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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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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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The Onada Currency Converter is showing the exchange rate at 0.00083 or 1191.00 to the USD. 

The CBI is the one who sets the exchange rate from what I have read. They need purchasing power

because most of their goods have to be imported and a decrease in the exchange rate will cause inflation.

At least they are talking about the exchange rate and if they continue to use their reserves

it will be economic suicide. With all of the agreements they have signed with the international

community and Al Khazemi traveling all over the world to get support, something has to give and a 

devalue of the dinar will not help their economy. The IMF stated in a report that if they don't implement

an economic reform their economy will contract by 11% and all hell will break loose. I am remaining positive

because something has to give...I just hope we don't go into 2021 with the same delays and 

excuses like they have been doing for so many years but it appears that COVID 19 and the low 

barrel of oil price is forcing them to reform their economy and they don't have time to continue to procrastinate.

GO RV!!

 

 

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 2020-12-19 09:03
 

Shafaq News / The Central Bank of Iraq announced, on Saturday, that the foreign currency exchange rate (US dollar) will be adjusted to 145 thousand dinars for every 100 dollars.

 

The bank said in a statement received by Shafaq News, that “during the last months of this year, intense 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 drop in oil prices, production, economic and health challenges, as well as The Board of Directors of the Central Bank held a number of meetings, some of which hosted the Finance Minister for the same purpose.

 

He added, "The structural distortions in the Iraqi economy are the ones that impoverished the 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 result of the current year or the previous year, but unfortunately rooted for more than a decade and a half because of Leading politics to the economy and giving precedence to political thinking and politicians ’priorities over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policy on the other hand .. Fiscal policy lagged behind in performing its roles, and monetary policy was preoccupied with restoring the confused fiscal policy outcomes.

 

The bank pointed out that "the subordination of the economic and financial policy to the aspirations and concerns of politicians, resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leading position in economic affairs." Because 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 effective approach to building economic and financial databases that facilitate decision-making and serve forecasts.

 

He continued, "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 restrictions or endings."

 

The statement added, "The Central Bank understands the difficulties facing the government's reform intentions, but this does not prevent it from mortgaging any steps that the monetary authority can take with effective steps to carry out reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions, customs and taxes," And other public collection institutions, and for spending to be rationalized and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

 

And "the legislative authority will have an important role in supporting the direction of the central bank to adjust the foreign exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries."

 

He noted that "it must 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, which are still at solid levels that enable it to do so."

 

He pointed out that "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, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, for the purpose of paying salaries and meeting spending needs The continuation of the current exchange rate, which is not in any way compatible with the exchange rates of other countries, has become a major obstacle to real development and the promotion of competitiveness for local production, which prompted the Central Bank to think seriously about responding to the requirements of budget financing at the exchange rate. Which allows the provision of adequate resources to cover these needs and ensure the smooth payment of salaries and critical requirements for government spending, in order to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq, and its keenness onAssigning the public finances, as the government advisor and responsible for keeping its accounts.

 

Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate

 

1450 dinars per dollar is the purchase price of 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

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he Central Bank had no choice but to intervene on more than one occasion to support system">support public finances and save critical public spending requirements .. However, this does not mean that these interventions remain openwithout restrictions or endings.
 

So I believe they are doing this to pull in all the CHUNKY money before they actually raise the value of the dinar..  in paragraph above it mentions will not remain open without restrictions or endings ... I wonder what their time limit will be ?

I'm sure they’re very aware protests will begin shortly !!

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2 minutes ago, ChuckFinley said:

But it does freak them out to take their Dinar and place it in the bank at 7% interest or cash it in for USD. 

With all the talk about the difference in selling price with these non official bank exchange centers, exploited the exchange from the citizens should lead them to the banks.. hopefully it take them out of the picture all together. 

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The Iraqi Central Bank announces the reduction of the dinar exchange rate against the dollar

The Iraqi Central Bank announces the reduction of the dinar exchange rate against the dollar
 
 

 

Mubasher: The Central Bank of Iraq announced the decision to amend the foreign currency exchange rate, the "dollar", as for the Iraqi dinar.

The bank explained, in an official statement, on its Facebook page, today, Saturday, the new prices, as follows:

1450 dinars per dollar is the purchase price of 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 bank said that during the last months of this year, intense 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 low oil prices and production, and economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which hosted the Minister of Finance for the same purpose.

The bank explained a number of points as follows:

1- The structural distortions in the Iraqi economy are the ones that impoverished the public finances and restricted the ability of reform sought by the government and the Ministry of Finance. Politics for the economy and giving priority to political thinking and the priorities of politicians over economic thinking and development priorities and the rules for the relationship between economic policy on the one hand and fiscal and monetary policies on the other hand .. Fiscal policy lagged behind in performing its roles, and the monetary policy was preoccupied with restoring the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements. To a lot of economic and financial information that can 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 restrictions or endings.

4- On the other hand, the Central Bank understands the difficulties facing the government's reform intentions, but this does not prevent any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect 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 supreme state institutions that support the direction of the financial authority to achieve this.

The government needs to support the vulnerable groups that 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 direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should 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, which are still at solid levels that enable it to do so.

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, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay salaries And meeting other spending needs related to services provided to citizens.

He pointed out that the continuation of the current exchange rate, which is not in any way compatible with the rates of exchange rates in other countries, has become a major obstacle to real development and the promotion of competitiveness for local production, which prompted the Central Bank to think seriously about responding to the requirements of financing the budget at the exchange rate that allows the provision of adequate resources. To cover these needs and ensure the flow of salaries and the critical requirements of government spending, and in order to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq, and its keenness to support public finances, as the government’s advisor and responsible for keeping its accounts.

 

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Al-Mustaqilla // .. The Iraqi Minister of Finance announced his intention to issue a statement to raise the exchange rate of the dollar, stressing at the same time to "stop appointments" in the country.

 

"We will issue a statement to raise the exchange rate of the dollar to 1450 dinars to one dollar," Finance Minister Ali Allawi said, according to the Iraqi News Agency.

He added that "the price of the dollar set at 1450 dinars will be the price approved for sale by the Ministry of Finance to the Central Bank," explaining that "the central bank will add a margin to the specified price, and it will not be large and may reach 1490 dinars to one dollar."

"We will stop the appointments, and there is an exception for those that took place at the end of last year and early 2020," the minister explained.

 

The Minister of Finance continued, "Parliament and parliamentary finance and the heads of the blocs have knowledge of the direction the government is taking."

He pointed out that "the budget for the year 2021 is reformist and no one can deny that."

The exchange rate of the dollar rose in Baghdad markets on Saturday, so the Central Kifah Stock Exchange in Baghdad recorded 136,800 Iraqi dinars against 100 US dollars, while the Al-Harithiya Stock Exchange in Baghdad recorded 136,800 dinars against 100 dollars.

And that the buying and selling prices also increased in the exchange shops in the local markets in Baghdad, where the selling price reached 138,000 Iraqi dinars, while the purchase prices reached 136,000 dinars per 100 US dollars. (End)

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Antoine to {Al-Furat News} The Central Bank surprised us with a successful change in the dollar's price
  
(Baghdad: Al Furat News) Economist Basem Jamil Antoine confirmed, Saturday, that "the Central Bank surprised us by changing its position towards the dollar exchange rate."

Antoine told {Al-Furat News} that "the Central Bank surprised us with the approval and approval of the process of changing the exchange rate of the dollar as for the Iraqi dinar." They were not affected and the social implications of this decision were not taken into account. "

And that "the decision to raise the dollar creates consequences for the increase in inflation. The poor classes and employees with middle salaries will suffer and bear the responsibility of the decision, because about 20% of their average limited income has been withdrawn."

He pointed out that "the Iraqi market is an importer and will pay the price of the white paper, the poor and destitute classes. The government took its deficit from their pockets," noting that "the decision has great social consequences."

The Central Bank announced the adoption of new exchange rates for the dollar to 145 dinars against the dollar.

Raghad Daham

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7 minutes ago, 6ly410 said:

 

I really think this is great news seriously! There is NO WAY they will leave the rate here very long I bet we see and RV by Jan 6th 2021!! That right I am calling for the RV by then at a rate of .67 cents since if you drop the zeros that’s what it will be but they can also RV at whatever rate they want so hoping for $1.17 or higher!!!

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Economy News Iraq News Now

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

Posted 2 hours ago
News source / Baghdad today
1608385076_142853.jpg
Baghdad today
News source / Baghdad today

Finance Minister Ali Allawi expected, on Saturday 19-12-2020, the closest selling price to the local market after adopting the price of 1450 dinars per dollar in the 2021 budget.

The minister said in an interview with Al-Iraqiya TV that "the Ministry of Finance will issue a statement at a later time to raise the exchange rate to 1450 dinars per dollar."

He added that "the price of the dollar set at 1450 will be the approved price of selling from the finance to the central bank, and the margin that the central bank will add will not be large and may reach 1490 dinars against the dollar, which is the closest to the market price."

He stated that “Parliament, the Parliamentary Finance Committee and the heads of the blocs have knowledge of the direction the government is taking.” He added, “We will stop the appointments and there is an exception for those that took place at the end of last year and the beginning of 2020,” stressing that “the 2021 budget is reformist and no one can deny that.”

And he announced that an agreement had been reached with Kurdistan on the 2021 budget, indicating 'n' the existing delegation is discussing its allocations for the year 2020

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Iraq news now

Determining the price of buying and selling the dollar ... An 'important' statement from the Central Bank

Posted a minute ago
 
1912202016224418102020947521192020183158
NR TV
News source / NR TV
Digital Media NRT

The Central Bank of Iraq announced, on Saturday, that it decided to adjust the foreign exchange rate to avoid depleting its foreign reserves, indicating that failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what neighboring countries were exposed to, confirming that  this change (The reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated.

The bank said in a statement that “Digital Media NRT” received a copy of it today (December 19, 2020), that “during the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the general economic situation and the financial crisis that The public finances are undergoing due to low oil prices, production, economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which hosted 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 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, and the monetary policy was busy repairing the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership 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 restrictions 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 any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

The need for the government to support the vulnerable groups that will inevitably be directly affected, especially any measure to change the exchange rate.

5- The legislative authority will have an important role in supporting the direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should 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, which are still at solid levels that enable it to do so.

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, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay 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 way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to seriously consider responding to financing requirements The budget is at an exchange rate that allows the provision of adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, 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 keennessAssigning the public finances, as the government’s advisor and responsible for keeping its accounts.

Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate, as follows:

1450 dinars per dollar is the purchase price of 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.

 A

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Iraq news now

After my financial statement and the central bank .. exchange rates are now on the local market

Posted 1 hour ago
News source / Baghdad today
1608387892_142860-810x506.jpg
Baghdad today
News source / Baghdad today
Baghdad Today - Baghdad

The exchange rates of the dollar in the local market jumped significantly, after Finance Minister Ali Allawi announced the government's intention to raise the exchange rate to 1450 dinars against the dollar and the issuance of two statements by the Ministry of Finance and the Central Bank in this regard.

Today, Baghdad surveyed the dollar exchange rate in Baghdad, if it reached in the Kifah Stock Exchange 1380 dinars against the dollar for purchase and 1400 dinars for sale.

In Diyala, our correspondent reported that the exchange rate had increased to 1,400 dinars for sale and 1,340 dinars for purchase.

And in the Kurdistan region, a Baghdad correspondent reported that the Erbil and Sulaymaniyah stock exchanges closed at a selling price of 1370 dinars to the dollar.

And the Ministry of Finance issued a statement in which it mentioned the reasons that pushed it to increase the exchange rate.

The Central Bank of Iraq issued a statement officially announcing the change in the dollar’s exchange rate.

The bank said in a statement, “During the last months of this year, intense 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 low oil prices, production, economic and health challenges, as well as the Central Bank’s Board of Directors. A number of meetings were hosted by the Minister of Finance for the same purpose.

The Central Bank of Iraq stated in its statement that it would like to clarify the following:

1- The structural distortions in the Iraqi economy 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, and the monetary policy was busy repairing the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership position in 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 restrictions 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 any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

The government needs to support the vulnerable groups that 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 direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should 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, which are still at solid levels that enable it to do so.

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, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay 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 way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements. Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.

The bank stated in its statement that based on the above, the Central Bank of Iraq decided to amend the foreign currency exchange rate as follows:

1450 dinars per dollar is the purchase price of 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

 

 

You can read the news also from the source from here

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The Central Bank of Iraq officially announces the adjustment of the foreign currency exchange rate ... Learn about the new prices

Posted 1 hour ago
News source / Noon Agency
%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9
Noon Agency
News source / Noon Agency
During the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the economic situation in general, the financial crisis that the public finances are going through due to low oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which hosted 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 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, and the monetary policy was busy repairing the outputs of the confused fiscal policy.
2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership in 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 restrictions or endings.
4- On the other hand ... the Central Bank understands the difficulties facing the reform intentions that the government is intending to undertake, but this does not prevent any steps that the monetary authority can take with effective steps to carry out reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.
The government needs to support the vulnerable groups that 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 direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.
It should 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, which are still at solid levels that enable it to do so.
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, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay 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 way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements. Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.
Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate 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 asking God Almighty He is the most gracious to take into the hands of our country and our people because of the goodness, generosity and honor that it contains. The Central Bank of Iraq, December 19, 2020

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Minister of Finance of Tigris: The exchange rate of the dollar at 1450 dinars will be approved by the finance ...

Posted a minute ago
News source / Tigris Channel
iraq-news-810x456.jpg
Tigris Channel
News source / Dijla Channel
Finance Minister Ali Abdul-Ameer Alawi said today, Saturday, that the budget for next year is reform and not austere.

Allawi said in an interview with Tigris that the Ministry of Finance agreed with the Central Bank to determine the exchange rate of 1450 against one dollar, and indicated that approving the budget is not easy, but the budget is important for the beginning of reform.

Allawi added that the dollar exchange rate will be set at 1450 dinars within hours, in addition to the high employee allocations that will be reduced.

Allawi pointed out that the current state expenditures threaten the reserves of the Central Bank and that the deficit will reach 100 trillion dinars if we do not carry out urgent reforms and that the leaked budget is the version that we are discussing in the Council of Ministers.

He noted that the government of Abdul Mahdi used emergency funds in the first 3 months, adding that it was agreed with the Kurdish delegation to hand over the region’s share in exchange for oil delivery.

He explained that the agreement was concluded between Baghdad and Erbil, and we are awaiting the vote on the budget.

Allawi said that most of the Iraqis ’savings are in dollars, and there is no need to worry in addition to the fact that the dollar exchange rate of 1450 dinars will be adopted from the financial and central bank, in addition to that the central bank will add a margin that may reach the dollar to 1490 dinars

Allawi added, "We will stop the appointments except for those approved at the end of last year and early 2020, explaining that the share of the Interior in the budget is greater than the share of 5 ministries."

He explained that the volume of expenditures in the budget is 150 trillion dinars and the deficit is 58 trillion. He added to Parliament the right to question me, and I do not belong to any political party.

Allawi said we have allocated $ 550 million to health to import the epidemic vaccine, and that the 2021 budget bill will arrive in Parliament within a week.

He explained that the Iraqis are saving in homes due to their lack of confidence in the banking sector, adding that we want to restore confidence in the saved Iraqi dinar, not in circulation

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Antoine to {Al-Furat News} The Central Bank surprised us with a successful change in the dollar's price

Antoine to {Al-Furat News} The Central Bank surprised us with a successful change in the dollar's price
(Baghdad: Al Furat News) Economist Basem Jamil Antoine confirmed, Saturday, that "the Central Bank surprised us by changing its position towards the dollar exchange rate."

Antoine told {Euphrates News} that "the Central Bank surprised us with the approval and approval of the process of changing the exchange rate of the dollar as for the Iraqi dinar." They were not affected and the social implications of this decision were not taken into account. "

And that "the decision to raise the dollar creates consequences for the increase in inflation. The poor classes and employees with middle salaries will suffer and bear the responsibility of the decision, because about 20% of their average limited income has been withdrawn."

He pointed out that "the Iraqi market is an importer and will pay the price of the white paper, the poor and destitute classes. The government took its deficit from their pockets," noting that "the decision has great social consequences."

The Central Bank announced the adoption of new exchange rates for the dollar to 145 dinars against the dollar.

Raghad Daham

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30 minutes ago, yota691 said:

"We will issue a statement to raise the exchange rate of the dollar to 1450 dinars to one dollar," Finance Minister Ali Allawi said 

19 minutes ago, yota691 said:

The Central Bank announced the adoption of new exchange rates for the dollar to 145 dinars against the dollar.

 

The minister of finance set the exchange rate to 1450, 1 iqd=0.69 us. I can live with that.

 

But the cbi set the exchange rate to 145, that means 1 iqd=6.9 us. Wow, this is the best rate i have ever seen in my whole life. Life is good.

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Before launching the new dollar rate, find out how much you will lose from your salary and how much it will become actual?

2020-12-19
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Yes Iraq: Baghdad

The Ministry of Finance is preparing to officially announce the application of the new exchange rate of 1450 dinars to the dollar, which was considered an alternative to the deduction of salaries, as the reduction of the dinar will lead to a "hidden" deduction from the salary due to the devaluation.

Finance Minister Ali Allawi said in televised statements, that "we will issue a statement to raise the dollar exchange to 1450, while indicating that there are no appointments in the next year except for those announced at the end of this year."

Reducing the exchange rate to 1450 dinars per dollar, with salaries remaining unchanged, will reduce the real income for the whole community, that is, the purchasing power will decrease at the same rate as the reduction in the exchange rate, and this is known as the monetary illusion, meaning that the employee remains getting the same income, with purchasing power Less, in other words: keeping cash income unchanged and reducing real income (purchasing power).

The reduction will be 23%, meaning that the salary will lose 23% of its value, so the actual salary will be only 77% of the real figure.

Meaning, when you want to know the value of the salary when applying the reduction, then it is multiplied by the number 0.77, so the salary of 600 thousand dinars, its real value is 462 thousand dinars, and the salary of one million dinars, its real value is 770 thousand dinars, and so on.

 

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Why do I feel like something else is about to happen here besides just a 1450 rate change?????? We have had many issues with translation with what these people say... Could we be missing something????? Not getting excited yet been here for too long BUT,..............

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