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After it was officially set at 1450 dinars to the dollar ... the Minister of Finance expects the exchange rate in the market


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As if 2020 needed more disappointing news?  

All I can say is God Bless us and keep us safe.

Merry Christmas to all new and old that have endured these many years of hope.  If hope that is all we have then we are rich already.

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Speculators should learn how to do the math on these exchanges. Please let me help. The value of IQD was 1 USD = 1190 IQD, or 1 IQD was worth (1/1190)USD or $0.00084. As of today, the value of the din

The people will lynch every member of government if they don't reverse this move quickly.  They won't have to wait until June to vote them out.   Politicians, by nature, frown on this.  Ther

All I can say let it play out and see what happens. More to this then what ink on paper .. and Good Morning DV

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3 hours ago, KDuesing said:

Actually any change or decline in value is just value or loss of value taken out of thin air.

The covering of dinar by gold or oil only effects what can reasonably put into circulation.

 

Ill give you an example, if the cbi had to cover and positive rv somehow, then what happens if it decreases in value? Do we have to send the cbi a check?

Sounds ridiculouss right.

 

 

So if I am on the same page as you then the CBI could say or actually just RV the currency at the good ole glory days of $3.22 easy as pie and make ALL of us dinar investors happy happy happy??

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Much appreciated those are my thoughts as well, now we just need them to do this within the next couple of weeks before all the angry Iraqi citizens decide to burn down the CBI...!! To my knowledge currency reform that was in the white papers promised to the citizens does NOT mean screwing them even more by lowering the rate down by 22%..I really believe they will have to finally pull the RV trigger very soon!! IMO

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Did anyone notice the statement in the news release. 

While taking a step towards austerity, the proposed state budget for 2021 also calls for record spending projecting a deficit of nearly $40 billion.

 

They are lowering the value of their currency to help the economy, yet at the same time going to spend at a $40B deficit  pace. Seems to me they would only do that if they knew the value of the dinar would be much higher in the future.

 

Something smells

 

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9 hours ago, Dinarrock said:

before they RV!!! 

i understand your point.  so when you say " rv ", this " rv " thing was referring to dinar investors outside of iraq only. because iraq citizens can only exchange old dinars for new denoms and increase their purchasing power. that's it. that"s why there is no " rv " inside of iraq. so " rv : is only applied outside of iraq. so are you saying that the job of cbi is only announcing the date and the rate for " rv ", then after that dinar investors have to exchange their dinar for dollars outside of iraq. 

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You are basically correct but I don’t believe the CBI will announce the event. You will just wake up one morning and the rate will change and/or be traded on the Forex the same time . The funny thing with this 22% drop they just did if my memory serves me correct they have NEVER announced a rate change beforehand they just did it and NO guru ever knew it was going to happen either! So when the CBI does change the rate or RV is what most call it then their currency will be internationally traded and we can go into any bank and exchange it afterwards. The Iraqi citizens will only be able to exchange their large notes for the new smaller denoms at a much higher purchasing power! I have always believed we will see a rate of at least $1.17 or higher right when they do it but if people are correct and they drop the 3 zeros from the 1450 rate then we will just have to live with about .69 cents either way I am retired!! Lol

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Economist: Market traders will force the government to sell dollars at the right price for them

 
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The information / special
between the economist, Wissam Al-Tamimi, said that merchants, money changers and importers will force the government to sell the dollar to them at the price that suits them, thus reversing the decision to sell the dollar at 1450.
Al-Tamimi said to / the information /, that “merchants have, at the present time, reluctant Buying the dollar at the number specified by the Ministry of Finance, which prompted the exchange shops to reduce the selling price at 1350, as it was recorded yesterday evening.
He added, "Continuing to sell the dollar at 1350, will make the government obliged to change its decisions, while the merchant will remain reluctant to buy the dollar at the present time because he has large sums of foreign currency."
He indicated that "the stagnation of the markets and the lack of shopping as before by the citizen as well as the shopkeepers, and the largest economy in Iraq has been struck.Represented in Jameela, Shorja, and the lack of shoppers, he will push the government to change its decisions and withdraw from raising the price of the dollar. Demonstrations and political problems may occur if the dollar continues to be sold in this form. 25 n

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2 hours ago, Dinarrock said:

You are basically correct but I don’t believe the CBI will announce the event. You will just wake up one morning and the rate will change and/or be traded on the Forex the same time . The funny thing with this 22% drop they just did if my memory serves me correct they have NEVER announced a rate change beforehand they just did it and NO guru ever knew it was going to happen either! So when the CBI does change the rate or RV is what most call it then their currency will be internationally traded and we can go into any bank and exchange it afterwards. The Iraqi citizens will only be able to exchange their large notes for the new smaller denoms at a much higher purchasing power! I have always believed we will see a rate of at least $1.17 or higher right when they do it but if people are correct and they drop the 3 zeros from the 1450 rate then we will just have to live with about .69 cents either way I am retired!! Lol

Yep

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9 hours ago, KDuesing said:

Yes and remember all those billions of currency they hold as reserves, well if its dinar it goes up at the same time.

One thing I could never figure out was all countries that went war all their coalition partners just happened to be the same countries that printed the dinar! Just imagines if they were paid in dinar and over printed?

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21 minutes ago

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SULAIMANI, Kurdistan Region  Traders in Sulaimani say the devaluation of the Iraqi dinar is driving up prices for local shoppers. 

Sulaimani's busiest market can be found near the city's Grand Mosque. Traders say the price of imported goods has gone up after Iraq's central bank decided to devalue the Iraqi dinar amid an ongoing economic crisis. 

"We used to sell [tomato paste] for 16,000 IQD, but we sell it for 18,000 IQD now," said trader Hoshyar Hamagharib. 

Iraq's Central Bank announced on Saturday it would sell the dinar to the country’s Finance Ministry at 1,450 IQD per 1 USD. The public can purchase the dollar at 1,470 IQD.

"It’s a real problem for customers. For example, a customer used to buy goods for 150,000 IQD. He now has to pay 12,000 to 15,000 more for the same amount compared to two weeks ago," said Hassan Mam Ali. 

The Kurdistan Region’s main trading partners are China, Turkey and Iran. Most trade with Turkey and China is in dollars, and in tomans in Iran. 

Paid in Iraqi dinars, civil servants across the country are particularly affected by the bank's decision. 

Civil servants have gone unpaid for months - prompting protests across Sulaimani province, Halabja province and the Garmiyan administration earlier this month. 

Ten people, including two Peshmerga officers, were killed in the demonstrations.

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