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An Economist Talks About What Controls The Dollar Exchange Rate In Iraq !


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4 hours ago, DinarThug said:

It all started four days after the Iraqi forces entered Kuwait. At the time, the United Nations declared a blockade, from which Iraqis did not escape until after the Americans invaded the country in 2003 and toppled Saddam Hussein's regime.

And the Iraqi dinar, which was once worth three dollars, was divided into nine thousand

Soon baby!

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12 minutes ago, screwball said:
13 minutes ago, screwball said:

It all started four days after the Iraqi forces entered Kuwait. At the time, the United Nations declared a blockade, from which Iraqis did not escape until after the Americans invaded the country in 2003 and toppled Saddam Hussein's regime.

And the Iraqi dinar, which was once worth three dollars, was divided into nine thousand

 

I'll take $3:00 in a second and not look back, hell after 10 + years on this roller coaster, $1:00 works for me....... :rolleyes:

Personally I think, based on the economic numbers, around $1:65 is a realistic RV rate.

My expectations and goals have changed quite a bit in the last 10 years. I'm glad that I kept grinding it out during this time and put the dinar goggles in the drawer.

 

Semper Fi :salute:

RV there yet ? :pirateship:

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3 hours ago, Hotcurl said:

 

I'll take $3:00 in a second and not look back, hell after 10 + years on this roller coaster, $1:00 works for me....... :rolleyes:

Personally I think, based on the economic numbers, around $1:65 is a realistic RV rate.

My expectations and goals have changed quite a bit in the last 10 years. I'm glad that I kept grinding it out during this time and put the dinar goggles in the drawer.

 

Semper Fi :salute:

RV there yet ? :pirateship:

Yes bro anything about 1:1 we are happy as a pig in **** 

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Al-Araji : up to $ 20 billion in Iraqi funds that are in bankrupt Lebanese banks

image.php?token=814d5e0ee6a3921a58c2c02d35d32151&size=
 

30th July, 2020

Former Deputy Prime Minister Bahaa Al-Araji confirmed today, Thursday, that what came in the New York Times report is little corruption in the country.

Al-Araji said during his talk to (Tigris), that there is a need to know the sales of the currency auction in order to know the amount of money smuggled.


Al-Araji added that the corruption process in Iraq is a "complex" with which several parties are linked, indicating that up to $ 20 billion Iraqi funds are in bankrupt Lebanese banks.

He pointed out that there are political figures who deposited their stolen money with bankrupt Lebanese banks.

As for security, Al-Araji explained that some members of the security establishment are "partisan" and receive orders from the parties. Stressing that no one in the state can reveal the names of the killers of the demonstrators, adding that those who killed the demonstrators during the era of Abdul-Mahdi themselves are those who killed them during the Al-Kazemi period. He also referred to the necessity of restructuring the security establishment to ensure its independence from the parties.

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Forming a strategic committee to prepare the budget of 2021 .. The Finance Committee: There is not one for the current year

image.jpeg.3f6e7754e622d6f0d64186124c74ae43.jpeg

 

1st August, 2020


The Parliamentary Finance Committee revealed, on Saturday, the formation of a strategic committee to prepare the 2021 budget

Member of the committee, Naji Al-Saidi, said in an interview with government media that "a book arrived at the Parliamentary Finance Committee from the Ministry of Finance regarding the formation of a strategic committee to prepare the budget of the year 2021", noting that "the committee will start its work after the Eid holiday, in cooperation with the Ministry of Finance."

Al-Saeedi added that he "does not believe that there is a budget for the current year", pointing out that "the weak revenues and the approval of the borrowing law voted by the House of Representatives ended the budget issue, and the borrowing law became the alternative to the budget."

The House of Representatives had voted earlier, during its No. 6 session in the fourth parliamentary session of the second legislative year in the first legislative term on the internal and external borrowing law to finance the fiscal deficit of 2020.

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Parliamentary Finance: Forming a strategic committee to prepare next year's budget    LINK

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On 7/30/2020 at 6:40 PM, DinarThug said:

 

 

hRjbymH.jpg

 

Arizona is going to be a direct competitor to Iraq as new sources of crude emerge 😁

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The parliament is optimistic: Crossings can cover quarter the budget

1596208754568.jpg

 

1st August, 2020

The Parliamentary Economy and Investment Committee said, on Friday, that the financial revenues of the border outlets will amount up to quarter the country's annual budget if the state establishes full control over the borders.

A member of the committee, MP Nada Shaker Jawdat, told Shafaq News agency, "The security forces came to the borders by an order of the Prime Minister to control the Iraqi border crossings and ports", noting, "the council of Representatives is supervising the government's measures to control the outlets".

She added, "the government's control over the crossings will materialize in the coming months and not in a short period", noting that, "if the government is able to control the crossings, their share of the budget will be estimated at 25%".

MP Jamal Kojar, a member of the Parliamentary Finance Committee revealed last Monday, in an interview with Shafaq News agency, "corruption in the border crossings is huge and reaches 90%. The state gets no more than a billion dollars from their revenues", noting, "at least 11 billion ends in the pockets of the corrupts".

On July 25, the Joint Operations Command in the Iraqi Army announced deploying security forces to ten land crossings and four ports. These forces, according to the command's statement, will be responsible for protecting those points.

Prime Minister Mustafa Al-Kadhimi launch of a campaign against corruption at the border customs points, saying that the country lost millions of dollars for the mafia taking over there.

Iraq has 22 land and naval ports along its borders with the six countries surrounding it, in addition to 13 airports.

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An increase in oil revenues ... more than $ 3 billion for the month of July

2020.08.01 - 16:47

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Baghdad - people  
 

The Ministry of Oil announced, on Saturday, the sum of exports and revenues earned for the month of July, according to the preliminary statistics issued by the Iraqi Oil Marketing Company "SOMO " .  

The ministry spokesman, Assem Jihad (1 August 2020), said, "The amount of exports of crude oil reached (85) million (663) thousand and (290) barrels (eighty five million six hundred and sixty three thousand two hundred and ninety barrels), with revenues amounting to more than (3) billions and (487) million and (139) thousand dollars (three billion, four hundred and eighty seven million, one hundred and thirty nine thousand dollars).  

He added that "despite the reduction in production and export rates in compliance with the OPEC Plus agreement, the financial revenues witnessed an increase compared to the previous months. As for the total quantities of crude oil exported to last month from the oil fields in central and southern Iraq, they reached (82) million and (700) thousand and (381) barrels. As for the Kirkuk fields through the port of Ceyhan, the exported quantities amounted to (2) million and (701) thousand and (15) barrels, while the quantities exported to Jordan were more than (261) thousand and (894) barrels.  

Jihad pointed out that "the total daily rate of exports amounted to (2) million and (763) thousand barrels, where the daily rate of export from Basra ports was (2) million (668) thousand barrels, and from Ceyhan the daily average was (87) thousand barrels , While the daily rate of export to Jordan was (8) thousand barrels, and the average price per barrel was (40.708) dollars.  

LINK

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The Secretariat of the Council of Ministers clarifies regarding the working hours after the holiday

oF1EOWhqPmOGBmQv0jC_JEwiWFEJ407yg59WkPmq

 

1st August, 2020


The General Secretariat of the Council of Ministers clarified, on Saturday, regarding the working mechanism after the Eid Al-Adha holiday.

A spokesman for the General Secretariat of the Council of Ministers, Haider Majeed, said, according to the Iraqi News Agency, that the mechanism of work after the blessed Eid Al-Adha holiday is determined by the Supreme Committee for Health and National Safety.

Majeed added, "This mechanism is subject to the recommendations of the Ministry of Health, according to the epidemiological situation."

The Supreme Committee for Health and National Safety had decided, earlier, to impose a comprehensive curfew on the days of Eid Al-Adha, from Thursday 7/30 to Sunday 9/8 and the ban will be reviewed after the Eid holiday. 
 

Edited by DinarThug
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On 7/31/2020 at 11:51 AM, Hotcurl said:

 

I'll take $3:00 in a second and not look back, hell after 10 + years on this roller coaster, $1:00 works for me....... :rolleyes:

Personally I think, based on the economic numbers, around $1:65 is a realistic RV rate.

My expectations and goals have changed quite a bit in the last 10 years. I'm glad that I kept grinding it out during this time and put the dinar goggles in the drawer.

 

Semper Fi :salute:

RV there yet ? :pirateship:

After 12 plus years my expectations and goals have definitely changed. With another outbreak of COVID in my area I am thankful I am healthy and pray that I continue to stay healthy. 

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44 minutes ago, NoviceInvestor said:

After 12 plus years my expectations and goals have definitely changed. With another outbreak of COVID in my area I am thankful I am healthy and pray that I continue to stay healthy. 

After all of this COVID passes, let's get together and purchase an island far, far away that is self sustaining.

I have no desire to live out my " golden years" a slave to concerns.   WH

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Al-Kazemi: We have worked tirelessly to prepare a comprehensive reform paper to revive the Iraqi economy and activate the industrial and agricultural sectors

image.php?token=09033b820aaa42cea57d40ab5494917e&c=6843012&size=

 

31st July, 2020


Said Prime Minister Mustafa Kazemi, Friday that the incoming Iraqi people will change the face of Iraq and remove him the effects of years of wars and conflicts, indicating his quest to investigate measures fair to do right and bring the criminals to justice and will not give up the measure until the back right of the owners and addressed Kazemi of the Iraqi people His TV address, today, Friday, said, "Your will will change the face of Iraq and remove from it the effects of years of wars and conflicts." He explained that "from the first day we formed a committee to overcome the obstacles before the Electoral Commission."


Al-Kazemi stated that "various parties tried to push to plunge the country into blood and end its hopes for recovery", pointing to "intersections and internal and regional conflicts that threaten again the security and sovereignty of Iraq." He said, "Accusations were launched against me personally and against all who approached me before and after the formation of the government." Al-Kazimi added, "We have worked tirelessly to work on a comprehensive reform paper that will revive the Iraqi economy and solve crises."

The Prime Minister noted that "the white paper would introduce projects to address the crisis of unemployed youth and revive the market." Al-Kazimi added, "There are no solutions to deal with crises without regaining the prestige of the state," adding, "We started with practical steps to invest in gas." He continued, "We faced the security conflict and the attempt to plunge Iraq into international and regional conflicts." Al-Kazimi emphasized that "we refused to drag Iraq into the policy of axes."

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GFP: Iraq's reserve of hard currency amounts to $48bn

1596364314786.jpeg

 

2nd August, 2020

Iraq's hard currency reserves reached 48 billion US dollars, according to the Global GFP Ranking Corporation, which indicated that China ranked first with the world's highest reserves.

The institution said, according to its latest classification, "Iraq's reserves of hard currency, including foreign exchange and gold, amounted to 48 billion and 880 million dollars", adding, "Iraq ranked 40th with the most reserves among the 138 statistically listed countries".

"Iraq ranked sixth in the Arab world after Saudi Arabia (496 billion and 400 million dollars), Algeria (97 billion and 890 million dollars), the United Arab Emirates (95 billion and 370 million dollars), followed by Libya (74 billion and 710 million dollars) and Lebanon (55 billion and 420 million dollars), the corporation added.

"China ranked first, with reserves of 3 trillion and 236 billion dollars, followed by Japan with one trillion and 264 billion dollars of reserves".

It is noteworthy that the Central Bank of Iraq reported, in April 2019, a rise in Iraq's foreign exchange reserves to $ 62 billion.

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Iraq is the sixth Arab in hard currency reserves  LINK

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On 8/1/2020 at 1:17 PM, DinarThug said:

The parliament is optimistic: Crossings can cover quarter the budget

1596208754568.jpg

 

1st August, 2020

The Parliamentary Economy and Investment Committee said, on Friday, that the financial revenues of the border outlets will amount up to quarter the country's annual budget if the state establishes full control over the borders.

A member of the committee, MP Nada Shaker Jawdat, told Shafaq News agency, "The security forces came to the borders by an order of the Prime Minister to control the Iraqi border crossings and ports", noting, "the council of Representatives is supervising the government's measures to control the outlets".

She added, "the government's control over the crossings will materialize in the coming months and not in a short period", noting that, "if the government is able to control the crossings, their share of the budget will be estimated at 25%".

MP Jamal Kojar, a member of the Parliamentary Finance Committee revealed last Monday, in an interview with Shafaq News agency, "corruption in the border crossings is huge and reaches 90%. The state gets no more than a billion dollars from their revenues", noting, "at least 11 billion ends in the pockets of the corrupts".

On July 25, the Joint Operations Command in the Iraqi Army announced deploying security forces to ten land crossings and four ports. These forces, according to the command's statement, will be responsible for protecting those points.

Prime Minister Mustafa Al-Kadhimi launch of a campaign against corruption at the border customs points, saying that the country lost millions of dollars for the mafia taking over there.

Iraq has 22 land and naval ports along its borders with the six countries surrounding it, in addition to 13 airports.


LINK

Customs achieved more than 76 billion dinars during the month of July

Customs achieved more than 76 billion dinars during the month of July
 
 
08/2/2020 09:48:01
 
The General Authority of Customs announced that its total revenues earned during the month of July, which amounted to more than (76) billion dinars.

She added in a statement received by {Al Furat News} that “this number was achieved despite the yellowing of customs duties on a lot of goods and the lack of imports due to the closure of most border ports due to the Corona pandemic.”

The authority said that "and in light of the difficult economic and health conditions that pass through our dear country, its cadres working in all districts and customs centers continue to contribute effectively to help us to their people and their country, united with all challenges and obstacles to work to advance their work and achieve the highest revenues, boosted by the state treasury billions of dinars per day." 

She continued, "It contributed to facilitating the entry of thousands of shipments of medicines, medical supplies and foodstuffs around the clock, day and night, and through direct efforts and follow-up by the higher management in the authority in order to facilitate the smooth flow of consignments into the country for basic and food materials, especially human medicines, to be delivered to the consumer in light of the current crisis."


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Customs revenues in July exceed the barrier of 76 billion dinars    LINK

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The dollar is up against a basket of currencies after the worst month in 10 years

03-08-2020 | 04:55
The dollar is up against a basket of currencies after the worst month in 10 years
 

The dollar rose against a basket of currencies, Monday, as a wave of exit from dense city centers combined with demand for the currency as a safe haven to give it a breathtaking opportunity after a month that was its worst in ten years.

The dollar index, which measures the currency’s strength against a basket of major currencies, lost more than 4 percent in July, in its worst month since September 2010. The index is down 10 percent from the height of March.


The net debt positions of speculators in the US dollar rose to its highest level since August 2011 at 24.27 billion dollars, as shown by data from the US Futures Trading Commission.


The dollar index rose 0.2 percent today, and the US currency rose against all currencies in the index basket.

The euro recorded $ 1.1763 in morning trading in London, down from a two-year peak of $ 1.1908 recorded last week.

 

https://www.alsumaria.tv/news/اقتصاد/353732/الدولار-يصعد-مقابل-سلة-عملات-بعد-أسوأ-شهر-في-10

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Monday 3 August 2020 | 03:14 pm
| Views: 457
Dollar exchange rates on the local market today

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Foreign currency markets in Iraq recorded, today, Monday, an increase in the exchange rate of the US dollar against the Iraqi dinar. The selling and buying prices of the dollar in banking companies and offices are as follows: The selling price of one dollar is 1242.5 dinars, or 124 thousand and 250 dinars per hundred dollars. The purchase price of the dollar is 1232.5 dinars, or 123 thousand and 250 dinars per hundred dollars

 

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Communications: the recovery of two billion dinars per month to the state treasury

image.jpeg.438421b47eb2916eb0df42572a3510c6.jpeg

 

3rd August, 2020


The Ministry of Communications confirmed, on Monday, that the shock process will continue until the project of optical access gates is completed, while noting that stopping the smuggling of Internet capacities in Nineveh returned two billion dinars per month to the state treasury.

"The process of shocking continues until the passage of Internet capacities is eliminated illegally, and the completion of the optical access portals project, which aims to eliminate the smuggling of capacities in the future," Bassem Al-Asadi, director general of communications and informatics at the ministry said in a press statement. He added, "The shock operation was carried out in the provinces of Diyala, Nineveh and Kirkuk, during which several violations were arrested and stopped," noting that "the most important characteristic of the process is the diversity and solidarity of several government agencies based on the guidance of the Prime Minister."

He pointed out that "the most important results of the process are to restore the prestige of the state to the telecommunications sector and to stop wasting public money," noting that "the country's financial revenues increased by two billion dinars per month after stopping the smuggling of capacities in the province of Nineveh." He pointed out, "Smuggling was one of the reasons behind the inability to improve the reality of communications in Iraq," stressing that "the security authorities have begun taking legal measures against companies and individuals proven to be involved in violating the law."

He also pointed out that "there are joint records after every process in which the names of the smuggling companies are established and then the companies or persons are referred to the judiciary to overtake them in the law and harm the public interest," stressing that the process will continue "to include all provinces."

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Babylon Trade: $ 5,000 in loans to small and medium-sized business owners

11040.jpg
 

8th March 2020

The Babylon Chamber of Commerce announced on Monday that it would provide $ 5,000 in loans to small and medium-sized enterprises

The director of the Babel Chamber of Commerce, Sadiq Al-Mamouri, said, "There is an amount of 5000 dollars as a loan for every young man trying to develop his project or accomplish it," according to the official news agency, Waa

He added that "the Chamber of Commerce is trying to attract the owners of individual projects, by providing incentives and loans to expand their projects

He pointed out, "There are a number of projects for youth employment in partnership with the International Labor Organization to create job opportunities for young people

"We have succeeded in providing more than 500 job opportunities for young people, by submitting offers to factory owners and companies, to employ young people in exchange for the International Labor Organization guaranteeing half of the salary for a year and the other half borne by the employer," Al-Mamouri added

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High dollar exchange rates against the dinar

2020-08-04 | 04:54
High dollar exchange rates against the dinar
 

The exchange rates of the dollar rose on the Kifah Stock Exchange and local markets, on Tuesday, (4 August 2020).

Al-Kifah Exchange prices were recorded - Baghdad123,900 dinars per 100 dollars.

Buying and selling prices in exchange shops:

the selling price of the dollar = 124,500 dinars per 100 dollars.

The purchase price of the dollar = 123,500 dinars per 100 dollars.
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The Iraqi Trade Bank strengthens its rank to the best 1000 global banks this year

 

image.jpeg.cdcc7dc51769b25f7617386efee987fd.jpeg
 

 

4th August, 2020

The Trade Bank of Iraq was ranked for the third year in a row in the list of the best 1000 international banks for the year 2020 ranked 319 issued by the prestigious British "The Banker" magazine.

The Banker Magazine is the most prominent reference in the banking and financial sector in the world, and it specializes in providing data and information related to global financial affairs since 1926, and the "Banker" list of the best 1000 banks in the world is the main criterion in this field since the year 1970, as this popular list provides comprehensive information on the performance and size of the banking sector's wealth in various global markets. The Iraqi Trade Bank succeeded this year by enhancing its global rankings and elevating 26 places to 319 in the new list for 2020 in the base capital category. 

The bank had recently announced a significant capital increase to $ 3 billion (3). 5 trillion Iraqi dinars) in the year 2020, up from 2.3 billion US dollars (2.7 trillion Iraqi dinars) in the year 2019, with the aim of raising the financial strength of the bank in line with the bank's new strategic vision during the period 2020-2023. On this occasion, Faisal Al-Heims, Chairman of the Iraqi Bank for Trade and Chairman of the Board of Directors, said: "We are very proud of this success and our classification among the best financial institutions in the world. He added, "This successful march of the Iraqi Trade Bank is based on its firm commitment to customer service and society throughout Iraq, as well as its prominent role in connecting Iraq to the international trade sector to provide for the needs of Iraq and its citizens." 

In addition to his distinguished ranking in the international list of "The Banker" magazine The Iraqi Trade Bank was ranked 29th (29th) among the best banks in the Middle East. The Iraqi Trade Bank recently announced a donation of $ 5 million to support the Iraqi Ministry of Health's efforts to combat the emerging Corona pandemic "Covid-19" and to provide the resources required to support health institutions in the face of the spread of this virus. Faisal Al-Heims added: "We succeeded in demonstrating high levels of flexibility and ability to adapt in the face of instability in light of these difficult conditions imposed by the new Corona virus," stressing that "the classification of the Iraqi Trade Bank among the list of the best 1000 international banks for the year 2020 is clear evidence of The strength and stability of this bank. 

#################

The Iraqi Bank of Trade enters the list of the best 1000 global banks 2020    LINK

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:lmao: 
 

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Iraq is ranked 14 out of 18 Arab countries in the field of economic government effectiveness

 

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4th August, 2020


Economic expert Manar Al-Ubaidi revealed on Tuesday a study conducted by the Arab Monetary Fund in 2019 in the field of the index of the effectiveness of Arab governments in economic matters.

Al-Obaidi said in a statement to the obelisk: Iraq ranked 14 out of 18 Arab countries that were studied in the field of government effectiveness index in economic matters.

According to the study, Iraq ranked last in the amount of the rule of law in the field of economic matters, with a factor of 1.6, and 14th in the field of administrative corruption with a factor of 1.3433, while on the level of the government's effectiveness, Iraq ranked 14th and a factor of 1.2465.

The three Arab countries, the UAE, Qatar and Oman, ranked first.

This report is prepared annually in cooperation with the World Bank to show the amount of a set of indicators, to measure the amount of competition between Arab economies and to know the strengths and weaknesses of all economies and their impact on the general reality of the country.

The study relies on a set of questionnaires and surveys of the reality of the market to produce the most accurate results and analyzes.

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International Monetary: Corona may reduce global imbalances in 2020

image.jpeg.9c5dfccd695a6aeb5e91d2363e931251.jpeg

 

4th August, 2020


The International Monetary Fund suggested today, Tuesday, that the current imbalances in the global current account balance diminished in 2019 with the slowdown in trade, and that Corona may increase it further in 2020.

He said: "The net current account balance fell 0.2 percentage points to 2.9% of Global GDP, and may shrink by 0.3% of global GDP in 2020, ”he said, adding that the" expectations are very vague."

The external sector report, which is the Fund’s annual report on currencies, showed that “the continued decline in trade activity, along with the huge financial expansion, is expected to reduce the balance of current transactions and surpluses in many countries.” 

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The exchange rates of the dollar in the Iraqi market are witnessing a slight decrease today, Wednesday

4.15966188961295753337.png
Wed, 05 Aug 2020 09:14:56
 
 
 

 

 The exchange rates of the dollar in the Iraqi market witnessed a slight decrease today, Wednesday, 5 August 2020.

The economic reporter said that the Kifah Stock Exchange recorded today 123800 dinars for 100 US dollars, while the Al-Harithiya Stock Exchange recorded 123850 dinars for 100 US dollars.

On Tuesday, the Kifah Stock Exchange recorded 123850 dinars for 100 US dollars.

He pointed out that the selling prices in the exchange shops in the local markets were 124500 dinars against 100 dollars, while the purchase prices reached 123500 Iraqi dinars.

 

https://alrassid.org/news.php?NewsID=49464

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By the numbers .. Learn about the Iraqi individual's share of the gross product

image.jpeg.eb57d2de16cd330f3641c6bb8944960a.jpeg

 

5th August, 2020


"Global Finance" magazine issued a report on the richest countries in the world during the year 2020, and the per capita share of the national product.

According to the report of the magazine, which translated / Mawazine News / excerpts from it, that "Iraq is ranked 83 in terms of the richest countries, and the individual output in it is 18,025 dollars."

The rankings included 192 countries, ranked first by an Arab country, Qatar, with a per capita GDP of $ 132,886, followed by the Kingdom of Macau at $ 114,363 per capita, and after Luxembourg by $ 108,951, and Singapore at $ 103,181, Ireland ranked fifth, at $ 83,399, and the Kingdom of Brunei ranked Sixth at $ 80,384, then Norway at $ 76.68, the United Arab Emirates at $ 69,435, and ninth, Kuwait at $ 66,387, and then Switzerland, at $ 66,196 per person.

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