New Exchange Rate coming out before end of the year !

[6ly410]

Wow what is happening in Iraq right now haha 

[6ly410]

Kurd Baghdad deal / exchange rate chaos / law  enforcement in front of cbi building LOL / devalue currency... waiting on update on the cbi website...white Papers... unreal how crazy good the news are right now IMO haha 

[6ly410]

Let’s go rate change cheers 

[NMP2017]

Rate change but in the WRONG direction!!!!!

 

POSTED ON CBI FB PAGE - NEW RATES

 

1450 dinars for every dollar, the foreign exchange purchase price from the Ministry of Finance
1460 dinars for every dollar, the price of selling foreign currency to banks
1470 dinars for every dollar, the price of selling foreign currency to the public

We ask the Lord Almighty to take the hand of our country and our people for the good, payment and upliftment.

Central Bank of Iraq
19 December 2020

https://www.facebook.com/cbi.iraq

Edited December 19, 2020 by NMP2017

[6ly410]

A statement issued by the Central Bank of Iraq During the last months of this year, intensive deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the economic situation in general and the financial crisis that the public finances are going through due to the decline in oil prices and production, and economic and health challenges. A number of meetings were hosted by the Minister of Finance for the same purpose. The Central Bank of Iraq would like to show the following: 1- The structural distortions in the Iraqi economy are the ones that impoverished public finances and restricted the ability of reform sought by the government and the Ministry of Finance. It is not a coincidence that the financial situation is this bad, nor is it the product of the current or the previous year, but unfortunately it took root more than a decade and a half ago due to the policy leadership of the economy and the preference for political thinking and the priorities of politicians over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policies On the other hand .. the fiscal policy lagged behind in performing its roles, and the monetary policy was busy restoring the outputs of the confused fiscal policy. 2- The dependence of the economic and financial policy on the aspirations and concerns of politicians, resulted in the last accepted models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to requirements Sustaining life, such as salaries and operational requirements, and the Ministry of Finance did not address its leading roles and position in the economic affairs. In addition to the fact that it lacked many economic and financial information that could facilitate it and the decision-maker in the country to direct short and medium-term goals. This calls for an active approach to build economic and financial databases that facilitate decision-making and serve forecasts. 3- Because of all these conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements .. However, this does not mean That these interventions remain open without controls or endings. 4- On the other hand, the Central Bank understands the difficulties facing the reform intentions that the government is heading to undertake, but this does not prevent from mortgaging any steps that the monetary authority can take with effective steps to carry out reforms that It inevitably touches the institutions of the financial authority, especially the effective collection institutions, customs and taxes, and other public collection institutions, and for spending to be leaned and rationalized, all of which depends on the political will of the higher state institutions that support the direction of the financial authority to achieve this. It will inevitably be directly affected, especially by any measure to change the exchange rate. 5- The legislative authority will have an important role in supporting the central bank’s approach to adjusting the foreign currency exchange rate, as failure to take such a decision may make us They are forced to take difficult decisions that may put Iraq in a situation similar to that experienced by neighboring countries. It must also be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated, and the Central Bank will defend this price and its stability with the support of its foreign reserves that have not 6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct it with the bank The central bank, in large sums, for the purpose of paying salaries and meeting other spending needs related to services provided to citizens, and the continuation of the current exchange rate, which is not in any case commensurate with the rates of exchange rates in other countries, has become a major obstacle to real development and to enhance the competitiveness of local production, which prompted the bank Central to serious thinking by responding to the budget financing requirements at the exchange rate that allows the provision of sufficient resources to cover these needs and ensure the smooth payment of salaries. And the critical requirements for government spending, and in the interest of the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq, and its keenness to entrust public finances, as the government advisor and responsible for keeping its accounts. On the basis of the above, the Central Bank of Iraq decided to adjust the rate. Foreign currency exchange as follows: 1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance, 1460 dinars per dollar, the price of selling foreign currency to banks, 1470 dinars per dollar, the price of selling foreign currency to the public. Al-Iraqi December 19, 2020

[6ly410]

 

Economists and MPs warn of "catastrophic" damage from the devaluation of the Iraqi dinar

[6ly410]

[NMP2017]

can't wait to see what happens tomorrow when the banks open since they've been closed the last 2 days,,,

[6ly410]

The  R/devaluation of the Iraqi dinar is a step taken towards reform and creating a “financial balance” and will revive the economy, said Iraq’s Minister of Finance.

 

 

lol

[6ly410]

 

[6ly410]

-

[6ly410]

-

[Dinarrock]

1 hour ago, 6ly410 said:

 

Wow is this guy clueless...lol..what happened to Iraq wanting to be the leader like their old glory days and be proud of their currency!! Nope this guy is clueless Iraq will RV their currency I bet very soon!!

Edited December 20, 2020 by Dinarrock

[Longtimelurker]

5 hours ago, 6ly410 said:

-

 

5 hours ago, 6ly410 said:

-

Is this code for something?

[6ly410]

go RV

[6ly410]

 

[nfire]

Well they weren’t wrong . New exchange rate in wrong direction. 

[6ly410]

Economic institute demonstrates the positive aspects of raising the price of the dollar

• Time: 12/21/2020 11:10:56
• https://alforatnews.com/news

 

{Baghdad: Al Furat News} The Iraqi Institute for Economic Reform explained the positive aspects of raising the dollar’s exchange rate against the Iraqi dinar.

The institute described in a statement, the Euphrates News Agency, a copy of it, the government's move to reform the exchange rate of the dinar as "courage, which has long been awaited, as the price of the Iraqi dinar over the past period was higher than its real value, causing some damage to the Iraqi economy."
The central bank decided the day before yesterday, Saturday, to amend the dollar exchange rate, as follows: 
1450 dinars per dollar, the price of buying foreign currency from the Ministry of Finance.
1460 dinars per dollar the selling price of foreign currency to banks.
1470 dinars per dollar is the selling price of foreign currency to the public.
The Ministry of Finance attributes the reason for the increase in the dollar exchange rate to reducing the large deficit in the 2021 budget.
Ammar Al-Masoudi

 

[6ly410]

2 minutes ago, 6ly410 said:

the government's move to reform the exchange rate of the dinar as "courage, which has long been awaited, as the price of the Iraqi dinar over the past period was higher than its real value, causing some damage to the Iraqi economy."

lol

[6ly410]

3 minutes ago, 6ly410 said:

which has long been awaited,

 

[6ly410]

4 minutes ago, 6ly410 said:

raising the dollar’s exchange rate against the Iraqi dinar.

 

[6ly410]

lol

[ChuckFinley]

On 12/19/2020 at 11:52 AM, 6ly410 said:

Kurd Baghdad deal / exchange rate chaos / law  enforcement in front of cbi building LOL / devalue currency... waiting on update on the cbi website...white Papers... unreal how crazy good the news are right now IMO haha 

You are right on it. This is really good for us.  

[rvmydinar]

On 12/21/2020 at 3:15 PM, 6ly410 said:

the government's move to reform the exchange rate of the dinar as "courage, which has long been awaited, as the price of the Iraqi dinar over the past period was higher than its real value, causing some damage to the Iraqi economy." 

did it say " the past period was higher than its real value ", is " past period " referring to the rate $3.22? i hope i was wrong.

[gregp]

2 hours ago, rvmydinar said:

did it say " the past period was higher than its real value ", is " past period " referring to the rate $3.22? i hope i was wrong.

He was implying the Iraqi Dinar has been over valued, and it was a courageous move to devalue it.