Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Representative economy calls for stopping the depletion of hard currency by selling auctions


yota691
 Share

Recommended Posts

4 minutes ago, Spartakus said:

Why do you say that Longtime? For one thing, what's going on is good very short term for the CBI; in the sense that they are soaking in a lot of dinars of the street.

I'm of the belief that when there is intentional confusion, something else is going on at the same time and un-pegging from the USD seems like the next logical step. It definitely appears like confusion is their goal here so i believe something else is going on 🤷

 

 

  • Thanks 3
  • Upvote 4
  • Pow! 2
Link to comment
Share on other sites

The dollar continues to “break the numbers” in front of the dinar in the Iraqi markets: “the rise was not issued by the central bank” and “amazed”, the master of the situation!

2020-12-14
9439EF15-F268-4D44-8994-BA7E5CCFC009-750

Yes Iraq - Baghdad

Today, Monday (December 14, 2020), local markets witnessed a new rise in the exchange rate of the dollar.

He told the owners of exchange shops, according to local media, that "the exchange rate of the dollar against the Iraqi dinar has risen to 131 thousand Iraqi dinars for every 100 dollars."

And they continued that "the prices in the Kifah Stock Exchange amounted to 1360 dinars."

They indicated that "the selling price reached 131,500 per 100 dollars in the local markets, while the purchase price was 129,500 per 100 US dollars."

Reasons for the rise?

On the other hand, a banking source revealed the reason for the high exchange rate of the dollar against the Iraqi dinar in the local markets on Monday.

The source said, according to local media monitored by "Yass Iraq": "The reason is due to the rumor that the government broadcast, by holding talks with the World Bank to fix the exchange rate of the dollar against 1330 dinars, as well as the speculation of traders."

He added, "The price of the dollar today reached 133,000 dinars against one hundred dollars, a figure that Iraq has not seen for years."

The source suggested that the dollar exchange will return to normal in the coming days.

And the prices had reached before mid-afternoon on the Kifah Stock Exchange to 130,000 dinars in front of one hundred dollars, amidst the amazement of citizens.

The exchange rates of the dollar continued to rise since this morning in the Iraqi market by 127,500, to reach within hours to 130,000. As for the exchange offices, the selling price reached 130,750 dinars.

This escalation in prices raised fears among citizens, amid panic over the high prices of foodstuffs and consumed goods in the market.

There is a trick on the rise?

Financial expert Ahmed Buraihi confirmed, on Monday, that it is wrong to make statements about raising the exchange rate of the dinar against the dollar by personalities who are not connected to the central bank, as this approach is exclusively for the central bank.
In statements monitored by Yass Iraq, Berihi said, “So far, there is no information confirming or indicating the cause of raising the price of the dinar against the US dollar, and we cannot talk about it, and no one has the right to address the issue because it is exclusively related to the central bank.” "The exchange rate has reasons and obligations that are decided exclusively by the Central Bank."
He added that "all countries of the world avoid talking about such topics in order not to raise expectations that problems will arise," noting that "raising the issue at the present time may affect people's livelihood."
And it revealed that there were efforts to raise the value of the dollar against the dinar at the beginning of the new year, bringing the value of its sale in the currency auction to 145 and in the market to 150 thousand dinars
  • Like 1
  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

Economy News Iraq Today

Representative economy determines the reasons for the high exchange rate of the dollar in the local markets and is likely to decrease within two days

84122020_%D8%A7%D9%84%D8%AF%D9%8A%D9%86%
Al-Zawra Newspaper
News source / Al-Zawra Newspaper

Al-Zawra / Hussein Faleh:
The Parliamentary Economic and Investment Committee identified the reasons for the sudden increase in the exchange rate of the dollar against the Iraqi dinar in the local markets, and while it was likely that its normal price would return within two days, an economist attributed the reasons for the decline in the exchange rate of the dinar to the decline in the cash reserve at the Central Bank of Iraq.
A member of the Parliamentary Economic and Investment Committee, Nada Shaker, said in an interview with Al-Zawraa: The sudden and significant increase in the exchange rate of the dollar against the dinar may be due to the lack of financial resources, as well as the Prime Minister’s statement that the salaries of the first month of next year will not be paid, as well as The increasing withdrawal of the dollar in the market as a result of economic concerns. She added: The continued rise of the dollar without the presence of real solutions will have serious repercussions on the economy, and lead to an increase in the prices of goods entering Iraq. Criticizing the central bank’s policy of maintaining the exchange rate. She continued: There are well-known parties controlling the currency auction, which led to the fluctuation of the exchange rate. The dollar exchange rate is likely to return to normal within two days, because the government will have to take urgent measures to reduce it. For his part, the economic expert, Saleh Al-Hamashi, said in an interview with Al-Zawra:The main factor that affects the high exchange rate of the dollar in the local markets is the rumors and the Iraqi economic situation, as the citizen recently felt insecure and insecure in the dinar, so he resorted to storing the dollar, and transactions also became in dollars. He added: Most of the commercial transactions that occur at the level of sales Above the small ones, whether at the level of electrical appliances or cars, and even houses began to deal in dollars, and the demand for the dollar became very large, which led to its rise. Stressing: There are fears among the Iraqi citizen of the collapse of the dinar, so he resorted to storage and hoarding. He pointed out: Even the companies and banks that enter the window of currency sale have begun the process of storage and legalization of sale. Indicating: The problem is not in the currency auction but in companies. He continued: The Central Bank was supposed to take into account this issue and hold accountable the banks and financial companies entering the currency sale window and account for it accurately in the process of selling and exchanging the dollar.It is expected that the dollar will continue to rise as a result of the central bank selling quantities of dollars, offset by lower revenues from the sale. Explaining: Iraqi revenues do not exceed 130 to 140 million dollars per day, while the central bank sells 160 to 180 million dollars per day, that is, more than revenues, which led to a deficit in the central bank and a decline in cash reserves from 68 billion dollars to 59 billion dollars, Al-Hamashi stressed: This greatly affected the reputation of the Iraqi dinar at home, especially for companies and monitors of the financial treasury, because the central reserve is constantly monitored by businessmen. He went on to say: If the government does not speed up the process of commercial exchange, especially before The Ministries of Finance and Trade and the Central Bank, if they do not cooperate to control imports and the entry of goods and the quantity with the price, then there will be a big problem and the price of the dinar will drop to frightening records.The exchange rate of the dollar against the dinar witnessed a significant increase in the local markets during the past few days

  • Upvote 3
Link to comment
Share on other sites

 
  •  
 2020-12-14 12:08
 

Shafaq News / The Iraqi local currency witnessed an accelerated decline against the dollar over the past few days, which raised a storm of questions in the country about the reasons behind this sudden decline.

 

A member of the Parliamentary Finance Committee, Jamal Cougar, attributed the decline of the dinar in local markets to an organized government plan to reduce the fiscal deficit and achieve abundant revenues.

 

Cougar said to Shafaq News, "The Iraqi government is deliberately raising the price of the dollar against the Iraqi dinar to provide large financial differences in the hope of achieving financial abundance for the state treasury."

 

He pointed out that Iraq gets the dollar from selling crude oil, and it distributes salaries to employees in the local dinar process, and the government believes that it will achieve financial abundance in the event that the dinar's value falls against the dollar.

 

Cougar considered that the policy of raising the price of the dollar against the dinar is "a failure" and harms the Iraqi citizen and limits his financial and purchasing power in the local market, given that prices will rise in the local markets as the value of the dinar decreases.

 

Cougar ruled out the existence of any goals or political control of dollar prices, indicating that "the central bank is the only one controlling the dollar market in Iraq."

 

On Monday, the US dollar recorded a significant increase against the Iraqi dinar, as the price of 100 dollars reached 132 thousand Iraqi dinars, amid weights that the dollar price would continue to rise.

 

And the continuous decline in the value of the local currency raises fears in the country.

 

A member of Parliamentary Economy and Investment, Nada Shaker Jawdat, told Shafaq News that her committee will move with the Parliamentary Finance Committee and Parliament to discuss the sudden drop of the Iraqi dinar against the US dollar and take a decision on that at a session tomorrow, Tuesday.

 

She added, "The sudden rise in the foreign currency will directly affect the life of the citizen through the rise in the prices of foodstuffs and other materials that the citizen consumes with his daily life."

 

Despite the decline in the value of the dinar against the dollar in the local markets, the Central Bank sells dollars to banks at a fixed price, which is 1190 dinars to one dollar, which costs the state large daily losses in favor of the banks.

 

Deputy Chairman of the Integrity Committee in the Iraqi Parliament, Khaled Al-Jushami, revealed that the loss of Iraq from the currency auction only for this Monday amounted to more than 27 billion dinars.

 

Al-Ghashami said in a tweet on Twitter, "The loss of the Iraqi state from the notorious currency auction due to the policies of the Central Bank and its proxy governor amounted to only 27.6 billion dinars for this day."

 

He added, "I have not witnessed the daring of theft and waste of public money like this," wondering, "Where are you, Prime Minister, from the actions of your governor whom you appointed in the proxy contrary to the legal requirements. It is reasonable that the Central Bank sells dollars to private banks at a price of 1190 dinars per dollar, and today its price is in the market?" 1310 dinars. "

 

"What is this farce, what is this disregard for the capabilities and goods of the people."

 

According to the correspondent of Shafaq News Agency, the Central Al-Kifah Stock Exchange in Baghdad recorded at noon Monday, 132,000 Iraqi dinars against 100 US dollars, and Al-Harithiya Stock Exchange in Baghdad recorded 132,000 dinars against 100 dollars.

 

Al-Kifah Central Stock Exchange in Baghdad this morning recorded 128,200 Iraqi dinars against 100 US dollars.

 

Our correspondent indicated that the buying and selling prices also increased in the exchange shops in the local markets in Baghdad, where the selling price reached 133,000 Iraqi dinars, while the purchase prices reached 131,000 dinars per 100 US dollars.

 

Some office owners attributed this rise in the price of the dollar quickly to rumors circulating that the Central Bank is seeking to stabilize the price of the dollar at 130 thousand dinars per 100 dollars.

  • Thanks 2
Link to comment
Share on other sites

The Central Bank of Basra Branch announces a close solution to reduce the price of the dollar and publish its content

 

 

2,173 Economie 2020/12/14 22:00 Baghdad Today -

Follow-up The Central Bank branch in Basra Governorate determined the reason for the high price of the dollar, today, Monday, in exchange offices, and the sale price reached 133 thousand dinars against the $ 100, while the purchase prices reached 131 thousand dinars for the same value. The Central Bank, Basra Branch, during statements followed by (Baghdad today), attributed the high exchange rates of the dollar to "statements made by some politicians and economic analysts on addressing the financial crisis that raising the dollar against the dinar will contribute to the stability of the economy. The bank’s management indicated, “This matter is not based on a study,” confirming that “the official exchange rate is 120,000 dinars per $ 100,” while revealing “measures to maintain the stability of this, including pumping nearly $ 250 million a day in preparation for the end of this rise in Within the next week. " Branch manager Qassem Raheef said, in a press statement, that "these statements indicated that one of the solutions to address the economic crisis in Iraq is to reduce the value of the Iraqi dinar against the dollar. These statements are not based on reliability or being issued by the Central Bank, but thus they have led to "Increased demand for foreign currency, increased demand from the local community, some owners of capital and others feared about the economic situation, as it led to a decrease in supply and an increase in prices." "The official price, as approved according to the Central Bank bulletins, is 120 thousand dinars for every 100 dollars," Raheef added. Regarding the effects of the rise in the price of the dollar on the markets, Rahaif stated that "if the dollar exchange rate rises, it will lead to a significant increase in the prices of consumer and productive goods, and even if the exchange rate decreases, some commodities will not decrease in prices, which is one of the problems. Therefore, the bank The Central Bank made sure that the exchange rate was fixed. " He denied at the same time that "the central bank has a plan to raise the exchange rate of the dollar as it is said, especially since such plans are not within the jurisdiction of the bank but within the jurisdiction of the Ministry of Finance, considering that the dollar is originally the property of finance. "The revenues of the Ministry of Finance, and that the Central Bank plays a mediating role between finance and some beneficiaries of the dollar with the aim of converting it to the Iraqi dinar and then to the Ministry of Finance, which will in turn distribute it in the form of expenditures, salaries and the like." He added that "the ministry did not inform the bank that it wanted to raise the price, nor did the central bank intend to reduce the value of the Iraqi dinar against the dollar." Regarding their expectations about the period for which this price will remain, Rahaif said, "It is expected that this issue will end next week despite the difficulty of expectations. If real solutions are found in the process of pumping a larger amount of dollars into the market, it will not continue this week or next week." The price of the dollar against the dinar rose today in several governorates, reaching more than 130,000 dinars for every $ 100. The Al-Kifah and Al-Harithiya Stock Exchanges in Baghdad recorded an exchange rate of 132 thousand Iraqi dinars against 100 dollars, while the exchange rate this morning did not exceed 128 thousand dinars compared to 100 dollars. The price of the dollar rose in exchange offices in Baghdad, bringing the selling price to 133 thousand dinars against the $ 100, while the purchase prices reached 131 thousand dinars for the same value. The exchange rate of the dollar in the markets of Erbil rose to 130 thousand dinars for every 100 dollars. This jump comes with news of the central bank’s intention to fix the dollar’s price at 130,000 dinars per $ 100, to cover the budget deficit. About a week ago, the financial and economic advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, on Tuesday, December 08, 2020, denied the existence of a government intention to raise the exchange rate of the dollar. Saleh said in an interview with (Baghdad Today), that "the talk about a governmental tendency to raise the exchange rate of the dollar, until it reaches the level of 150,000 dinars against the $ 100, is absolutely incorrect, and there is no plan proposed by the government for such an option." He added that "the rise in the dollar’s exchange rate in the local markets, at the present time, was caused by rumors, which are launched here and there, and they are unfounded," noting that "this rise is temporary, and the coming days will witness a new decrease in the exchange rate."

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

yota, if these morons continue to drive the exchange rate lower on the Dinar an allow for inflation to climb, they haven't seen protesting an tires burning in the streets like what's gonna happen. The protesters are already being killed in Kurdistan an when the poor people around Baghdad can't buy anything on account of a worthless Dinar, the entire country will be on fire. I think the budget will get passed this week by the counsel and by parliament next week. I guess the gambler in me is thinking the CBI is allowing all these The Sky is Falling articles to circulate for a reason...come on 1/1/2021.

 

  • Thanks 3
  • Upvote 3
  • Pow! 3
Link to comment
Share on other sites

13 hours ago, Engine1 said:

Hmmm I dont think so, why would they drop the value, knowing that they want to raise it?

exactly. the only one who get more profit from the rise of us dollars is currency auction. the cbi official exchange rate is 1190 and the market rate is 1500, then the difference is 310 iqd per 1 us dollar. this is a big difference. let"s say today central bank's sales are $230 million and the profit is $230 million x 310 iqd/us dollar=71.3 billion dinars ( = $60 million dollars ) in one day only. that's why a lot of thiefs in the currency auction like to steal the profit. if the cbi has huge profits=60 million dollars in the currency auction almost everyday, the question is do you think the cbi will care about rv"ing the iqd? can you imagine that.

  • Upvote 2
Link to comment
Share on other sites

16 minutes ago, rvmydinar said:

exactly. the only one who get more profit from the rise of us dollars is currency auction. the cbi official exchange rate is 1190 and the market rate is 1500, then the difference is 310 iqd per 1 us dollar. this is a big difference. let"s say today central bank's sales are $230 million and the profit is $230 million x 310 iqd/us dollar=71.3 billion dinars ( = $60 million dollars ) in one day only. that's why a lot of thiefs in the currency auction like to steal the profit. if the cbi has huge profits=60 million dollars in the currency auction almost everyday, the question is do you think the cbi will care about rv"ing the iqd? can you imagine that.

the only thing the cbi want to stop the currency auction if they want to investigate and catch all the thiefs in the currency auction. after the cbi already clean them up, then i think the cbi will begin currency auction again. but again, hopefully, i was wrong.

  • Upvote 2
Link to comment
Share on other sites

Parliamentary finance reveals the government's desire to reduce the exchange of the dinar against the dollar, and the reason ??
  
{Baghdad: Al Furat News} The Parliamentary Financial Committee revealed, on Tuesday, the government's desire to reduce the exchange rate of the Iraqi dinar against the US dollar.

Committee member Jamal Cougar told {Euphrates News} that "there is a government approach that the central bank may not be satisfied with, and it seems that the policy has changed with the change of its portfolios," pointing out that "the government wants the Iraqi dinar to drop against the dollar so that it can through it reduce the level of the deficit."

He added that "the deficit will be reduced through four paths, two paths of which the citizen will be affected and the government will benefit from them and the other will benefit both parties," noting that "there is an interrogation presented to the governor of the Central Bank by Faleh Al-Sari, and the signatures for this matter have been collected."

He pointed out that "the political blocs are divided with the support of the central bank and others want to keep it as a sober institution and confront us with the outside world and 
that there are warnings we have received from official bodies that the central bank, if its files are not reviewed, may fall under threat."

Raghad Daham

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

( IQD Rates - Updated: Tuesday - 12/15/2020 )

Official Central Bank of Iraq (CBI) Dinar Rate:
1190 IQD to 1 USD

Dinar Market Rate: (CBI last reported 12-14-2020New Change
1296.954 IQD to 1 USD

Note: THIS IS 9% OVER THE OFFICIAL RATE.

- Rates Are Within IMF 2% Rule: No
- Are Rates IMF 2% Rule Compliant for 90 Days: No

:salute:Have a Blessed day Everyone - GOD is Good & Faithful ... Ron

 

  • Thanks 1
  • Upvote 2
Link to comment
Share on other sites

Economy News Iraq News Now

Member in Parliamentary Finance: The Iraqi government secretly printed large amounts of currency

Posted 3 hours ago
News source / newsroom
1605452831_139845.jpg
newsroom
News source / newsroom
A member of the Finance Committee of the Iraqi Council of Representatives revealed that the federal government had secretly printed tens of trillions of Iraqi dinars to pay salaries and cover expenses with them, usually as a threat to the value of the dinar.


A member of the Finance Committee of the Iraqi Council of Representatives, Jamal Cougar, told Rudaw Media Network, that “since mid-2020 until now, the Iraqi government twice submitted a borrowing bill to the House of Representatives, and the House approved them, and most of these loans were secured according to what the government announced through the issuance of bonds. Financial and selling it to the central bank, which necessitates that the central bank’s reserve is now much less than it was before mid-2020, but this reserve has not decreased.

Cougar explained that, "By analyzing this, it becomes clear to us that the Iraqi federal government has secretly printed tens of trillions of Iraqi dinars to pay salaries and cover expenses that have been approved under the law on borrowing, which constitutes a great danger to the value of the Iraqi currency."

After it was postponed twice, the Iraqi Council of Ministers is scheduled to discuss today (December 15, 2020) the draft Federal Budget Law for 2021.

On the other hand, a member of the Finance Committee in the Iraqi Parliament, Ahmed Haji Rashid, wrote yesterday, Monday, on his Facebook account: The Iraqi government has not yet been able to estimate the size of its expenditures in the federal budget for 2021, so the size of the deficit in it will be more than 100 One trillion dinars.

Haji Rashid indicated that 54 trillion dinars were allocated in the 2021 budget for employee salaries, an increase of about 11 trillion dinars over the 2019 budget, which tells us that the number of employees in the 2021 budget is greater than the number in the 2019 budget by 450 thousand employees.

Haji Rashid also expected that the deficit in the 2021 budget will be filled by borrowing more than 30 trillion dinars, reducing employee allocations, and reducing the value of the Iraqi dinar against the US dollar.

The price of the US dollar rose in the Iraqi markets yesterday evening, Monday, to more than 132 thousand dinars for every 100 dollars in Baghdad, and Erbil markets recorded 130200 dinars per 100 dollars, before retreating today to 128.150.

This comes at a time when the Iraqi government finds it difficult to secure the salaries of its employees due to the financial crisis caused by the deterioration of oil prices and the outbreak of the Corona pandemic, as the government resorted to borrowing 12 trillion dinars to distribute salaries until the end of this year under the law on financing the fiscal deficit by the Iraqi parliament in Last November 12, which was a replacement for the 2020 budget, as no agreement was reached regarding the passage of the law, amid assurances from the Iraqi Prime Minister, Mustafa Al-Kazemi, that he will face a problem in providing salaries as of the beginning of 2021

Link to comment
Share on other sites

What is the secret of the sudden decline of the Iraqi dinar? Is it governmental intention?

Posted 5 hours ago
News source / Noon Agency
84122020_%D8%A7%D9%84%D8%AF%D9%8A%D9%86%
Noon Agency
News source / Noon Agency
Lance Morshed - Parliament declares that it is an organized government plan to reduce the fiscal deficit and achieve an abundance of revenues.

Some citizens believe that the reason is political, with the aim of creating profits to support the electoral campaigns of political parties.

The local market and some specialists explain that this rise in the dollar’s price quickly is caused by rumors circulating about the central bank’s endeavor to stabilize the dollar’s price at 130,000 dinars per 100 dollars.

As for Parliament, his statements, which he made yesterday, are very dangerous and call into question the independence of the Central Bank.

Any questioning of the independence of the Central Bank will negatively affect the achievement of price stability, and the enhancement of transparency and accountability.

This kind of statement should not be neglected and left without an official response by the central bank, and as a result of its neglect, it will be very bad.

I cite here the word of Mrs. Janet Yellen, the former Chairman of the Federal Reserve, when she said that “Central banks sometimes have to do the unpopular things immediately for the health of the economy. In fact, we have seen terrible economic results in countries whose central banks are subject to political pressure. ”

And if the issue is due to rumors or any other unknown reason, the Central Bank should quickly disclose information and facts and open up to the media, to address the spread of rumors and limit them, because the rumors have negative repercussions on various sectors and groups of society, especially economic and financial.

The lack of sufficient understanding of government decisions and the role and importance of the central bank is a major reason for the spread of rumors.

The government and the independent authorities deal with rumors as a "response", and they have no real plan to eliminate the rumor from its source by using educational methods that eliminate economic and political ignorance

Link to comment
Share on other sites

 

An economist explains the relationship of the Central Bank of Iraq to the high exchange rate and its expectations for the coming days

1606933454_141312.jpg
Independent Press Agency
News source / Independent Press Agency
Al-Mustaqila / - Economic expert Daoud Abd Zayer considered that what happened in the local market in terms of the rise in the exchange rate of the dinar is not responsible for the central bank, but rather it is caused by speculators taking advantage of irresponsible statements, stressing that the exchange rate will decrease in the coming days.

Zayer said in a press statement followed by Al-Independent today, Tuesday, that “the weakness of the financial culture in Iraq may make local speculators take advantage of this, and the statements of the existence of a proposal to raise the exchange rate of the Iraqi dinar against the dollar have been exploited, which led to local chaos, as the exchange rate is still stable with the bank.” Central ”.

He added that "the irresponsible statements that do not have any basis on reality led to this fabricated chaos and that the exchange rate will return within the few days."

Abd Zayer demanded, "Officials, especially those who have no experience in the financial aspect, not to raise such statements because the only affected will be the general population of the poor and low-income because of the rise in foodstuffs and others, in addition to that it will be a free service for currency speculators."

The post The Central Bank of Iraq is not responsible for the exchange rate hike appeared first on the Independent Press Agency

  • Upvote 1
Link to comment
Share on other sites

 

 

ior-crs4-halfsuplb.jpg
iofd-ad-halflb.jpg

Dinar value falls as Iraq contemplates currency devaluation

MPs say Iraq's 2021 budget is likely to bring a significant drop in the value of the dinar, helping the government's balance sheet but hurting the purchasing power of most Iraqis.
Dinar value falls as Iraq contemplates currency devaluation
Money changers count wads of Iraqi dinars in Baghdad on Oct. 1, 2012. (SAAD SHALASH/Reuters) Money changers count wads of Iraqi dinars in Baghdad on Oct. 1, 2012. (SAAD SHALASH/Reuters)
By STAFF of Iraq Oil Report
Published Monday, December 14th, 2020
 
BAGHDAD/ERBIL - The street value of Iraq's currency is dropping, as markets anticipate the likelihood the dinar will soon be devalued in response to a dire economic crisis.

Money exchangers in Iraq on Monday were charging 1,300 Iraqi dinars for each U.S. dollar, compared to the Central Bank of Iraq's (CBI) official rate of 1,182 dinars per dollar — the widest spread between market rates and the bank's official "window" rate since December 2016, according to an Iraq Oil Report analysis based on CBI data.

This content is for registered users. Please login to continue.
If you are not a registered user, you may purchase a subscription or sign up for a free trial.
Iraq Oil Report Attribution Policy

All sources quoted or referenced spoke to Iraq Oil Report directly and exclusively, unless stated otherwise. Iraq Oil Report typically grants anonymity to sources that can't speak without risking their personal safety or job security. We only publish information from anonymous sources that we independently corroborate and are important to core elements of the story. We do not provide anonymity to sources whose purpose is to further personal or political agendas.

Iraq Oil Report Commitment to Independence

Iraq Oil Report strives to provide thoroughly vetted reporting and fair-minded analysis that enables readers to understand the dynamic events of Iraq. To meet this goal, we always seek to gather first-hand information on the ground, verify facts from multiple angles, and solicit input from every stakeholder involved in a given story.

We view our independence as an integral piece of our competitive advantage. Whereas many media entities in Iraq are owned or heavily influenced by political parties, Iraq Oil Report is wholly owned by several of its employees. In a landscape that is often polarized and politicized, we are able to gather and corroborate information from an unusually wide array of sources because we can speak with all of them in good faith.

To fund this enterprise, Iraq Oil Report depends on revenue from both advertising and subscriptions. Some of our advertisers and subscribers ‐ including companies, governments, and NGOs ‐ are also subjects of our reporting. Consistent with journalistic best practices, Iraq Oil Report maintains a strict firewall that removes business considerations from editorial decision-making. When we are choosing which stories to report and how to write them, our readers always come first.

log-access
 
 
 
hydroc-ad-lrgrec-2.gif
tiller-ad-sqbtn3.gif
iqilaw-ad-sqbtn2.gif
fronterasky-ad-sidebar.gif
inside-mosul-ad-lrgrec.jpg

TWITTER

 
  • ior_logo_square_normal.png
    RT @lcmporter: . @CathyOtten for @iraqoilreport on US & Iraqi failings at Balad airbase, where the F-16 fleet is in such a bad state that m…
  • ior_logo_square_normal.png
    RT @lcmporter: "Because so many Iraqi goods are imported in dollar-denominated purchases, any currency devaluation would reduce the dinar's…
  • ior_logo_square_normal.png
    RT @berendvh: SCOOP: Iraq preparing to devalue its currency, according to two Finance Committee MPs. New dollar peg still TBD, but will be…
  • ior_logo_square_normal.png
    Dinar value falls as Iraq contemplates currency devaluation https://t.co/roRQl5NJ8i
 
 
 
 

 

TWITTER

 
  • ior_logo_square_normal.png
    RT @lcmporter: . @CathyOtten for @iraqoilreport on US & Iraqi failings at Balad airbase, where the F-16 fleet is in such a bad state that m…
  • ior_logo_square_normal.png
    RT @lcmporter: "Because so many Iraqi goods are imported in dollar-denominated purchases, any currency devaluation would reduce the dinar's…
  • ior_logo_square_normal.png
    RT @berendvh: SCOOP: Iraq preparing to devalue its currency, according to two Finance Committee MPs. New dollar peg still TBD, but will be…
  • ior_logo_square_normal.png
    Dinar value falls as Iraq contemplates currency devaluation https://t.co/roRQl5NJ8i
Copyright © 2020 Strategic News International, Inc. All rights reserved.
 
  • Thanks 1
Link to comment
Share on other sites

Some people believe that the IQD will drop in value then raise.  They might just be correct. Maybe the dropping in value is so Iraq can buy back more of their dinar with US dollar so there will be less out there when they revalue. My feelings is that to do this right iraq better stop the sale of dinar to keep it from getting into speculators hands. Or at least limit of the sale of the dinar, so that there is less dinar going out than coming in.      

  • Upvote 1
  • Pow! 1
Link to comment
Share on other sites

I don't know but I will be glad when they do something!! Another article stated it may take 40 days for parliament

to approve the budget so good luck on that! Now they are talking about reducing the value of the dinar, hell it's

already worthless but yet Deawoo is building a port and China is building 1000 schools.

Until they get their act together and RV their currency they are only hurting themselves and the world

will move on. 

 

Link to comment
Share on other sites

3 hours ago, Engine1 said:

Some people believe that the IQD will drop in value then raise.  They might just be correct. Maybe the dropping in value is so Iraq can buy back more of their dinar with US dollar so there will be less out there when they revalue. My feelings is that to do this right iraq better stop the sale of dinar to keep it from getting into speculators hands. Or at least limit of the sale of the dinar, so that there is less dinar going out than coming in.      

Small issue with theory is  it is called currency manipulation!

Link to comment
Share on other sites

Representative Finance: The policy of the central bank behind the high exchange rate of the dollar

 
%D8%AF%D9%88%D9%84%D8%A7%D8%B1-696x435.j

Information / Special ...

On Tuesday, the Parliamentary Finance Committee attributed the high exchange rate of the dollar in the markets to the floundering policy of the Central Bank.

A member of the committee, Abdul Hadi Al-Saadawi, said in a statement to "the information", that "the rise in the exchange rate of the dollar is not according to a governmental approach and an economic policy. Rather, it occurred as a result of confusion in the management of the central bank," noting that "the committee called for measures to be put in place to control the sale of the dollar."

He added that "some parties have monopolized the sale of the dollar, and this matter must be resolved and not allowed to monopolize the sale," noting that "the high selling prices of the dollar returns to the confusion of the central bank’s policy, and the rise will continue if the same policy remains."

The dollar exchange rate for the past two days witnessed an unprecedented rise, as the exchange rate reached 131 thousand dinars against 100 dollars. Ended 25 T

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.