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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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1 hour ago, rvmydinar said:

Unless someone can show us the original article written in arabic languages, then we can look the articles together to prove that 145 dinar is wrong.

 

Tomorrow we will see the rate on the CBI site = 1450

Until they RV, that is.  😄

Edited by Floridian
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1 hour ago, Laid Back said:

New rate 1450 IQD per $1..... Around 22% devaluation of the dinar

This is a brilliant plan by the CBI and finance minister 

I bet the Iraq citizens are in panic, looking to buy dollars to protect their savings from devaluation 

This will help increase the financial inclusion 

This will help to collect 000

This will help to reduce the monetary mass ( sucking in chunky money)

 

Good for the CBI but not for the Iraq citizens.!

 

We wait and see.!

 

Go new rate

Go delete the 000

Go RV

 

 

Yup!  You are correct, my friend.  😄

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4 minutes ago, rvmydinar said:

Yep. Hopefully, Tomorrow could be our big day, but don't bring the fireworks to celebrate the victory before rv really comes true.

 

You misunderstood.  No fireworks yet.

Tomorrow, they publish 1450 rate.  They collect chunky money from scared Iraqis.

January, February or March = RV

 

(Hoping for January RV, but given it's Iraq, I'll give them the whole 1st quarter of the year.  LOL)

 

Edited by Floridian
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ERBIL - Iraq's central bank announced on Saturday that it had set the exchange rate for 1 US dollar at 1,470.

Based on the new policy, the exchange rate for $100 is now 147,000 Iraqi dinars for Iraqi people, the central bank said in a statement, explaining that the decision was made in efforts to better deal with the economic challenges the country faces.

Iraq's Finance Minister Ali Allawi said earlier the day that Baghdad had plans to set the exchange rate for 100 US dollars at 145,000.

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16 minutes ago, Floridian said:

 

Tomorrow we will see the rate on the CBI site = 1450

Until they RV, that is.  😄

Actually i got number " 145 " was based on the article that i read. I don't make up number. Therefore, if the number " 145 " really means " 1450 ",  then it isn't my fault.

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6 minutes ago, Floridian said:

 

You misunderstood.  No fireworks yet.

Tomorrow, they publish 1450 rate.  They collect chunky money from scared Iraqis.

January, February or March = RV

 

(Hoping for January RV, but given it's Iraq, I'll give them the whole 1st quarter of the year.  LOL)

 

It will be January IMO, the reason being is Inflation will climb extremely quickly at this rate and will get worse and worse by the day!! Just watch for the articles to come out about rising inflation over the next two weeks if they even make it this far at the 1450 rate!

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13 minutes ago, Floridian said:

 

You misunderstood.  No fireworks yet.

Tomorrow, they publish 1450 rate.  They collect chunky money from scared Iraqis.

January, February or March = RV

 

(Hoping for January RV, but given it's Iraq, I'll give them the whole 1st quarter of the year.  LOL)

 

If hoping for january rv, then what happened to dinar dealers and ebay? Do they stop selling the dinar by the end of this year? Do they still have dinars ready in stock? Or Do you think dinar dealers and ebay will not hoard their dinars for themselves, and not selling to dinar speculators because they want to get wealthy from rv  too?

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28 minutes ago, Floridian said:

Tomorrow, they publish 1450 rate.  

If tomorrow, the rate is 1450 , then 1 iqd=0.69 us. Do you think , Is 0.69 us just a fixed one time rv rate? Or will 0.69 us be a first time rate  and then there will be a second rate that is higher than the first rate, like a month later?

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Iraq news now

Minister of Finance: The salaries of employees will not be touched and changing the exchange rate will not affect people with limited incomes - urgent

Posted 24 seconds ago
News source / Baghdad today
1608401880_142884-810x452.jpg
Baghdad today
News source / Baghdad today
Finance Minister Ali Allawi - a televised interview

In the event that the exchange rate has not changed, the central bank’s reserves will be implemented after 6 months

Iraq suffers from a high exchange rate for the dollar, which weakened the competitiveness of Iraqi goods

Reducing the exchange rate encourages the private sector to produce and export

The exchange rate adjustment is part of the reforms of the Iraqi economy within the 2021 budget

The Iraqi producer faced a great challenge and was unable to compete

Changing the exchange rate helped boost Egyptian exports, for example

It is not correct for a person with limited income to be more affected by a change in the exchange rate

Poor groups will not be affected by the change in the exchange rate because the rental value of housing and the food basket will not change unless they buy imported things.

The most affected are the travelers and those who deal in imported goods

Poor groups will be supported in the 2021 budget

The positive impact of changing the exchange rate will be through encouraging Iraqi industry and providing job opportunities

Iraq is a consumer country, and we want to change the reality by changing the exchange rate first

Iraqi markets are flooded with foreign goods and policies must be implemented to encourage local products

Employee allowances will be reduced but not affected or affected all employees and salaries are not affected

There are inflated provisions for some categories of employees

120% of the budget goes to employees' salaries

The cost of retirement will increase by 40% in the 2021 budget

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Al-Sadr Calls for "Immediately" to Release the Families of the Central Bank from Corruption and Corrupt

Posted a minute ago
News source / Independent Press Agency
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Independent Press Agency
News source / Independent Press Agency

Al-Mustaqillah //… the leader of the Sadrist movement, Muqtada al-Sadr, called on the Iraqi government and parliament to "release" the central bank’s families from corruption and the corrupt "immediately".

Al-Sadr said in a tweet on Twitter, "The Central Bank and all other banks are prisoners of corruption and the corrupt, and the government and parliament must seek specialized methods to end this and liberate it immediately."

He added by saying, "It is not enough to float the currency, as this may be a double-edged sword, so Iraq will emerge from a crisis and fall more severe than it, and the only affected is the people with their livelihood and bread."

The Central Bank had decided, in a statement, on Saturday, to officially reduce the value of the Iraqi dinar against the dollar, from 1190 dinars per dollar to 1450 dinars

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4 minutes ago, 6ly410 said:

ERBIL - Iraq's central bank announced on Saturday that it had set the exchange rate for 1 US dollar at 1,470.

Based on the new policy, the exchange rate for $100 is now 147,000 Iraqi dinars for Iraqi people, the central bank said in a statement, explaining that the decision was made in efforts to better deal with the economic challenges the country faces.

Iraq's Finance Minister Ali Allawi said earlier the day that Baghdad had plans to set the exchange rate for 100 US dollars at 145,000.

I was just going to post this.  Because I have a different take on this. Has anyone been following the Dollar index lately?

 

 

CLOSED
Last Updated: Dec 18, 2020 5:00 p.m. ESTDelayed quote
 
 
In world macroeconomics the downfall of the dollar will have a disastrous impact on all currencies pegged to it. Iraq is pegged to the dollar. 
 
Furthermore, the IMF is part of the world bank.  And thus tied to what most here call the Global Cabal. There goal as stated on the Economic Forum website is for the Global Reset of the world economy. 
 
In layman's terms it's the New Green Deal that AOC spoke of. And that deal will intentionally kill millions of people around the world by collapsing the world economy and setting up a New One World Socialist Government. 
 
Therefore, we must readjust our thinking on this entire affair. Because there exists an alternative plan to the Global Reset. That being NESERA/GESERA. And the only man pushing that plan is Donald J Trump. 
Under NESERA/GESERA all currencies of the world must be Gold backed. But for that to work The value of Gold must be Reset to what the National Debt Clock says, $33,946.00 an ounce. 
 
Under the Gold standard the Iraqi Dinar would be valued around $4 to  $5 dollars. 
 
Wherefore, be of good cheer my fellow Dinarians because I guarantee you that before July 2021 NESERA/GESERA will be implemented. 
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Iraq news now

Legal expert: A decision to raise the exchange rate of the dollar can be appealed for in violation of the constitution

Posted 15 seconds ago
News source / NR TV
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News source / NR TV
Digital Media NRT
The legal expert, Ali Al-Tamimi, explained, on Saturday, that raising the exchange rate of the dollar in the budget law violates the constitution and the Charter of the International Covenant, stressing that the decision can be challenged and returned to the government.

In a statement received by "Digital Media NRT" a copy of it today (December 19, 2020), Al-Tamimi said, “The rise in the dollar exchange rate to 1450 in the budget law violates the Iraqi constitution and the Charter of the International Covenant and can be challenged.

1. Ascending the dollar exchange rate to 1450 violates Articles 30 and 31 of the Iraqi Constitution which require the state to provide a free and decent life and adequate income. Also, this procedure violates Articles 23 and 26 of the International Covenant on Civil and Political Rights, which are obligatory for all countries of the world who are members of the United Nations United abide by.

2. The Central Bank Law according to its Law 56 of 2004 is an independent body according to Article 3 of this law and also the Central Bank Instructions for the year 2017, and thus it determines the exchange rate and if there is an increase in the price, market prices must be controlled and inflation is prevented, which will increase poverty. Poorer.

3. This law can be challenged if it is legislated by Parliament before the Federal Court, and Parliament can not agree to legislate this law and return it to the government for an amendment because Parliament can do so constitutionally as it represents society in accordance with Article 61 of the Constitution as well as Article 13 of the Financial Management Law 6 of 2019

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Saturday، 19 December 2020 06:46 PM

Iraqi Central Bank devalues currency against US dollar

On Saturday, Iraq devalued its currency by about 20% against the dollar, the biggest cut on record, as the cash-strapped government faces an economic crisis brought about by low oil prices and crude-production cuts.


The central bank reduced the official rate to 1,450 dinar per dollar, the first devaluation since 2003, it said in a statement. That’s from about 1,190 previously. Dollars will be resold to local banks at 1,460 dinar apiece.


The embattled nation’s central bank is taking the steps to avoid depleting its foreign-currency reserves, with the government last month seeking upfront payments in exchange for a long-term crude-supply contract.

Prime Minister Mustafa Al-Kadhimi, who came to power in May, has warned that the government will struggle to pay civil servants without raising more debt.
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2020/12/19 18:42

Chairman of a Parliamentary Committee: The Central Bank has nothing to do with changing the exchange rate and the finances determine the price

https://almasalah.com/ar/news/202679/رئيس-لجنة-نيابية-البنك-المركزي-ليس-له-علاقة-بتغيير-الصرف-والمالية-هي-من-تحدد-السعر

Baghdad / Al-Masala: Chairman of the Parliamentary Economic and Investment Committee, Ahmed Al-Kinani, considered, Saturday, December 19, 2020, that the Central Bank has nothing to do with changing the exchange rate, stressing that the Ministry of Finance is the one who owns the dollar and sets the price.

Al-Kinani said that the Central Bank has nothing to do with changing the exchange rate, and the Ministry of Finance owns the dollar commodity and sets the price.

He added that Article 3 of the Central Bank Law No. 56 of 2004 clearly indicates that the Central Bank is one of its duties to maintain the exchange rate after determining the sale value from the entity that owns the dollar and the Ministry of Finance.

Follow the obelisk

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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 selling price of foreign currency to banks 1470 dinars per dollar The selling price of foreign currency
 
 
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Iraq's central bank devalues dinar by 22% amid public anger

Iraq's central bank says it will devalue the national currency, the Iraqi dinar, by over 20 percent in response to a severe liquidity crisis brought on by low oil prices

By SAMYA KULLAB Associated Press
19 December 2020, 11:17
4 min read
FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. A leaked draft of Iraq's state budget has spurred panic as it confirmed the government's intentions to devalue the national currency, the Iraqi dinar, and cut salaries to
Image IconThe Associated Press
FILE - In this Oct. 21, 2020 file photo, people shop at old Basra market, Iraq. A leaked draft of Ira...

BAGHDAD -- Iraq's Central Bank on Saturday announced it will devalue the Iraqi dinar by over 20 percent in response to a severe liquidity crisis brought on by low oil prices, a measure that has sparked public outrage as the government struggles to cover its expenses.

Riot police were dispatched outside the central bank headquarters in central Baghdad prior to the announcement in the event news of the devaluation sparked protests. A leaked draft of the state budget law for 2021 caused furore on the Iraqi street last week as it confirmed plans to devalue the dinar.

 

The new rates represent a dramatic reduction from the previous official rate of 1,182 IQD. It is the first reduction in exchange rates that the Iraqi government has made in decades.

In a statement, the Central Bank set the new rate for the dinar, which is pegged to the U.S. dollar, at 1,450 IQD when selling to the Iraqi Finance Ministry. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460 IQD.

The devaluation raised the prospects of the dinar weakening further on the street. The rate has already risen to 1,400 IQD per U.S. dollar on Saturday, up from 1,300 IQD last week, at currency exchange agents.

“I stopped exchanging currency,” said Abo Abed, who works at a currency exchange in the Karrada neighborhood of the capital. He turned away a customer with a $100 bill, saying he could only sell at the old rate of 1,300 IQD. “Who knows, tomorrow it could be 1,800 IQD.”

Since an oil price crash earlier this year, Iraq has been grappling with an unprecedented liquidity crisis. The crude-exporting country has had to borrow from the bank’s dollar reserves to pay the nearly $5 billion in monthly fees for public salaries and pensions. Oil revenues, which account for 90% of the budget, have brought in an average of $3.5 billion.

Efforts to introduce reforms have been met with opposition and to date, the government has been borrowing internally to foot state bills.

A devaluation would give oil-rich Iraq, which imports nearly all of its goods, more dinars in hand to make urgent payments. But setting a new rate has been a delicate balancing act to satisfy the government's needs for liquidity without impacting the average Iraqi.

The Finance Ministry is responsible to allocate salary payments to public workers, the largest working force in Iraq and among the most disgruntled by the new currency measures.

 

The bank justified the devaluation saying it was the product of “intense deliberations” with the prime minister, finance minister and lawmakers, and stressing the reduction in the dinar's value would be a one-time occurrence.

“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,” the statement said. “The Central Bank will defend this price and its stability with the support of its foreign reserves,” which it maintained are still at stable levels.

The bank blamed poor economic policies over the last decade. It said it had “no choice but to intervene” as poor economic planning and fiscal policies from Iraqi politicians have reduced Iraq to a crude-exporting state with the bulk of state expenditures going toward paying a bloated public sector.

The devaluation drew the ire of public sector workers. Many fear a weakened dinar, as well as plans proposed in the budget to cut salaries and impose taxes, will amount to pay cuts.

While taking a step toward austerity, the proposed state budget for 2021 also calls for record spending projecting a deficit of nearly $40 billion. A Cabinet session to vote on the law was postponed to Sunday.

From there, it will be voted on by lawmakers, a challenging task as the cuts are considered wildly unpopular ahead of next year's nationwide elections.

“It will be very difficult (to pass),” said lawmaker Sarkawt Shamseddine. “In order to to convince MPs to vote for this big bill the government has to show it has other plans ... to increase revenues. That's the strategy.”

Prime Minister Mustafa al-Kadhimi called for early elections to take place one year earlier than scheduled on June 2021, in line with demands of anti-government protesters.

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49 minutes ago, Dinarrock said:

It will be January IMO, the reason being is Inflation will climb extremely quickly at this rate and will get worse and worse by the day!! Just watch for the articles to come out about rising inflation over the next two weeks if they even make it this far at the 1450 rate!

I think January also, I see the Iraqi citizens protesting and maybe even becoming violent with this devalue.... this is not what they were promised !!

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1608394012390.jpeg
 

The "Lebanese scenario" might be repeated in Iraq, sources expect

Shafaq News / Informed sources revealed that some political parties took part in organizing massive gatherings in the country during the next few days, to target government and private banks, protesting against the devaluation of the dinar and corruption in the process of the central bank's selling of the foreign currency.

 

The Central Bank had decided to officially reduce the Iraqi dinar's value against the dollar, from 1190 to 1450 dinars.

 

The government seeks to achieve an abundance of funds, as it spends the salaries of employees in Iraqi dinars while it receives revenues from selling oil in dollars.

 

The sources told Shafaq News Agency that the Lebanese scenario might be repeated in Iraq. Massive protests will return to the street, and the target will be private and governmental banks.

 

Several parties earn millions of dollars daily from the process of selling foreign currency, which raises the anger of rival parties that may exploit the devaluation of the dinar to create chaos and burn banks, the source noted.

 

The sources said that the security authorities had already deliberately placed dozens of riot police in the Central Bank's vicinity in Baghdad, coinciding with the spread of this information.

 

Since the beginning of this year, Iraq has been suffering a stifling financial crisis due to the decline in oil prices after the outbreak of COVID-19, as revenues from selling crude constitute 95% of state expenditures.

 

Observers expect commodity prices in the country to rise about 20% after the devaluation of the dinar.

 

The Iraqi Ministry of Planning estimates that the poverty rate has risen by more than 30% due to the repercussions of COVID-19.

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