmen and traders, but rather Banks, banks and private sector companies dominating the market, a large part of which was diverted from outside Iraq. He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private. The professor of international economic relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said that canceling the currency auction is very difficult, since the goal of the currency window is to finance imports in the private sector. According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods. Al-Mashhadani stressed that the currency auction is a drain on foreign exchange due to its association with prominent political figures, pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves. And at the end of March 2020, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that the central bank reserves amounted to 87 billion dollars, and not only includes cash and foreign currency but also gold bars. Observers point out that unless serious economic policies are taken and income sources are diversified and oil is not relied only, the dinar will pay a heavy price, and the Iraqi citizen will pay the most invoice of his nutritional and medical needs. Off course it’s difficult because your money laundering mainly for Iran... 2 1 4 Quote Link to comment Share on other sites More sharing options...
tigergorzow Posted April 14, 2020 Report Share Posted April 14, 2020 DWS112 Thanks, Super article let's hope the powers of authority can make this become a reality. Give the citizens more purchasing power and activate the RV & RI of the IQD asap...👍👍😁😁 3 1 1 Quote Link to comment Share on other sites More sharing options...
DoD Posted April 14, 2020 Report Share Posted April 14, 2020 2 hours ago, DWS112 said: Al-Mashhadani stressed that the currency auction is a drain on foreign exchange due to its association with prominent political figures, pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. I would imagine that the 15% stated is way far below the actual stealing that's going on.... 2 2 6 Quote Link to comment Share on other sites More sharing options...
Half Crazy Runner Posted April 14, 2020 Report Share Posted April 14, 2020 4 hours ago, DWS112 said: 👉 it is better for the central bank to cancel the currency auction and install its local currency,👈 Yeah, now there’s an idea ... 2 1 2 Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted April 14, 2020 Report Share Posted April 14, 2020 " it is better for the central bank to cancel the currency auction and install its local currency " What madness is this ? ! ? Have they taken leave of their senses ? ! ? Surely stopping the auctions/money laundering, propping up Iran & it's terrorists networks then installing Iraq's local currency would be our undoing, the end of our phony baloney government criminal careers & Iran's ruin ! ! ! This would mean lifting millions of Iraq's poverty stricken from their squalid conditions, afford them the opportunity to feed their families and a chance at a better life. NEXT they'll want equal rights and protection under the Law, a strong say in the government, honesty in politics, an end to political and financial corruption and perish the thought; a strong, healthy, economic and vibrant Iraq while Iran withers on the vine. Oh the horror, the horror ! ! ! We can only imagine the hell Iraq faces if any of what I've just stated were to happen if the IQD were to be globally recognized. 2 2 Quote Link to comment Share on other sites More sharing options...
Mary B Posted April 14, 2020 Report Share Posted April 14, 2020 The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars - One Day Has Passed The turmoil in the Iraqi dinar exchange rate against the dollar recently led to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority. The decline of the dinar came after the Central Bank of Iraq stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of 140 million dollars or more per day to maintain the value of the currency and support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 to 1280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of the procedures to face the outbreak of the Corona epidemic. In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see. In an interview with "The New Arab," an official in the caretaker government said that "the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, because of the lack of public revenues due to weak demand for oil and the decline in its price." That "the central bank will have to legalize the sale of the currency for a certain period until oil prices rise again." And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day. The official, who preferred to remain anonymous, added that "continuing to hold auctions to sell currency and pump tens of millions of dollars per day to preserve the value of the dinar leads to great risks for the country's economy, and it is better for the central bank to cancel the currency auction and install its local currency, since most of the beneficiaries are Of these auctions are not businessmen and merchants, but banks, banks and private sector companies dominating the market, a large part of which has been transferred out of Iraq. He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. According to the official, "There are daily discussions to reach a road map that enables the country to maintain an acceptable exchange secret of the dinar against the dollar." The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private. For his part, Professor of International Economic Relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with "The New Arab" that "canceling the currency auction is very difficult, because the goal of the currency window is to finance imports in the private sector." According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods. Al-Mashhadani stressed that "the currency auction is a drain on foreign exchange due to its association with prominent political figures," pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves. For its part, Ayat Muzaffar, a member of the Iraqi parliament from the "victory" coalition led by former Prime Minister Haider al-Abadi, attributed the causes of the economic collapse and the value of the dinar against the dollar to the wrong financial policies pursued by the Adel Abdul-Mahdi government. Muzaffar said, in an interview with the "New Arab", that "bad management and fiscal policy floundering the head of the caretaker government, Adel Abdul Mahdi, and its indiscriminate spending on the state budget, is one of the main reasons that led to the economic collapse of Iraq, and to an unprecedented financial deficit is expected to It is, if oil prices continue to decline, about 80 trillion dinars. She explained a member of the Iraqi parliament that the central bank spent a large part of the cash reserve for the purpose of stabilizing the dinar price against the dollar, which led to the depletion of the cash reserve, and then the central bank will lose over time its ability to maintain the par value of the dinar. She added that "the confusion in the government's performance seemed clear when the head of the crisis cell spoke about the possibility of Iraq resorting to printing the currency", noting that the printing of the currency is based on three reasons, either that there is a frayed currency to print as a substitute for it, or because of an economic recovery that is printed An easy amount until there are surplus sums that increase the demand for goods and services so that the producers increase the production. As for the other reason, according to Muzaffar, the printed currency must be equal to the national product, while stressing the need to preserve the monetary reserve of the central bank through its reliance on a flexible policy that takes into account the emerging political and economic conditions of the country. And at the end of last March, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that "the central bank reserves reached 87 billion dollars, and it does not include cash and foreign currency only, but it includes gold bars." Ammar Hamid New Arab https://rawabetcenter.com/archives/107762 3 3 Quote Link to comment Share on other sites More sharing options...
justchecking123 Posted April 14, 2020 Report Share Posted April 14, 2020 9 hours ago, DWS112 said: Report| What is the Iraqi dinar equal to? Corona come on the rest of the local currency? 14 April 2020 Observers: Iraq is the second largest country in the production of oil by about 4.5 million barrels per day and the poorest country in the organization at the height of the political crisis that entered Iraq and lasted for months, Iraq was and remains the No. 2 source in OPEC with daily production of 4.5 million barrels of oil An awful number, and yet Iraq remains a poor country and its citizens still live in poverty ?! The only reason is that the will of corruption within the Iraqi state is greater than the will to change, reform and progress, and after the winds of Corona blew, the Iraqi dinar was in the face of the storm and amid expectations of a severe collapse in its value in front of the dollar. His homeland .. According to several reports, turmoil in the Iraqi dinar exchange rate Against the dollar in recent times to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority. The dinar collapsed after the central bank stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of $ 140 million or more per day to maintain the value of the currency and support system" rel="">support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 To 1,280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of measures to confront the outbreak of the Corona epidemic. In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see. An official in the caretaker government stressed that the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, due to the lack of public revenues due to weak demand for oil with a decline in its price, noting that "the central bank will have to legalize Selling the currency for a certain period until oil prices rise again. And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day. He added that continuing to hold auctions to sell currency and pumping tens of millions of dollars per day to maintain the value of the dinar leads to great risks for the country's economy, and👉 it is better for the central bank to cancel the currency auction and install its local currency,👈 since most of the beneficiaries of these auctions are not businessmen and traders, but rather Banks, banks and private sector companies dominating the market, a large part of which was diverted from outside Iraq. He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private. The professor of international economic relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said that canceling the currency auction is very difficult, since the goal of the currency window is to finance imports in the private sector. According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods. Al-Mashhadani stressed that the currency auction is a drain on foreign exchange due to its association with prominent political figures, pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves. And at the end of March 2020, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that the central bank reserves amounted to 87 billion dollars, and not only includes cash and foreign currency but also gold bars. Observers point out that unless serious economic policies are taken and income sources are diversified and oil is not relied only, the dinar will pay a heavy price, and the Iraqi citizen will pay the most invoice of his nutritional and medical needs. Great article. 2 Quote Link to comment Share on other sites More sharing options...
NoviceInvestor Posted April 14, 2020 Report Share Posted April 14, 2020 Great article - Thank you for sharing.- We pray that it’s words be heeded. 1 2 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 14, 2020 Report Share Posted April 14, 2020 Citizens: Prices are at their normal levels Tuesday 14 April 2020 Baghdad / Farah Al-Khaffaf Despite halting the import of hundreds of products about a month ago, the markets have not witnessed a clear impact, as happens in countries that are advanced, if hundreds of tons of various foodstuffs and vegetables daily enter Baghdad and the provinces. The Baghdad Operations Command confirmed the entry of 14,749 wheels carrying foodstuffs to the capital from the beginning of the curfew until now, in cooperation with the Baghdad Chamber of Commerce. The economist Thamer Al-Azzawi said in a statement to "Al-Sabah": "Wholesale centers and others have managed to meet the needs of the market so far." Animal Production He added that "the ministries of agriculture and trade succeeded during the period of imposing the embargo in building bridges of trust between farmers and animal production companies, traders and citizens." However, he pointed out that "many imported products are beginning to shrink in the markets, calling the crisis cell with the exception and support of factory owners and workers to fill the void." Citizens assert that "the prices of food and vegetables have not risen well above their rates and the permissible limit." Necessary needs They told Al-Sabah: “When we hear the news and call our relatives in some Arab and western countries as they talk about food shortages, we thank God, especially since most of the necessary and basic needs are available.” They stressed "the importance of expediting the disbursement of the emergency grant that the government launched an application for, especially with hundreds of thousands of citizens being affected by the curfew." In this regard, Minister of Agriculture Saleh Al-Hassani said: "The rise in prices is due to the weak souls of sellers in the markets and we ask the economic security to monitor prices." Amid this picture, the Baghdad Chamber of Commerce revealed proposals to address the problems that dealers suffer from due to the current situation. Commercial traffic Director of the Supervision and Follow-up Department at the Baghdad Chamber of Commerce Omar Al-Sudani said: “The Chamber presented the traders’ proposals to the Prime Minister regarding the problems that represent a challenge to the commercial movement. ”He pointed out that“ the most prominent of these proposals is to solve the issue of selling the dollar by selling it directly to traders. ” And, as well as facilitating the entry of foodstuffs to all commercial areas through control, without any obstacles. " Al-Sudani indicated that "the Baghdad Chamber of Commerce went to the local markets and followed all the prices, and what was going on in the stores. Weaknesses, problems, and shortcomings were diagnosed within the stores," noting that "the room listened to all the merchants, and was briefed on their most prominent problems." Enter the trucks He added that "the problems of the merchants lie in the entry of foodstuffs through the checkpoints to the commercial areas in Baghdad, as well as the sale of the dollar exchange from the central bank, which led to the rise in exchange rates."People involved". He continued, "The prime minister promised that in the coming days, the dollar will be sold directly to the merchant and to all exchange offices and private banks, in addition to facilitating the movement of trucks entering the transport of food materials . " link 3 2 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 14, 2020 Report Share Posted April 14, 2020 5 hours ago, Mary B said: The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars - One Day Has Passed From Yesterday - Discussing The Auctions In The 2nd And 5th Paragraphs ... On 4/13/2020 at 11:19 AM, DinarThug said: The Iraqi dinar is falling apart: Corruption and Corona are jumping in dollars - 3 Hours Ago The turmoil in the Iraqi dinar exchange rate against the dollar recently led to negative effects, which directly affected the business sector and commodities in the markets, which led to the loss of confidence of dealers and investors in the monetary authority. The decline of the dinar came after the Central Bank of Iraq stopped its activities related to pumping liquidity in foreign exchange to meet the needs of banks and their customers, as it was pumping an average of 140 million dollars or more per day to maintain the value of the currency and support system" rel="">support its stability, and stopping the pumping of liquidity led to a jump in the exchange rate of one dollar from 1200 to 1280 Iraqi dinars, amid warnings of the continuation of this rise due to the curfew imposed by the authorities as part of the procedures to face the outbreak of the Corona epidemic. In the midst of the financial crisis experienced by the world in general and Iraq in particular in light of the collapse of oil prices and the large deficit in the budget for 2020, the government faces great economic challenges, most notably the difficulty that the central bank can maintain the value of the dinar against the dollar because of the corrupt control of the auction of selling currency, according to What officials and economists see. In an interview with "The New Arab," an official in the caretaker government said that "the central bank cannot maintain the value of the Iraqi dinar against the dollar by continuing to pump the hard currency to the market, because of the lack of public revenues due to weak demand for oil and the decline in its price." That "the central bank will have to legalize the sale of the currency for a certain period until oil prices rise again." And Iraq, the second largest producer of crude oil in the Organization of Petroleum Exporting Countries (OPEC), with an average daily production of 4.5 million barrels per day. The official, who preferred to remain anonymous, added that "continuing to hold auctions to sell currency and pump tens of millions of dollars per day to preserve the value of the dinar leads to great risks for the country's economy, and it is better for the central bank to cancel the currency auction and install its local currency, since most of the beneficiaries are Of these auctions are not businessmen and merchants, but banks, banks and private sector companies dominating the market, a large part of which has been transferred out of Iraq. He pointed out that the central bank has succeeded in recent years in achieving the stability of the dinar exchange rate and improving it in relation to the dollar and other currencies by stabilizing the price of the local currency and defending it, but the current collapse in oil prices, and consequently, the country's financial returns are completely different from the crises of past years. According to the official, "There are daily discussions to reach a road map that enables the country to maintain an acceptable exchange secret of the dinar against the dollar." The central bank sells between 140 and 160 million dollars to public and private companies and banks, as part of a plan adopted since 2004 to control the exchange rate of the dinar and prevent its collapse in the market. The central bank only allows companies and limited banks to enter the auction and buy dollars, amounting to less than 50 banks and financial companies that are licensed by the central bank, all of which are private or private. For his part, Professor of International Economic Relations at the Iraqi University, Abdul Rahman Al-Mashhadani, said in an interview with "The New Arab" that "canceling the currency auction is very difficult, because the goal of the currency window is to finance imports in the private sector." According to Al-Mashhadani, 90% of the country's consumer needs are secured by import by the private sector, which means that canceling the currency auction will lead to a major disruption in the prices of imported goods. Al-Mashhadani stressed that "the currency auction is a drain on foreign exchange due to its association with prominent political figures," pointing out that 15% of Central Bank sales through the auction go as money laundering in various ways and methods and are transferred outside of Iraq. He pointed out that the best way for the central bank to follow is to legalize the sale of hard currency as much as possible to maintain the value of the dinar and foreign exchange reserves. For its part, Ayat Muzaffar, a member of the Iraqi parliament from the "victory" coalition led by former Prime Minister Haider al-Abadi, attributed the causes of the economic collapse and the value of the dinar against the dollar to the wrong financial policies pursued by the Adel Abdul-Mahdi government. Muzaffar said, in an interview with the "New Arab", that "bad management and fiscal policy floundering the head of the caretaker government, Adel Abdul Mahdi, and its indiscriminate spending on the state budget, is one of the main reasons that led to the economic collapse of Iraq, and to an unprecedented financial deficit is expected to It is, if oil prices continue to decline, about 80 trillion dinars. She explained a member of the Iraqi parliament that the central bank spent a large part of the cash reserve for the purpose of stabilizing the dinar price against the dollar, which led to the depletion of the cash reserve, and then the central bank will lose over time its ability to maintain the par value of the dinar. She added that "the confusion in the government's performance seemed clear when the head of the crisis cell spoke about the possibility of Iraq resorting to printing the currency", noting that the printing of the currency is based on three reasons, either that there is a frayed currency to print as a substitute for it, or because of an economic recovery that is printed An easy amount until there are surplus sums that increase the demand for goods and services so that the producers increase the production. As for the other reason, according to Muzaffar, the printed currency must be equal to the national product, while stressing the need to preserve the monetary reserve of the central bank through its reliance on a flexible policy that takes into account the emerging political and economic conditions of the country. And at the end of last March, the rapporteur of the Parliamentary Finance Committee, Ahmed Al-Saffar, said that "the central bank reserves reached 87 billion dollars, and it does not include cash and foreign currency only, but it includes gold bars." Ammar Hamid New Arab link 7 1 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 15, 2020 Report Share Posted April 15, 2020 Investors around the world are pushing for the most rapid possession of cache since 2001 6 Hours ago Investors are demanding the possession of cash at an unprecedented pace since the period after the attacks of September 11, 2001, amid the turmoil left by the "Covid-19" epidemic on global financial markets. The monthly survey conducted by "Bank of America Merrill Lynch" to fund managers and the results of which were issued today, Tuesday, that the liquidity allocations in these funds jumped to 5.9 percent from 5.1 percent The results of the survey, in which some 200 managers of the global investment fund participated, indicate the overcrowding in the possession of liquidity amid the prospects of an economic recession With the number of cases infected with corona approaching two million people globally in addition to many countries extending the closing periods to contain the spread of the epidemic, the concern controls investors and pushes them to move away from possession of dangerous assets About 52 percent of the surveyed investors believe that the economic recovery will be in the form of " U ", which comes in conjunction with the sharp deterioration in stock markets and economic expectations Only 15 percent of fund managers expect the recovery to be a “ V ”, while the rest of the investors see the recovery as a “ W ” The “ U ” recovery occurs when the economic recovery takes more than two seasons, while the “ W ” recovery indicates a double drop in economic growth The results of the survey conducted from April 1 to April 7 revealed that allocations to global shares in the investment portfolio fell by 29 percent to 27 percent on a monthly basis, the lowest rate since March 2009 The American bank said that the Bull & Bear index, which is the confidence index, had collapsed to zero this month from the 1.7 points recorded last March The survey results also indicate that US Treasury bonds were the busiest trade for the second month in a row The survey believes that the "second wave" of Corona virus infections is considered the greatest risk to the markets, while the second largest risk was embodied in a "comprehensive credit event", which means defaulting on corporate bonds LINK 3 Quote Link to comment Share on other sites More sharing options...
screwball Posted April 15, 2020 Report Share Posted April 15, 2020 12 hours ago, DinarThug said: The prime minister promised that in the coming days, the dollar will be sold directly to the merchant and to all exchange offices and private banks, in addition to facilitating the movement of trucks entering the transport of food materials . " Interesting... Quote Link to comment Share on other sites More sharing options...
screwball Posted April 15, 2020 Report Share Posted April 15, 2020 Shitz getting real.... Quote Link to comment Share on other sites More sharing options...
TOMINVEGAS Posted April 15, 2020 Report Share Posted April 15, 2020 Now is the time for the moron criminals to do something.... Quote Link to comment Share on other sites More sharing options...
justchecking123 Posted April 15, 2020 Report Share Posted April 15, 2020 3 hours ago, screwball said: Shitz getting real.... Navira's burner account. 2 Quote Link to comment Share on other sites More sharing options...
Half Crazy Runner Posted April 15, 2020 Report Share Posted April 15, 2020 17 hours ago, DinarThug said: "The prime minister promised that in the coming days, the dollar will be sold directly to the merchant and to all exchange offices and private banks, in addition to facilitating the movement of trucks entering the transport of food materials . " Which Prime Minister are they talking about here? I’ve lost track ... Quote Link to comment Share on other sites More sharing options...
horsesoldier Posted April 15, 2020 Report Share Posted April 15, 2020 Damn .... “ in the coming days “ again. So far, the IQD is still equal to 💩 Cmon U knuckle heads, get it done 4 Quote Link to comment Share on other sites More sharing options...
Happy Man Posted April 15, 2020 Report Share Posted April 15, 2020 On 4/14/2020 at 6:05 AM, Mary B said: DWS112 best article I have seen in a long time, thanks I totaly agree. Great Article. It struct me that 15% of their hard currency is laundered. Can someone explain how the money is split from the 20$ a barrel. How much does Iraq get, the extracter, the exporter and so on what is the value chain? 1 Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 15, 2020 Report Share Posted April 15, 2020 LINK Oil rises after previous session losses due to cheap purchases 15th April, 2020 Oil prices rose on Wednesday, recovering from the large losses incurred in the previous session, as investors searched for profitable deals backed by hopes that consumer countries will seek to fill strategic reserves But worries about a glut under global public isolation measures linked to the Corona virus and a warning from the International Monetary Fund of a severe recession are holding back gains Brent crude futures rose 24 cents, or 0.8 percent, to $ 29.84 a barrel, after falling 6.7 percent in the previous session US West Texas Intermediate crude increased 38 cents, or 1.9 percent, to $ 20.49, after tumbling 10.3 percent in the previous session The benchmarks suffered sharp losses yesterday due to fears that the record cut in global production will not compensate for the collapse in fuel demand, the cause of efforts to contain the Coronavirus According to the American Petroleum Institute, crude inventories increased by 13.1 million barrels in the week ending April 10, more than analysts' expectations, up 11.7 million barrels The oil also received support from the hopes of huge purchases from consuming countries that the strategic stocks Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 15, 2020 Report Share Posted April 15, 2020 LINK Economist: Resorting to the private sector is a better option to get rid of the current financial crisis 08:59 - 15/04/2020 Economist Wissam Al-Tamimi warned, on Wednesday, against continuing to rely on oil to finance the budget, stressing the need to resort to the private sector to invest in government projects according to agreed time periods. Al-Tamimi said in a statement to / Information /, that "the government can agree with the private sector to grant investment projects according to agreed periods of time with the state obtaining specific percentages of the amounts obtained by the private sector from those projects." He added that "relying on oil to finance the budget is more like a ticking bomb, as the oil market is unstable and is subject to international paradoxes and global agreements and therefore is governed by state policy and cannot be predicted for its future." He pointed out that “many developed countries were not oil and depend on financing their budgets on investment, the housing sector, tourism, border ports and taxes,” stressing the need to “reduce the salaries of employees whose salaries exceed 2 million dinars and in certain proportions to ensure financing new job grades launched by the government and did not find Sources of financing it after the drop in oil prices. Quote Link to comment Share on other sites More sharing options...
DinarThug Posted April 15, 2020 Report Share Posted April 15, 2020 LINK Deputy: The government will transfer the funds of infrastructure projects to pay salaries 10:34 - 04/15/2020 Member of the Parliamentary Committee on Oil and Energy Mahmoud Al-Zajrawi warned, on Wednesday, that Iraq is facing a financial crisis staring at the fall in oil prices, suggesting that the government will disable infrastructure projects and transfer the amounts allocated to them into salaries. Al-Zajrawi said in a statement to "Information", that "the Iraqi government faces a major financial deadlock due to the tumbling oil prices," noting that "the financial and economic policy of the Iraqi government over the previous years was not at the required level." He added, "The government has no choice but to disrupt infrastructure projects and transfer its sums as salaries to employees for the coming months," stressing that "Iraq is facing a financial crisis staring because of the falling oil prices." The Deputy High Nassif confirmed, today, Wednesday, that the caretaker government has no right to take a decision to reduce Iraq’s productionThe oil is 23% of the total production, wondering whether the decision includes the region's oil, and whether the government will continue to pay the same percentage that was paid to the region before the reduction. Quote Link to comment Share on other sites More sharing options...
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