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100 US dollars is equivalent to 100 Iraqi dinars .. Is it possible? An economic expert answers.


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100 US dollars is equivalent to 100 Iraqi dinars .. Is it possible? An economic expert answers.

 

The economic expert, Salam Sumaisem, said that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain greater quantities of Iraqi money against the dollar without printing more, and thus preserving the currency from collapse.

In an interview with the “obelisk”, Sumaisem said that in the pre-2003 era, the currency was printed without cover and in large quantities, and it was reduced without a balance. Today, it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people They import from abroad to the demand for local goods, which will lead to a devaluation of the currency and the demand for it becomes more.

 

Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.

Sumaisem indicated that the time is not appropriate to manipulate zeros or the currency because its value will change, and with regard to removing zeros, this requires monetary stability and that was decided during the era of Sinan al-Shabibi administration of the Central Bank.

The economic expert called for improving the status of the dinar so that every 100 dinars would be equal to 100,000 Iraqis, and thus raising the zeros so that every 100 dollars equal to 100 Iraqi dinars, and thus the dinar would be equal to the dollar.

But Sumaisem believes that raising the zeros is not possible at the present time, due to the monetary and economic crisis that Iraq suffers from.

 

And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

The Iraqi Minister of Finance proposed reducing the price of the Iraqi dinar as a measure to confront the financial crisis, as Sumaisem believes that this proposal will be the closest scenario .. and will prevent compromising the storage in the central bank. Source

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Is this article saying that Shabibi wanted to LOP the currency to make it equal to the dollar?  

And now they want to reduce the price of the dinar against the dollar instead? 

I think that's what is says.

Somebody please tell me I'm wrong.

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How can one read lop here. A lop would further weaken their currency making the situation worse. I don't think that's what he's talking about in the article. What I don't like, however is that he thinks that now isn't the time.Thank God he isn't the CBI governor.

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Hi everyone 😘

 

Looks like Sumaisem thinks they can increase the value of the Dinar to 1000 to 1 dollar, then re-denominate by deleting the zeros to place the dinar on par with the dollar if Iraq were not in such a financial crisis.  

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I THINK SUPPLY AND DEMAND FOR THE IQD IS GOINING TO GO THROUGH THE ROOF, ALREADY EBUY IQD SALES ARE BACK ORDER, ONCE THE NEWS OF HOW MUCH OIL REASEVES BILLIONS AND BILLIONS EVERYONE WILL WANT THAT GOLDEN IRAQI DINAR,  I FEEL NOWTHIS IS AT THE CLOSEST I SEEN POSSIBLITY TO GIVE INCREASED IQD PURCHASE POWER.

HAPPY DAYS......

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8 minutes ago, 3n1 said:

 

I know, right??!

The headline was a straightforward question: “Is it possible?” I wish there was just a yes or no answer rather than a bunch of history and strangely worded translation...  😜

But, on the bright side, they are talking openly about it!

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I will tell you one thing, if they don't add value to their currency everything they have done and will do will be in vain. 

The article the other day said they might float their Currency which is now pegged to the Dollar until this day. 

The USD is a floating Currency along with several others and they all have value. They can't use the USD forever.

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This is just some loose cannon economist flapping his jaws, don't get overworked by what he's spewing out.  With Kazeemi cleaning up the corruption by removing them top officials and their reform paper coming to parliament soon I think we are in a pretty good position for something to happen by the end of this year.

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Hi Butifldrm

    Good to see you again  :D

2 hours ago, Butifldrm said:

Hi everyone 😘

 

Looks like Sumaisem thinks they can increase the value of the Dinar to 1000 to 1 dollar, then re-denominate by deleting the zeros to place the dinar on par with the dollar if Iraq were not in such a financial crisis.  

 

At this point I will take $10.00 before they delete the zeros. I just hope it is

a come as you are because of the time difference, Not taking the time to change

out of my jammies.  :eek:

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5 minutes ago, nannab said:

Hi Butifldrm

    Good to see you again  :D

 

At this point I will take $10.00 before they delete the zeros. I just hope it is

a come as you are because of the time difference, Not taking the time to change

out of my jammies.  :eek:

See ya at the bank nannab! We’ll make it a jammy party 🥳🎉

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2 hours ago, Butifldrm said:

Hi everyone 😘

 

Looks like Sumaisem thinks they can increase the value of the Dinar to 1000 to 1 dollar, then re-denominate by deleting the zeros to place the dinar on par with the dollar if Iraq were not in such a financial crisis.  

Spot on.

 

Thanks.

 

Miss your input here. 

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3 hours ago, Spartakus said:

How can one read lop here. A lop would further weaken their currency making the situation worse. I don't think that's what he's talking about in the article. What I don't like, however is that he thinks that now isn't the time.Thank God he isn't the CBI governor.

Well Kuwait said the same thing and then BAM.  Just  saying

 

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If this is what cbi want to do.. honestly i think long ago cbi should do that..because anytime cbi can lop..it just cost cbi print new cureency..no need economy strength

This kind of situation normally use to be in country wity high inflation right?

Iraq is a low inflation country

And if we read imf report..iqd appreciate around 5% annually..

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14 hours ago, GreedyDinar07 said:

I will tell you one thing, if they don't add value to their currency everything they have done and will do will be in vain. 

The article the other day said they might float their Currency which is now pegged to the Dollar until this day. 

The USD is a floating Currency along with several others and they all have value. They can't use the USD forever.

No country uses the usd incountry....it has to stop...

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16 hours ago, Butifldrm said:

Hi everyone 😘

 

Looks like Sumaisem thinks they can increase the value of the Dinar to 1000 to 1 dollar, then re-denominate by deleting the zeros to place the dinar on par with the dollar if Iraq were not in such a financial crisis.  

Great to see you back Butifidrm!!!

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blueskyline, totally agree...as a matter of fact he just yesterday spoke about a plan they already have to improve the value of the Dinar. I’m thinking the time of listening to these so called experts are long gone.

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