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Economist: speculators and exchanges manipulating the dollar and it will affect the markets and citizens


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Economist: speculators and exchanges manipulating the dollar and it will affect the markets and citizens
  
(Baghdad: Al Furat News) Economist Basem Jamil Antoine confirmed, on Wednesday, that speculators and exchange dealers are manipulating the dollar, while this manipulation will affect the markets and citizens.

Antoine said in an interview with the Euphrates News Agency that "the Central Bank is not a judicial or executive authority, and it includes a window to sell the currency and pumps quantities of currency to achieve a balance between supply and demand" / stressing that "there are security and regulatory departments that are supposed to follow up and monitor the sale of dollars." .
And that "there is a kind of speculation by selling the dollar, and there are trillions of dinars in the hands of speculators and exchanges, and they trade in them and achieve a kind of instability and achieve interest."
"The Central Bank refuses to raise the price of the dollar because this will create a crisis with import, because Iraq depends on import and there is no local production, which will affect the local markets and citizens," he said, adding that "international organizations also stand against the process of raising the price of the dollar."
Ali al-Rubaie

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Agree with you Dinarrock, Scare the people with a devaluation, Let them bring their dinars and buy dollars Delete the zeros  RV Purchasing Power   Dollarize ....

In my 11 years on this investment I have never seen so many articles talking about the dinar exchange rate.   I believe Iraq is on the verge of changing the dinar exchange rate.  

Perhaps this is just the first phase of the RV. Let's not forget the second phase of this: the dropping of 000s. If the value go down to 1500, as an example, they drop the zeros and we are at a buck f

The high exchange rate of the dollar is a matter of concern to the citizen and the legislature

Thursday 17th December 2020 25

The high exchange rate of the dollar is a matter of concern to the citizen and the legislature
 
 Baghdad: Morning 
 
Yesterday, Wednesday, the dollar exchange rate in all governorates of Iraq reached 129 thousand and 500 dinars against one hundred dollars, at a time when the Central Bank set the dollar exchange rate at 1190 dinars per hundred dollars.
The Parliamentary Economic and Investment Committee attributed the reasons for the high exchange rate of the dollar against the dinar in the local markets to the decline in the cash reserves at the Central Bank to 46 billion dollars.
A member of the committee, MP Hamid al-Mousawi, explained in a press statement that the high exchange rate of the dollar against the dinar is a matter of concern to the citizen and the legislative authority, pointing out that “Parliament is unable to interfere with the policy of the Central Bank,” indicating that “the statements of the Minister of Finance regarding changing the exchange rate in the paper Al-Bayda led to an increase in the price of the dollar in the local markets. He pointed out that the cash reserve at the Central Bank during the war against ISIS amounted to $ 65 billion, and $ 5 billion was withdrawn from it by the Al-Abadi government.
Indicating that the current cash stock reached 46 billion dollars. He continued, that oil sales from 2003 to 2018 amounted to 970 billion dollars, pointing out that the banks entering the currency auction are linked to well-known political parties
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The hard choices

Thursday 17th December 2020

The hard choices
 
Dr.. Basem Brahimi
 
The past days have witnessed a great fluctuation in the Iraqi dinar exchange rate against the American dollar, reaching the limits of (130) thousand dinars for every hundred dollars, and this matter came after the spread of news that the government intended to reduce the exchange rate of the Iraqi dinar to meet its future economic benefits, especially after reviewing The economic data related to the price of a barrel of oil, which fluctuates around $ 50 a barrel, in exchange for the governing expenditures obligations, which are difficult for the government to restructure to achieve balance and financial sustainability.
The decline in oil revenues during the current year as a result of the decline in oil prices, as well as the continuation of current expenditures at their previous borders, led the public finances to options for internal borrowing, which is the only option (short-term) that was made available to it during the face of the financial crisis, which increased the size of the public debt Interior during this year by about (25) trillion dinars.
On the other hand, this was reflected in the demand for foreign currency to cover imports and thus on the volume of foreign reserves, which decreased by (17 percent) approximately, especially with the decrease in the volume of sales of the Ministry of Finance of foreign currency to the Central Bank. In front of this, there are not many financial options left for the economic administration, except for reducing current expenditures, specifically salaries, and these are faced with political restraints, or the reduction of the exchange rate.
These options should be resolved quickly in order to build the budget for the year 2021, otherwise matters may go to the scenario of Egypt or Lebanon, and this matter has very great consequences. Therefore, accepting one of these two options despite their difficult effects, but they are better than going to the results of staying on The current situation, on the other hand, the reinforcements of the financial situation of the financial policy from non-oil resources should be worked on with all seriousness. Otherwise, the reliability of government measures will reach levels that are difficult to address, and this matter will affect the future of the entire reform process.
Years ago, I wrote a column in which I talked about what I called the three economic mistakes of the civil governor Bremer, which I identified in (raising the exchange rate, canceling customs walls, and raising the salary scale suddenly and significantly) .It seems that we are now facing the inevitability of correcting these mistakes (or some of them) This is what triggered the wave of exchange rate changes
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A two-point proposal to address the financial crisis without going to change the exchange rate

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953 Economie 2020/12/16 21:06
Baghdad Today - Follow-up

Economic expert Safwan Qusay revealed, on Wednesday (12-16-2020), that the increase in the exchange rate of the dollar was proposed to the Ministry of Finance to solve the crisis in Iraq, while indicating that the government must determine its position on that.

"We do not like to use the dollar exchange rate as a tool to save the government from the financial crisis, and on the contrary, this will lead to the collapse of the government and many layers of society, and it will also lead to a loss of confidence in the Iraqi dinar," Qusay said in a televised interview.

He added, "Iraq is not going through financial hardship, and it is assumed that in 2021 oil prices will rise and the government has crossed the most dangerous juncture during the year 2020, and other ways must be considered to solve the financial crisis, including working with a proposal to return money from the corrupt and maximize revenues and other things not by manipulating the exchange rate." .

And Qusai added, "Confronting the corrupt is a difficult process, but certainly when the government is effective and has security forces that can eliminate the mafias that have seized public money, and there will be attribution for this performance."

He pointed out that "the government can maximize agricultural revenues and not rely solely on oil, and there must be clarity between the government and the citizen and not to follow steps that concern citizens."

Qusay said, "The Central Bank must correct the path of the dollar’s exchange rate during the coming hours and adjust it in order not to harm citizens," indicating that "there are proposals put forward before the Ministry of Finance to solve the financial crisis, including increasing the dollar exchange rate, but it cannot be approved before." The government because it harms the Iraqi dinar, and the government must announce its position on that. "

Today, Wednesday, the exchange rate of the dollar in Iraq recorded a new high in the local markets.

The approximate price of selling the dollar in the local markets reached 129,000 thousand for every 100 dollars, while the purchase price of 100 dollars reached 128,000 thousand.

A member of the Parliamentary Economic and Investment Committee, MP Hamid Al-Mousawi, revealed, on Tuesday, the reasons for the high exchange rate of the dollar against the dinar in the local markets, while noting that the monetary reserves at the Central Bank amount to 46 billion dollars.

Mousawi said in a televised interview, "The high exchange rate of the dollar against the Iraqi dinar is a matter of concern to the citizen as well as to the legislative authority," noting that "Parliament is unable to interfere with the policy of the Central Bank."

He added, "The statements of the Minister of Finance regarding the change of the exchange rate in the white paper led to an increase in the price of the dollar in the local markets.

He pointed out that "the cash reserve at the Central Bank during the war against ISIS amounted to $ 65 billion, and $ 5 billion was withdrawn from it by the Al-Abadi government, indicating that the current cash reserve reached $ 46 billion."

He continued, "Oil sales from 2003 to 2018 amounted to 970 billion dollars, pointing out that the banks entering the currency auction are linked to well-known political parties."

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"7 things and things" responsible for the "dollar and dinar crisis" in Iraq: 145 thousand dinars per 100 dollars ... Who is behind the scenes!


2020-12-16
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Yes Iraq - Baghdad

 

Asher, the economic expert, Nabil Al-Marsoumi, today, Wednesday, 7 points and important things are responsible for the decrease in the price of the Iraqi dinar in front of the US dollar in the Iraqi markets, noting that one of them is a statement by one of the representatives that the International Monetary Fund will accept changing the exchange rate in Iraq to reach 145 thousand dinars per 100 Dollars.

Al-Marsoumi wrote, on his Facebook page: Who is responsible for the low exchange rate of the Iraqi dinar? ... and mentioned the following seven points:
 
1. The Central Bank of Iraq, which owns foreign monetary reserves resulting from the purchase of the petroleum dollar from the Ministry of Finance, and the Central Bank is the only financing agency for government and private sector imports. As well as his responsibility for managing the monetary block in dinars by purchasing dinars to finance imports in dollars. Accordingly, the two financing functions are linked to monetary stability in order to control the monetary supply and hence inflation. But it is noticed that the Central Bank of Iraq has left the exchange rate management to the market without having an active role in bridging the large gap between the official and parallel rates. And he could have exercised a better role in overseeing the exchange offices and the private banks to which the dollar is sold.
 
2. The Ministry of Finance has a major role in the decline of the dinar exchange rate as a result of its delay in completing the 2021 budget, which usually includes several assumptions, including the exchange rate adopted in the budget, which gave indications in light of the uncertainty of the financial situation to the possibility of a reduction in the exchange rate of the dinar.
 
3. The governmental white paper and the reform paper presented by the Parliamentary Finance Committee, which contain recommendations for the need to review the exchange rate of the dinar.
 
4. The repeated statements, the last of which was a statement by a member of the Parliamentary Finance Committee, in which he stated that the International Monetary Fund had agreed to amend the exchange rate of the dinar to become 145 thousand dinars per 100 dollars.
 
5- Private banks and exchange offices had an important role in the decrease in the exchange rate of the dinar, which made them enormous profits.
 
6. Speculators who are active in situations of extreme volatility of the dinar exchange rates in order to obtain more profits.
 
7. Some citizens, as a result of the uncertainty in the exchange rate of the dinar and the possibility of reducing it, directed to switch their savings from the Iraqi dinar to another dollar to preserve the real value of their savings, which led to an exacerbation of the demand for dollars in the Iraqi market.
 
Pressures raised the exchange rate?
 
For his part, the economic expert, Majed Al-Suri, revealed, today, Wednesday, that there are pressures that the United States of America recently exercised on the circulation of the dollar in Iraq, which may have contributed to raising the price of the dollar locally.
During the past month, the price of the dollar in the local market increased from 120 to about 130 thousand dinars per 100 dollars, while the central bank is still selling the dollar at 119 thousand dollars per hundred dollars.
Al-Suri said in statements monitored by Yass Iraq: “The official price set by the Central Bank, meaning that the dollar money sent from the bank for specific purposes, must be sold at the maximum price of 1,200 dinars per dollar, and it sells it for 1190, and this is a profit margin. To cover administrative expenses. ”

He pointed out that there are "about 1500 banking companies in Iraq, and it is difficult to control them," indicating that "the central bank used to sell about 500 thousand dollars a week to banking companies and banks in cash, but now it went down to 250 and 100, until it reached 30 thousand dollars a week for cash sale." “For every exchange.

Al-Suri explained that the reason for the aforementioned sale was reduced, “is the US Treasury’s pressure on Iraq, because the dollar is part of the US Treasury’s policy, so it put pressure on Iraq, so the possibility of the dollar that reaches Iraq has been determined, which has very large limitations.”

And he indicated, "The issue in Iraq is supply and demand, and the Central Bank recently controlled the exchange rate, but now due to the financial crisis, statements, and irresponsible decisions in the declaration, it led to a price increase, which is a psychological issue and speculation."

He emphasized that the issue of speculation comes "because of fear of the future, such as if the government increases the exchange rate of the dollar and reduces the value of the dinar, which made traders beware of this issue."

He pointed out that "the main issue is that the central bank cannot solve the problem radically, because of its inability, because the money in the central bank is the same money in the Ministry of Finance, which comes through oil imports when it comes in US dollars."

Regarding the bank’s ability to solve the crisis, al-Suri said, “The Central Bank will deal with the crisis with the capabilities it has, and when the government is deficient in the supply of the dollar, it is forced to resort to foreign currency reserves, to secure the market’s needs for the dollar.”

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Warnings of the collapse of the economy due to the government's floundering in its financial policy

 
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Information / Special The
specialist in economic affairs, Muhammad Atiyah Al-Saadi, warned of an economic collapse due to the government's floundering in its financial policy and its lack of control over the exchange rate of the dollar as for the Iraqi dinar.
Al-Saadi said to "the information", that "the government’s standing idly by in front of the big jumps in the exchange rate is nothing but an attempt to feel the pulse of the Iraqi street to raise it officially in the currency auction, or it is confused and unable to confront speculators and controllers of banks, most of which belong to political parties and personalities." .
He added that "the state budget is losing nearly twenty billion dinars daily due to the big difference between selling the dollar at the central bank’s window and selling it in the market."
And that "proceeding to increase the exchange rate formally will lead to a decline in the purchasing power of citizens, and the middle and poor will be the most affected." 25 n

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Legal: The Central Bank offended the national currency ... and the state left the citizen without protection!

 
{Euphrates News: Baghdad} The legal advisor in previous governments, Fadel Muhammad Jawad, said on Tuesday that the Central Bank offended the national currency, and the state left the citizen without protection from the policy of the Central Bank, currency speculators and the beneficiaries of the currency auction.

Fadel Jawad was surprised in a statement issued today, Tuesday, which was seen by {Al Furat News}, in which he stated, "It is unbelievable ... The Central Bank continues to sell the dollar at the currency auction at 1190 dinars to the dollar and on the basis that securing the dollar through currency auction will deprive the value of the Iraqi dinar," While we see the opposite, the Iraqi dinar is in a continuous decline, and its price has decreased until today to 1,300 dinars per dollar, and it is likely to decline further in the coming days. " 

Jawad asked, "Where is the state from the policy of the Central Bank of Iraq when one of the federal government’s powers is to draw monetary policy and the central bank must implement. Why do speculators determine the price of the dollar without state oversight, while we see in neighboring countries that money changers get "One or two piasters when performing a currency conversion and on the other hand, they are subject to strict legal liability."

He pointed out that, "the central bank offended the national currency and the state left the citizen without protection from the policy of the central bank and the behavior of speculators in the currency and the beneficiaries of the currency auction." 

At the end of his speech, Jawad called, "The prime minister, as the chief executive officer in the state, to intervene quickly to stop the deterioration of the Iraqi dinar, address the issue of currency auction and put an end to corruption and greed among the beneficiaries of the currency auction and currency speculators."

Hazem 

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An expert reveals US pressure exerted on dealing in dollars in Iraq that may be behind its rise

https://baghdadtoday.news/news/140102/خبير-يكشف-عن-ضغوط-أمريكي

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1,092 Economie 2020/12/16 10:33 am Baghdad today -

 

Baghdad

Today, Wednesday (December 15, 2020), the economic expert, Majed Al-Suri, revealed that there were recent pressures exercised by the United States of America on the circulation of the dollar in Iraq, which may have contributed to raising the price of the dollar locally.

During the past month, the price of the dollar in the local market increased from 120 to about 130 thousand dinars per 100 dollars, while the central bank is still selling the dollar at 119 thousand dollars per hundred dollars.

Al-Suri said in an interview with (Baghdad Today), "The official price set by the Central Bank, meaning that the dollar money sent from the bank for specific purposes, must be sold at the maximum price of 1200 dinars per dollar, and it sells it for 1190, and this is a profit margin." To cover administrative expenses. "

He pointed out that there are "about 1500 banking companies in Iraq, and it is difficult to control them," noting that "the central bank used to sell about 500 thousand dollars a week to banking companies and banks in cash, but now it went down to 250 and 100, until it reached 30 thousand dollars a week for cash sale." For every exchange.

Al-Suri clarified that the reason for the aforementioned sale is the US Treasury’s pressure on Iraq, because the dollar is part of the US Treasury’s policy, and that is why it put pressure on Iraq. The possibility of the dollar reaching Iraq was determined, which has very large limitations.

He explained, "The issue in Iraq is supply and demand, and the central bank recently controlled the exchange rate, but now due to the financial crisis, and the statements and irresponsible decisions in the declaration, it led to a price increase, which is a psychological issue and speculation."

He emphasized that the issue of speculation comes "because of fear of the future, such as that the government increases the exchange rate of the dollar and reduces the value of the dinar, which made traders beware of this issue."

He pointed out that "the main issue is that the central bank cannot solve the problem radically, because of its inability, because the money in the central bank is the same money in the Ministry of Finance, which comes through oil imports when it comes in US dollars."

Regarding the bank’s ability to solve the crisis, al-Suri said, “The Central Bank will deal with the crisis with the capabilities it has, and when the government’s supply of dollars is deficient, it is forced to resort to foreign currency reserves, to secure the market’s needs for dollars.”

 

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Representative economy: Parliament supports the questioning of Al-Sari of the governor of the Central Bank .. This is what the currency auction has exhausted

Representative economy: Parliament supports the questioning of Al-Sari of the governor of the Central Bank .. This is what the currency auction has exhausted
 
{Baghdad: Al Furat News} The Parliamentary Economy and Investment Committee confirmed, on Wednesday evening, that the House of Representatives supported the questioning of the head of the Parliamentary Wisdom Bloc, Faleh Al-Sari, to the Governor of the Central Bank of Iraq, while it revealed the dollar's depleted currency auction.

A member of the committee, Ahmed Al-Kanani, said {to Evert News} that "all members of the House of Representatives support the request of Al-Sari in questioning the Governor of the Central Bank," calling on Prime Minister Mustafa Al-Kazemi to "be honest with the people about the one who caused the rise in the price of the dollar because it is a pledge in advance or is it transparent and honest with the people." ".
The head of the Parliamentary Wisdom Bloc, Faleh Al-Sari, announced the completion of the interrogation aspects of the Central Bank Governor, Mustafa Ghalib, and that he called for the Presidency of the Parliament, to set a date next week for the interrogation.
In turn, Al-Halbousi directed, in a session yesterday, Tuesday, to set dates for the interrogation of the head of the Media and Communications Commission, the governor of the Central Bank and the Minister of Finance, according to the council’s agenda.
He added, "The governor of the central bank is supposed to be a technocrat and a specialist, and his interrogation under the dome of Parliament will lead to his dismissal."
Al-Kinani added, "The Central Bank sold $ 44 billion in 2019, and all of it went through forged invoices, and the Life Integrity report proved extravagance in the currency auction."
While he announced, "more than $ 312 billion has been depleted since 2003 in the currency auction and its fate is unknown, and that influential political parties control the currency auction and the Central Bank," noting "the corruption of currency sales is diagnosed and needs similar funds to ISIS."
Al-Kinani also indicated that "mismanagement can be addressed; but the mafias of corruption must first be eliminated, because the collapse of the Iraqi dinar was expected due to the corrupt's control of the currency auction.", Holding the Central Bank "major responsibility for this deterioration."
It is likely that the price of the dollar increased "after the government announced no salaries in January."
Today, Wednesday, the dollar exchange rate in Iraq returned to a rise after its decline yesterday, Tuesday, as the exchange rate on the Al-Kifah and Al-Harithiya Stock Exchanges in Baghdad reached 1295 dinars, or 129 thousand and 500 dinars per hundred dollars.
The price of the dollar in Baghdad fell yesterday to 1277 dinars, while the selling price in exchange shops in Baghdad rose also to 1300 dinars to the dollar, and the purchase price 1290 dinars.
With regard to the Anti-Corruption Commission, Al-Kinani pointed out, "This committee practices extortion and torture against the detainees according to information, and human rights must search for this matter and announce its report to the public opinion," saying, "The committee practices political subjugation against some figures (he did not name them)." 
A member of the Parliamentary Economic and Investment Committee concluded, "The detainees were subjected to extortion, according to what was transferred from the families. There is also an unannounced list of the names of major merchants who were also subjected to extortion threats."
Wafa Al-Fatlawi

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2 hours ago, pokerplayer said:

The Central Bank must correct the path of the dollar’s exchange rate during the coming hours and adjust it in order not to harm citizens," indicating that "there are proposals put forward before the Ministry of Finance to solve the financial crisis, including increasing the dollar exchange rate, but it cannot be approved before." The government because it harms the Iraqi dinar, and the government must announce its position on that. "

Boom

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It will settle in the end on one of them.” Experts expect two rates to exchange the dollar against the dinar

 

 

982 Economie 12/17/2020 16:21 Baghdad Today -

Baghdad Bankers 'experts' expectations indicate that the exchange rate of the dollar against the Iraqi dinar may return to its previous level in the event that measures are taken to control the market. "According to our experience in the banking sector for more than 30 years, the exchange rate in the local market will not return to the barrier of 1180 or 1190 dinars for one dollar," said banking expert Abdul-Hussein Al-Mandhari in a televised statement. He added that "the exchange rate may stabilize again up to 1210 or 1220 dinars against one dollar," noting that "the central bank pumps cash from the dollar into the market and through the currency auction from the hard currency reserves it has." He pointed out, "On the other hand, there is information about discussions with the International Monetary Fund to reduce the value of the dinar against the dollar, and there may be a green light from the bank to adjust the exchange rate, and we believe that the proposals for reducing it are the ones that caused the recent jump in the dollar price against the dinar." He pointed out that he made a calculation determines the exchange rate 1200 dinars per dollar instead of the current retail price of the bank, estimated at 1182 dinars and got teams up 900 billion dinars per year Treasury intervention in the event of continued central bank sold $ 200 million a day auction currency. " Between that "if the adoption of Exchange 1500 dinar against the dollar one , it means cover the fiscal budget deficit and an increase also in revenue but provided the State to strengthen support for some basic materials and prevent high prices to prevent the impact of devaluation of the dollar on the poor." jumped the dollar exchange rate to 1370 dinars, after the leak of an initial copy of the 2021 budget, its exchange rate was set at 1450 dinars per dollar. And (Baghdad Today) Agency, Thursday (December 17, 2020), obtained a `` preliminary copy '' of the draft federal budget bill for the year 2021, which included setting the dollar exchange rate at 1450, and reducing employee allocations. The bill included setting the exchange rate of the dollar on the basis of 1450, equivalent to 145,000 dollars per 100 dollars, and restricting all actually generated revenues as final revenues for the account of the state treasury. The budget stated that the number of state employees is 3.25 million, including (682 thousand employees in the Kurdistan region), salaries 41.5 trillion dinars, other salaries 6 trillion, retirement 20 trillion, social security 9.6 trillion, interest on debt loans 4,6 Trillions, offshore loan payments: 6.8 trillion. The project also included the reduction of all allocations granted to employees of all government departments financed centrally and independently, according to the percentages set against each of them and granted to them according to laws in force and decisions of the Council of Ministers and came as follows: (risk allocations 50%, hospitality 20%, exceptional 20% livelihood 33%, Certificate 50%, cut, 40%, special 60%, university service 60%). ” The draft also stipulated raising the price of fuel (gasoline) from 450 dinars per liter to 540 dinars per liter. The budget authorized the Minister of Finance to fill the actual deficit in the budget. According to the amounts shown in the sources mentioned below: 1- Issuing treasury transfers, 2- Issuing national bonds to the public, 3- Issuing bonds and treasury transfers to government banks, to be debited with the Central Bank of Iraq, 4- Loans from commercial banks, 5- Issuing foreign bonds, 6- Borrowing from international financial institutions, 7- Borrowing with the guarantee of international export guarantee institutions. The budget indicates that all loans, bonds, transfers, and project contracts financed by loans will be exempt from taxes and customs fees for ongoing and new projects, including the loan granted by the World Bank to the Ministry of Finance for the draft public financial management system contract for the years 2016, 2017, 2018 and 2019. The 2021 budget obliged the federal ministries And entities not associated with a ministry and all governorates to cover their needs of local products, including private sector products that have an added value of more than (20%). The draft budget concluded that the Council of Ministers may not issue any decisions that include granting an advance to any ministry or entity not linked to a ministry without having allocations for it in the general budget approved during the fiscal year. The project included the suspension of all cabinet decisions and laws in force that allow the centralized state departments to dispose of the revenues collected through them for the purposes of operating expenditures, and their revenues are transferred as final revenues for the account of the state's public treasury, including the share of the state's public treasury on the profits of public companies and self-financed bodies and departments. The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars). The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars).

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Thank you yota691If they are trying to squash expectations they're doing a good job...Imo. I pray it's just smoke but we're seeing a lot of articles pointing to a decrease in the Dinar rate.... you would think at this point I'd be immune to this stuff.... Oy vey! 

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In my 11 years on this investment I have never seen so many articles talking about the dinar exchange rate.

 

I believe Iraq is on the verge of changing the dinar exchange rate.

 

There’s not smoke without fire 

 

Go RV

Go $1:1

Go 1/1/21

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17 minutes ago, Laid Back said:

In my 11 years on this investment I have never seen so many articles talking about the dinar exchange rate.

 

I believe Iraq is on the verge of changing the dinar exchange rate.

 

There’s not smoke without fire 

 

Go RV

Go $1:1

Go 1/1/21

Thats what I'm thinking too LB. Just been too many articles as of late.  Something has to be happening very soon.

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24 minutes ago, Laid Back said:

In my 11 years on this investment I have never seen so many articles talking about the dinar exchange rate.

 

I believe Iraq is on the verge of changing the dinar exchange rate.

 

There’s not smoke without fire 

 

Go RV

Go $1:1

Go 1/1/21

LB I agree. The question is what direction will the rate of exchange move? We all see, plain as day, what direction it needs to go but what does parliament and the CBI see? Im not getting that warm fuzzy feeling reading all of this gibberish.

I am however rooting for 1:1 right there along side of you.

Go Baby, Go!

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58 minutes ago, Carrello said:

 

Perhaps this is just the first phase of the RV. Let's not forget the second phase of this: the dropping of 000s. If the value go down to 1500, as an example, they drop the zeros and we are at a buck fifty. 

I like the way you think. Then i hope the dinar will devalue even deeper at 3220, then drop the zeros and the rate will be $ 3.22, this rate is much much better, don't you think.

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Economy News Iraq Today

The rise in the price of the US dollar to 1380 Iraqi dinars

Posted 2 hours ago
News source / Sky Press
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Sky Press
News source / Sky Press

Sky Press /

The exchange rate of the dollar on the Iraqi stock markets in Baghdad and Erbil rose to unprecedented levels, touching 1380 dinars per dollar for more than two hours on the Al-Kifah Stock Exchange.

Observers say that the exchange rate of the Iraqi dollar rose after the leakage of a draft of the federal budget law for 2021 in which the Council of Ministers fixed a fixed exchange rate of 1450 dinars per dollar as a basis for calculating the next budget numbers that have not been approved by the government yet. And the dollar exchange rates fell again to settle at about 1,340 dinars per US dollar in Baghdad and 1,330 dinars per US dollar in the Kurdistan region

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Iraq's local stock exchanges close on the exchange of 140,000 dinars for $ 100

Posted 5 hours ago
News source / Independent Press Agency
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Independent Press Agency
News source / Independent Press Agency

Al-Mustaqila /… The local Iraqi stock exchanges closed Al-Kifah and Al-Harithiya to exchange 140,000 dinars for 100 US dollars.

The Independent Correspondent said today, Thursday, that the Kurdistan Region Stock Exchange recorded a price of 132,500 Iraqi dinars per 100 dollars for the sale price.

He added that the Central Al-Kifah Stock Exchange in Baghdad registered 140,000 dinars at the end of Thursday noon, compared to 100 dollars.

Al-Harithiya Stock Exchange recorded the same closing price.

He explained that the exchange rate deteriorated after the news of fixing the Iraqi dinar exchange rate in the budget at 145,000 dinars against $ 100

 

The post Iraq’s Local Stock Exchanges Close On The Exchange of 140,000 Dinars for $ 100 appeared first on the Independent Press Agency

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Results of a parliamentary committee meeting with the governor of the Central Bank regarding the fluctuation of the dollar exchange rate

Posted 2 hours ago
News source / NR TV
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NR TV
News source / NR TV

Digital Media NRT
On Thursday, the Finance Committee in the Iraqi Council of Representatives discussed with the Governor of the Central Bank of Iraq ways to face the repercussions of increasing the dollar exchange rate.

A statement by the Media Department in the House of Representatives followed by "Digital Media NRT" (  December 17 , 2020 ) stated, “The Finance Committee headed by Representative Haitham Al-Jubouri and the presence of members, hosted on Thursday the Governor of the Central Bank, Mustafa Ghaleb Makhaif, to discuss the economic crisis and the implications of the price hike. Hard currency exchange on the Iraqi market situation.

The statement added, "During the hosting, which was held at its headquarters, the committee focused on ways to confront the negative repercussions of increasing the exchange rate on citizens, especially the vulnerable and poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak people from exploiting this situation."

According to the statement, the committee called on the government to carry out rapid reforms to protect the vulnerable classes, those covered by the social care network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card.

On his part; The governor of the Central Bank provided an explanation regarding the reasons for the high exchange rate, stressing that the bank is preparing to launch a package of measures that will achieve a shifting balance in the exchange rate for the year 2021, such as launching an initiative in the amount of 3 trillion to support low-income people, doubling the provision of hard currency in the market, and increasing rates Interest on the Iraqi currency deposited in banks, ”according to the statement

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In the end, one of them will be settled .. Experts expect two rates to exchange the dollar against the dinar - urgent

Posted 3 hours ago
News source / Baghdad today
1608211423_142688.jpg
Baghdad today
News source / Baghdad today

Baghdad Today - Baghdad

Bankers 'experts' expectations indicate that the exchange rate of the dollar against the Iraqi dinar may return to its previous level in the event that measures are taken to control the market.

"According to our experience in the banking sector for more than 30 years, the exchange rate in the local market will not return to the barrier of 1180 or 1190 dinars against one dollar," banking expert Abdul-Hussein Al-Mandheri said in a televised statement.

He added that "the exchange rate may stabilize again up to 1210 or 1220 dinars against one dollar," indicating that "the central bank pumps cash from the dollar into the market and through the currency auction from the hard currency reserves it has."

He pointed out, "On the other hand, there is information about discussions with the International Monetary Fund to reduce the value of the dinar against the dollar, and there may be a green light from the bank to adjust the exchange rate, and we believe that the proposals for reducing it are the ones that caused the recent jump in the price of the dollar against the dinar."

He pointed out that he conducted a calculation that sets the exchange rate at 1200 dinars against the dollar, instead of the current price sold by the bank, estimated at 1182 dinars, and got a difference of 900 billion dinars annually, which enters the treasury if the central bank continues to sell 200 million dollars per day in a currency auction.

And he indicated that "in the event that an exchange rate of 1500 dinars is adopted against one dollar, then it means covering the financial deficit with the budget and also an increase in revenues, but on the condition that the state reinforces support for some basic materials and prevents price increases in order to prevent the impact of reducing the value of the dollar on the poor segments."

The exchange rate of the dollar jumped to 1,370 dinars, after the leak of an initial copy of the 2021 budget, and its exchange rate was set at 1450 dinars to the dollar.

And (Baghdad Today) Agency, Thursday (17 December 2020), obtained a `` preliminary copy '' of the draft federal budget bill for the year 2021, which included setting the dollar exchange rate at 1450, and reducing employee allocations.

The bill included setting the exchange rate of the dollar on the basis of 1450, equivalent to 145,000 dollars per 100 dollars, and restricting all actually generated revenues as final revenues for the account of the state treasury.

The budget stated that the number of state employees is 3.25 million, including (682 thousand employees in the Kurdistan region), salaries 41.5 trillion dinars, other salaries 6 trillion, retirement 20 trillion, social security 9.6 trillion, interest on debt loans 4,6 Trillions, offshore loan payments: 6.8 trillion.

The project also included the reduction of all allocations granted to employees of all government departments financed centrally and independently, according to the percentages specified against each of them and granted to them by virtue of laws in force and decisions of the Council of Ministers and came as follows:

(Risk allowances 50%, hospitality 20%, exceptional 20%, sustenance 33%, certificate 50%, lump sum, 40%, special 60%, university service 60%).

The bill also stipulated raising the price of fuel (gasoline) from 450 dinars per liter to 540 dinars per liter.

The budget authorizes the Minister of Finance to fill the actual deficit in the budget according to the amounts indicated in the sources mentioned below:

1- Issuing treasury transfers, 2- Issuing national bonds to the public, 3- Issuing bonds and treasury transfers to government banks, to be debited with the Central Bank of Iraq, 4- Loans from commercial banks, 5- Issuing foreign bonds, 6- Borrowing from international financial institutions, 7- Borrowing with the guarantee of international export guarantee institutions.

The budget indicates that all loans, bonds, transfers and project contracts financed by loans will be exempt from taxes and customs fees for ongoing and new projects, including the loan granted by the World Bank to the Ministry of Finance for the PFM contract project for the years 2016, 2017, 2018 and 2019.

The 2021 budget obliged federal ministries and entities not associated with a ministry and all governorates to cover their needs of local products, including private sector products that have an added value of more than (20%).

The draft budget concluded that the Council of Ministers may not issue any decisions that include granting an advance to any ministry or entity not linked to a ministry without having allocations for it in the general budget approved during the fiscal year.

The project included the suspension of all cabinet decisions and laws in force that allow the centralized state departments to dispose of the revenues collected through them for the purposes of operating expenses, and their revenues are transferred as final revenues for the account of the state's public treasury, including the state's public treasury's share of the profits of public companies and self-financed bodies and departments.

The fiscal deficit in the budget reached (58260763114) one thousand dinars (fifty-eight trillion two hundred sixty billion seven hundred and sixty-three million one hundred and fourteen thousand dinars), and in the case of excluding all arrears, indebtedness, and foreign and domestic loans that will finance investment projects amounting to (23229017817) one thousand dinars (three Twenty trillion two hundred twenty-nine billion and seventeen million eight hundred and seventeen thousand dinars).

The indebtedness represented by the internal and external debt installments reached (14761959590) one thousand dinars (fourteen trillion seven hundred and sixty-one billion nine hundred and fifty-nine million five hundred and ninety thousand dinars

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