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The Parliamentary Economic Committee meeting begins, in the presence of the Central Bank Governor, to discuss the rise of the dollar


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Economist: The government is preparing citizens for the shock of the new dollar price .. Beware of this matter ?!

Economist: The government is preparing citizens for the shock of the new dollar price .. Beware of this matter ?!
 
{Baghdad: Al Furat News} Economic expert Saleh Al-Hashemi stressed, on Friday, that "the government has prepared citizens for the shock of the new dollar exchange rate by manipulating prices during the past days."

Al-Hashemi told {Al-Furat News} that "the decisions to reduce allocations and manipulate the income of citizens are dangerous, and the government was supposed to take measures to address the situation, through realistic economic plans," indicating that "the dollar exchange rate against the dinar is a citizen's body to receive the shock, which is an attempt to receive the exchange rate." The new that the government aspires to, of {145}. "

He continued, "The Iraqi government had to take into account the conditions for the monthly entry of Iraqis before raising the price of the dollar, imposing a sales tax, as well as increasing the price of fuel, because such cases resulted in another country into a massive public uproar." He pointed out that "all the data circulating at the present time did not." It would support it if the Ministry of Finance would help it. Today, the government is stored with caution and addressing the existing waste and unjustified spending towards the citizens' inputs.

He pointed out that "this reduction may increase corruption in the joints of the Iraqi state because of the spread of bribes due to the reduction of salaries, and this will lead to large losses in state institutions."

This leakage of the draft budget caused turmoil in the foreign currency market in Baghdad, as the exchange rate of the dollar in the local market rose to 1,340 dinars, before dropping to 132,000 dinars, after government and parliamentary assurances that the draft was not final and subject to modification. 
A special source for Euphrates News revealed that the Central Bank of Iraq will soon set a new price for the exchange of dollars in the country.
The source told {Al-Furat News} that "the central bank, starting next Sunday, will adopt a new price for the dollar, at a value of 1450 dinars for one dollar {ie 145 thousand dinars for one hundred dollars}".
It is noteworthy that the Central Bank of Iraq is currently selling dollars for 1190 dinars.

Raghad Daham

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Independent MP: The rise in the dollar's price is caused by the weak financial policy of the Central Bank

 
0fe88cee841cea55186337a23f0568da?s=26&r=Author: AhadNA3 On 12/18/2020 - 3:53 PM 144

Al-Ahed News - Baghdad
, independent MP Abbas Al-Atafi criticized today, Friday, the weakness of the financial policy of the Central Bank of Iraq in dealing with the crisis of the high price of the dollar, indicating that this policy is what led to the exacerbation of the crisis.
Al-Atafi said in an interview with the Al-Ahed satellite website, "The Central Bank is the one who draws up the policy for the stability of the market, but the weakness of its financial policy in dealing with the crisis of the high exchange rate of the dollar against the Iraqi dinar exacerbated this crisis."
He added that "the House of Representatives hosted the Governor of the Central Bank as a result of this weakness of the administration," noting that "the coming period will also witness the questioning of the governor of the central bank if the situation continues as it is."

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Who is responsible for the collapse of the Iraqi dinar price?

Political | 08:25 - 12/18/2020

 
image
 
 

 

BAGHDAD - Mawazine News
With the continued deterioration of the Iraqi dinar exchange rate against the dollar, and the turmoil it causes in the prices of goods and goods in the local market, political forces are pitting accusations of responsibility for this, amid a parliamentary tendency to question the central bank governor about that. According to a report by "Al-Araby Al-Jadeed" newspaper.
The rise in the price of the dollar, today afternoon, reached 132 thousand dinars compared to 100 dollars, after rising to 137 thousand yesterday, Thursday, to fall to 130 thousand in the afternoon, and return to rise to 132 thousand dinars, and it was at the beginning of the month 123 thousand Iraqi dinars for the 100 dollars.
The "State of Law" coalition led by Nuri Al-Maliki accused the government of Mustafa Al-Kazemi of being responsible for that, saying that it "deliberately raised the price of the dollar" as part of its procedures.
The deputy of the coalition, Abdul Hadi al-Saadawi, said, "The governor of the Central Bank informed the Finance Committee in Parliament that the bank will raise the exchange rate of 100 dollars to 145 thousand Iraqi dinars," indicating in a televised statement that "previous meetings with the government were to divide the rise into two phases, and it is not surprising." , Where it is in two steps, the first to 130 thousand dinars and then to 145 thousand, but the government decided to go to the issue of 145 thousand dinars.
The deputy, who is a member of the Parliamentary Finance Committee, stated that "the governor of the central bank officially informed the Finance Committee that after tomorrow, Sunday, the dollar exchange rate will be 145 thousand dinars in the local market."
The "victory coalition", led by Haider al-Abadi, confirmed the parliamentary approach to questioning the governor of the Central Bank regarding this file, stressing that the exchange rate rise was "intentional."
Coalition MP Nada Shaker said, "The reason for the high selling price of the dollar is due to political interference in the currency auction. "
She explained that "speculative companies led by political parties are behind the increase in selling the dollar in the local markets, and that the rise is an intentional matter and political parties stand behind it."
She added that "Parliament began collecting signatures for the questioning of the governor of the Central Bank, to find out the details and hold the negligent accountable."
Member of the National Approach Bloc, MP Hussein Al-Oqabi, accused the government of not taking any measures to control the exchange rate of the dollar.
He said in a statement that "the rise in the exchange rate of the dollar was employed by a number of intermediary banks, which are directly linked to the central bank, in order to achieve profits from the currency auction," stressing that "these banks are an excess link in the field of banking, and there is no need for them because they make profits on The expense of depleting the money of merchants and market activists, and the sustenance of the citizens, and a livelihood on the state’s resources through that.
He emphasized that "influential figures in the Iraqi state dominate the work of these banks, which causes a great loss to the Iraqi state and is in the interest of those parties," blaming the government for that, accusing it of "ignoring the file and not taking any steps to control the exchange rate," demanding It by "making it clear."
The continuing rise in the exchange rate has cast a shadow over the local market, and has caused an increase in the prices of foodstuffs, medicines and other commodities, while specialists in economic affairs warned that the country is on the verge of a "disaster" if the dollar exchange rate is not controlled.
Economic expert Jamal al-Rubaie said, according to the newspaper, that "failure to take urgent government measures to control the exchange rate will cause a disaster in the local market, through a large rise in prices in general," indicating that "there is currently a state of confusion and paralysis in the local market, and that most Merchandise recorded price jumps. "
He stressed that "the file is linked to many interventions, some of them political and others related to the influence of beneficial parties on the selling price of the currency, which seriously complicates the issue, and will have serious repercussions if the government does not take firm and swift measures."
This comes, in light of the difficult financial crisis that Iraq is going through, resulting from the decline in global oil prices, which was reflected in the possibility of approving the budget and providing salaries

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3 hours ago, GreedyDinar07 said:

Dinarrock,  do you mind me asking where did you get a $1.45 from? That is such a beautiful number!!

Sorry my numbers are incorrect I always seem to forget you have divide into 1/1450 which would give you $.00068966 so if you delete the leading zeros off the exchange rate an RV would be about $.69 cents not the $1.45 as I previously stated! However I will still take .69 cents/$1 all day long!, lol

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 No matter what we seem to be sitting in a really good place right now! Iraq could be bluffing about lowering the exchange rate to 1450 to get all the dinar in the banks ASAP right before they RV and they could just RV this Sunday or a Monday instead who knows!

Edited by Dinarrock
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13 minutes ago, Dinarrock said:

Sorry my numbers are incorrect I always seem to forget you have divide into 1/1450 which would give you $.00068966 so if you delete the leading zeros off the exchange rate an RV would be about $.69 cents not the $1.45 as I previously stated! However I will still take .69 cents/$1 all day long!, lol

I’ll take .69¢ too! 

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I have a few issues with the ton of articles saying the dinar rate will devalue down to 1450 per dollar..
 

1,  have you noticed there has been a huge amount of articles all saying the same thing letting the public know that this is coming this Sunday, but not a single article from the CBI confirming this..

2. We all know how this move would really hurt the Iraqis purchasing power, especially the very poor. Something they have been threatening and have admitted they wouldn’t be able to do to the citizens because it would really hurt them.
3. Iraq has signed multiple reform papers with other Countries to reconstruct their Country. If they use the dinar they would be increasing the price of goods bought by 20% automatically right before they start buying all of the supplies they need on ALL of these imports.

 

This doesn’t pass the smell test for me. 
 

My thought is they may indeed do this, or say they will do this to scare the people into turning in the chunky dinar money, putting it into the banks and back into circulation, then Bam... we have an RV that the people can’t benefit from.. 

 

Also, if it’s true that they can only change the rate at the end of a fiscal year (like Dr Shabibi may have said years ago), and their fiscal year ends Dec 31st, then this coming Sunday or next is all that’s left this year.. 

 

Time will tell but I think this is most likely an RV in disguise.. Now that everyone knows the rate is changing this weekend it won’t be a shock to see the government changing prices on everything..

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8 minutes ago, GregHi said:

I have a few issues with the ton of articles saying the dinar rate will devalue down to 1450 per dollar..
 

1,  have you noticed there has been a huge amount of articles all saying the same thing letting the public know that this is coming this Sunday, but not a single article from the CBI confirming this..

2. We all know how this move would really hurt the Iraqis purchasing power, especially the very poor. Something they have been threatening and have admitted they wouldn’t be able to do to the citizens because it would really hurt them.
3. Iraq has signed multiple reform papers with other Countries to reconstruct their Country. If they use the dinar they would be increasing the price of goods bought by 20% automatically right before they start buying all of the supplies they need on ALL of these imports.

 

This doesn’t pass the smell test for me. 
 

My thought is they may indeed do this, or say they will do this to scare the people into turning in the chunky dinar money, putting it into the banks and back into circulation, then Bam... we have an RV that the people can’t benefit from.. 

 

Also, if it’s true that they can only change the rate at the end of a fiscal year (like Dr Shabibi may have said years ago), and their fiscal year ends Dec 31st, then this coming Sunday or next is all that’s left this year.. 

 

Time will tell but I think this is most likely an RV in disguise.. Now that everyone knows the rate is changing this weekend it won’t be a shock to see the government changing prices on everything..

I totally agree Greg, it sure seems like a desperate attempt to rake in as many dinars as they possibly can.  Going to be an interesting couple of weeks for sure!

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6 minutes ago, GregHi said:

I have a few issues with the ton of articles saying the dinar rate will devalue down to 1450 per dollar..
 

1,  have you noticed there has been a huge amount of articles all saying the same thing letting the public know that this is coming this Sunday, but not a single article from the CBI confirming this..

2. We all know how this move would really hurt the Iraqis purchasing power, especially the very poor. Something they have been threatening and have admitted they wouldn’t be able to do to the citizens because it would really hurt them.
3. Iraq has signed multiple reform papers with other Countries to reconstruct their Country. If they use the dinar they would be increasing the price of goods bought by 20% automatically right before they start buying all of the supplies they need on ALL of these imports.

 

This doesn’t pass the smell test for me. 
 

My thought is they may indeed do this, or say they will do this to scare the people into turning in the chunky dinar money, putting it into the banks and back into circulation, then Bam... we have an RV that the people can’t benefit from.. 

 

Also, if it’s true that they can only change the rate at the end of a fiscal year (like Dr Shabibi may have said years ago), and their fiscal year ends Dec 31st, then this coming Sunday or next is all that’s left this year.. 

 

Time will tell but I think this is most likely an RV in disguise.. Now that everyone knows the rate is changing this weekend it won’t be a shock to see the government changing prices on everything..

Agreed Greg I think this is a play to get in as much dinar mattress dinar as possible right before the RV! The CBI has never been able to accomplish this or have had little effect in getting people to open bank accounts and deposit their dinar. The 7-10% interest rate when your currency is only worth 1/10th of a penny is not enough to accomplish this task! So now they have taken this approach hey we are going to lower the worth of our currency this Sunday by 20+% so what most Iraqis will do is bring in as much dinar as possible and exchange it for the US dollar! Also one of the articles says to change the rate to 1450 has to be voted on through Parliament..lol..that us absolutely not true the CBI is an independent agency they can and will change the dinar exchange rate whenever they want to it never gets voted on through Parliament! But with all these crazy articles circulating you can bet it’s scared most Iraqi citizens and they will bring in their dinar to exchange beforehand. So if the CBI gets enough by this weekend they do it then or again we will see articles of them postponing this until the following Sunday bet on it! 
 

As a reference Kuwait absolutely did say they were not going to raise the value of their currency and then the next day opened it up I Believe it was over $3.00 and it floated all over the place as high as $7 if I remember correctly but I absolutely read the full page ad they did on this! So is Iraq going to do the same thing we all hope so! This could all be a smoke screen and instead of dropping the exchange rate to 1450 Iraq could RV at say $1.17 instead! Or Iraq could absolutely lower the exchange rate to 1450 this Sunday and keep it their until the end of the year with more scare article saying hey we may lower it again to 1600-1700 to get every single dinar they can off the streets there and then on January 1st RV this thing! Personally I think they will do this second option and actually drop the exchange rate to the 1450 before revaluing IMO!! Exciting times either way!

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3 minutes ago, Dinarrock said:

Agreed Greg I think this is a play to get in as much dinar mattress dinar as possible right before the RV! The CBI has never been able to accomplish this or have had little effect in getting people to open bank accounts and deposit their dinar. The 7-10% interest rate when your currency is only worth 1/10th of a penny is not enough to accomplish this task! So now they have taken this approach hey we are going to lower the worth of our currency this Sunday by 20+% so what most Iraqis will do is bring in as much dinar as possible and exchange it for the US dollar! Also one of the articles says to change the rate to 1450 has to be voted on through Parliament..lol..that us absolutely not true the CBI is an independent agency they can and will change the dinar exchange rate whenever they want to it never gets voted on through Parliament! But with all these crazy articles circulating you can bet it’s scared most Iraqi citizens and they will bring in their dinar to exchange beforehand. So if the CBI gets enough by this weekend they do it then or again we will see articles of them postponing this until the following Sunday bet on it! 
 

As a reference Kuwait absolutely did say they were not going to raise the value of their currency and then the next day opened it up I Believe it was over $3.00 and it floated all over the place as high as $7 if I remember correctly but I absolutely read the full page ad they did on this! So is Iraq going to do the same thing we all hope so! This could all be a smoke screen and instead of dropping the exchange rate to 1450 Iraq could RV at say $1.17 instead! Or Iraq could absolutely lower the exchange rate to 1450 this Sunday and keep it their until the end of the year with more scare article saying hey we may lower it again to 1600-1700 to get every single dinar they can off the streets there and then on January 1st RV this thing! Personally I think they will do this second option and actually drop the exchange rate to the 1450 before revaluing IMO!! Exciting times either way!

I agree! They can actually do this temporarily, and then threaten them again to further devalue the dinar or at anytime in the next couple of weeks RV and surprise everybody.. I think them announcing ahead of time that they are changing the rate is not a leak, but a plan of fear exchange. Notice all other changes in the rate over the years were never announced ahead of time.. So now that the people are expecting it, the gov can initiate the plan all around them before Sunday without them questioning why.. we will see.

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Al-Samarrai: The Central Bank is the last bulwark for rebalancing the currency market

Posted a minute ago
News source / Tigris Channel
iraq-news-810x456.jpg
Tigris Channel
News source / Dijla Channel

 

 

The Deputy Chairman of the Finance Committee, Muthanna Al-Samarrai, confirmed, today, Friday, that the unprecedented decline of the Iraqi dinar recently, came as a result of the ill-considered measures by the Ministry of Finance and its lack of coordination with the Central Bank, and its previous financial policies that adopted increasing spending in parallel with the increase in the volume of borrowing, and the leakage of the draft budget In 2021, what caused the national currency to be put on the verge of collapse.

Al-Samarrai explained in a statement that financial reform must adopt reducing expenditures, developing plans and mechanisms for austerity until the economic crisis that the country is going through, maximizing state resources, opening the door to investments, speeding up the implementation of automation programs, completing strategic projects of public benefit, and not resorting to borrowing except according to well-studied mechanisms. This reduces the impacts and burdens they cause.

The Deputy Chairman of the Parliamentary Finance Committee also stressed that the Central Bank is the last bulwark to restore balance to the currency market after it nearly collapsed, calling on the government to investigate the circumstances of the leakage of the 2021 budget draft, and to hold those responsible accountable with the most severe penalties for the effects and repercussions they caused by speculation at prices. Foreign currency.

Al-Samarrai expressed his hope that the Central Bank will take all necessary means to ensure the stability of the currency in a way that does not expose the country to the risks of financial and economic collapse, stressing his confidence in the plans presented by the Governor of the Central Bank and their ability to overcome the crisis if applied efficiently, professionally and impartially

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I wouldn't be surprised to see them actually lower the rate this Sunday. I haven't read the "deal or contract" that the U.S and Iraq have but i wouldn't be surprised if the U.S had a last opportunity to purchase more Dinar at a discount.? 

 

I agree with the smell test failure as well. Considering the fact Iraq is expecting to enter the WTO in January and they keep saying they want to be competitive economically. It just doesnt smell right to me either..

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Parliamentary Finance talks about measures regarding the dollar's price and salary deductions

Posted 38 minutes ago
News source / All Iraq Agency [Where]
1606933454_141312.jpg
[Baghdad-Where]
The Parliamentary Finance Committee said, Friday, that "the central bank will take measures regarding the exchange rate of the dinar."
And she emphasized that "the government is responsible for the high price of the dollar, not the central bank," noting that "the budget leak has an impact on the market situation and on the citizen."
"The employee's salaries cannot be deducted twice, the first by raising the dollar exchange rate and the second from the allocations," she said.

 

Yesterday, the media published a leaked draft of the General Budget Law for 2021, which included deductions for employees' salaries.

 
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1608311284590.jpg
 

Iraqi central bank to reduce the Iraqi dinar's value against the dollar

Shafaq News / The Parliamentary Finance Committee revealed that a decision had been taken by the Central Bank to officially reduce the value of the Iraqi dinar against the dollar, starting next Sunday.

A member of the committee, Abdul Hadi al-Saadawi, told Shafaq News agency, "The governor of the Central Bank, Mustafa Ghaleb, informed the Parliamentary Finance Committee during that he will officially start from next Sunday to reduce the value of the dinar, to be 145 thousand dinars per 100 dollars", adding, "The Financial Committee informed Ghaleb of its objection to the devaluation of the dinar, because that would negatively affect the citizen's life."

It is noteworthy that the exchange rate of $ 100 reached 136,000 dinars yesterday, Thursday, in Iraq's local markets, after the leakage of the budget law draft.

Observers expect that the prices of goods in the country will rise by about 20% if the dinar's value decreases, while The Iraqi Ministry of Planning estimates that the poverty rate has risen to more than 30%, due to the repercussions of COVID-19.

The government seems to be seeking to achieve an abundance of funds, as it pays the salaries of employees in Iraqi dinars while it receives revenues from the sale of oil in dollars

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Parliament discusses with the central balance of the exchange rate

 
  Baghdad: Mustafa Al-Hashemi
 
The rise in the price of the dollar against the dinar, and its causes, is still the talk of specialists in financial and economic affairs, at a time when the exchange rate exceeded 133 thousand and 500 dinars per hundred dollars in all governorates, despite the discussion of the financial, economics and investment affairs committees with the Central Bank, in two separate meetings, the reasons for that. .
The Parliamentary Economic and Investment Affairs Committee held a joint meeting with the Governor of the Central Bank, Mustafa Ghaleb Makhaif, and the bank's management official, to discuss the crisis of the rise in the dollar’s exchange rate in the local market and the daily currency auction.
The Parliamentary Finance Committee also held a new joint meeting with the central bank governor to discuss the implications of the high exchange rate of hard currency in the local market, after a previous meeting of the governor with members of the Parliamentary Economic and Investment Affairs Committee.
Khayef revealed the readiness to launch a package of measures that will achieve a balance in the exchange rate in the year 2021, such as launching an initiative worth 3 trillion dinars to support low-income people, doubling the availability of hard currency in the market, and increasing interest rates on the local currency deposited in banks.
The committee discussed ways to confront the negative repercussions of increasing the exchange rate on citizens, especially the poor classes, as well as the measures that the Central Bank will follow towards banking companies to deter the weak from exploiting this situation.
The specialist in economic affairs, Adnan Al-Fattal, believes that there is a case of speculation on the dollar by a group of people who have hoarded Iraqi money, with which they buy large quantities of dollars in return, as the central bank maintained the amount of pumping the dollar into the market without increasing it.
Al-Fattal added in an interview with Al-Sabah that “It is known that the Central Bank has set an official price for selling the dollar at 1190 dinars per dollar, while the owners of banking shops and speculators make huge profits from the difference in the price sold in the market of 133 thousand and 500 dinars per hundred dollars , Which has been on the rise for days. ”
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Parliament: The Central Bank will take action on the exchange rate

 
Baghdad: Hoda Al-Azzawi
 
A member of the Finance Committee, Representative Ahmed Al-Saffar, told Al-Sabah: “The leaked budget project is unofficial, and no one knows who is behind its leakage, what is the purpose of its diversion, and what is meant by the diversion,” pointing out that “the leakage of the budget has an impact on Market position 
In the psyche of the citizen ».
Al-Saffar added that "the Financial Committee met with the Governor of the Central Bank, and that there are some measures that the bank will take." 
In this regard".
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6 hours ago, Longtimelurker said:

I wouldn't be surprised to see them actually lower the rate this Sunday. I haven't read the "deal or contract" that the U.S and Iraq have but i wouldn't be surprised if the U.S had a last opportunity to purchase more Dinar at a discount.? 

 

I agree with the smell test failure as well. Considering the fact Iraq is expecting to enter the WTO in January and they keep saying they want to be competitive economically. It just doesnt smell right to me either..

Agreed and the fact that for them to join the WTO I believe they must have an internationally traded currency and NO WAY they go international at a rate of 1450!!! I have been in this investment so long I think I have forgotten more thing then I know. However if memory serves correct or it could be guru talk I remember but I also thought they had to be at least 1 to 1 with the US dollar to enter the WTO but I could be wrong on that part.

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2020/12/18 13:10

Al-Kazemi directs the Central Bank of Iraq to take decisive measures that balance the dinar and the dollar

https://almasalah.com/ar/news/202627

website.jpg.0c02b836f77f13a3a7d9efa9ac0eff07.jpg

 

Baghdad / The obelisk: Private sources reported to the obelisk that Prime Minister Mustafa Al-Kazemi directed the Central Bank of Iraq to work on quick measures to maintain the exchange rate of the dinar against the dollar in local markets, while the Governor of the Central Bank of Iraq, Mustafa Mukhaif, announced on Friday December 18, 2020, a meeting with The Financial Committee of the Iraqi Parliament to discuss the crisis of the decline in the exchange rate of the dinar against the dollar.

In a statement, the committee said that Muhaif confirmed that the bank had a package of measures that would achieve a comfortable balance in the exchange rate for 2021.

Among the measures, according to the statement, the launch of an initiative of 3 trillion dinars, about 2.5 billion dollars, to support low-income people, double the provision of hard currency dollars in the market, and increase interest rates on the Iraqi currency deposited in banks.

The dinar began to decline against the dollar in the local market at the beginning of this week, and the exchange rate of one dollar reached between 1360 and 1380 dinars, while before that it was stable at 1222.

According to the statement, the Parliament’s Finance Committee called on the government to carry out rapid reforms to protect the vulnerable classes covered by the social welfare network and workers in the private sector, confront inflation and provide the necessary foodstuffs through the ration card.

The central bank’s hard currency sales between (2004-2020) amounted to $ 582 billion, with a loss estimated at $ 20.7 billion, and the central bank sells an average of $ 200 million per day to companies and banks for the purpose of importing necessary goods and commodities and local trading.

Parliamentary oversight committees say that billions of dollars that are being sold from the central bank, for the purpose of importing goods and commodities, were sold by banks and merchants on the local black market to achieve financial gains of millions of dollars.

Obelisk

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Something is afoot I agree and it’s hard to stay grounded , however i don’t think a rate change is as imminent as Sunday although it  would be great, I think it’s a fear campaign to get more of the money hidden in the coffers of citizens. I just hope it’s before Trump leaves office. They have not released lower denominations or coins yet and there  is no talk of lower notes of coins  being released yet. I also know that the tactics that are using now are definitely not going to sit well with the masses it will be quite the reverse , also wonder how low the rate can go before the branch finally snaps

Any Sunday will do and any rate above 10 cents would be a great starter. 

 

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29 minutes ago, Dinarrock said:

Agreed and the fact that for them to join the WTO I believe they must have an internationally traded currency and NO WAY they go international at a rate of 1450!!! I have been in this investment so long I think I have forgotten more thing then I know. However if memory serves correct or it could be guru talk I remember but I also thought they had to be at least 1 to 1 with the US dollar to enter the WTO but I could be wrong on that part.

They definitely need to be international to be in the WTO but iim not sure if they have to change their rate to do it. Several countries like China, Vietnam are way under valued and they are in  WTO.  Plus, Trump says "all currencies will be on a level playing field". Whether he means equal or valued at their true value, its a win/win for us. We are definitely in good shape, timing is our only issue and after 11 years of being in this, things seem ready to move forward, not just IQD either, we are talking cryptos, precious metals, currencies, dow jones politics etc.. Everything seems to be coming to a head and if everything goes at once (which seems to be lining up), it will be very exciting! Adam nailed it with the "bad news" comment lol, the bad news quadrupled Thursday. I've moved from cautiously optimistic to excited but realize it could still be 6mths to a year from now. It doesn't appear it will be that long but these type of things need perfect timing and things aren't often perfect.. God bless the Iraqis and everyone involved in the IQD. 🙏🙏🙏

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Iraq news now

Finance: The Central Bank holds the government responsible for the high exchange rate of the dollar

%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9
Independent Press Agency
News source / Independent Press Agency
Al-Mustaqilah / - Member of the Parliamentary Finance Committee, Naji Al-Saeedi, said that the governor of the Central Bank, during his hosting by the committee regarding the repercussions of the high exchange rates of the dollar towards the Iraqi dinar, indicated that this increase was caused by the government, not the central bank, considering that the dollar comes from oil sales Al-Iraqiya, which falls into the Development Fund for Iraq in the United States of America, therefore the real owner of the dollar is the Ministry of Finance, which sells the dollar to the Central Bank as the government accountant

Al-Saeedi added that, two months ago, the Ministry of Finance refrained from selling the dollar in order to raise its price towards the Iraqi dinar to fill the public budget deficit and achieve some developmental processes according to the government’s opinion. Therefore, the Central Bank’s justification is that the high exchange rate is a government decision, and it was not a decision issued by The Central Bank, and that the Council of Ministers until this moment has not voted on the general budget, and that the Finance Committee has not received anything official from the government in this regard.

He pointed out that it is not possible to deduct twice from the employee, the first deduction will be through the high exchange rate of the dollar towards the Iraqi dinar, and the second deduction is the allocations of state employees, and I think in economic terms this is absolutely untrue, stressing that the Finance Committee and the Parliament have the power to amend, delete or add What he deems appropriate during this period.

The post Finance: The Central Bank holds the government responsible for the rise in the dollar exchange rate appeared first on the Independent Press Agency

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