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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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Iraq news now

An independent politician on the devaluation of the Iraqi dinar: a 'dirty' way and an act that cannot be tolerated

Posted 6 hours ago
News source / NR TV
1912202022532461120202147105920209163831
NR TV

News source / NR TV
Digital Media NRT
The independent politician, Laith Shubbar, criticized, on Saturday, the decision to reduce the Iraqi dinar, describing it as an overt theft from the Iraqis, describing the method as "dirty" and an act that cannot be tolerated.

This came in a blog post by "Digital Media NRT", today (19 December 2020), in which he said that "reducing the Iraqi dinar in this dirty way is an overt theft from the Iraqis."

"But it is more than that, it is disregarding them, their lives and their obligations, and at the same time it is a new attempt to humiliate them, insult them and violate their dignity, which is an act that cannot be tolerated

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Deputy: 95% of commodity prices will be affected after the rise in the dollar price ... Two solutions to the government - urgent

Posted 16 seconds ago
News source / Baghdad today
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Baghdad today
News source / Baghdad today
Baghdad Today - Special

The deputy of the Al-Fateh Alliance, Ahmed Al-Kinani, said, Sunday (December 20, 2020) that the first victims of the change of the dollar exchange rate are the citizens of the poor and the needy, while the government is expected to move towards options to control the speculation file.

Al-Kinani said in an interview with (Baghdad Today), "The Iraqi markets import 95% of the materials and goods that the Iraqis need, with the rise of the dollar at its current rates, which will directly affect the purchasing value of the citizens within the bracket of the poor and the oppressed."

He added that "there are basic materials, especially food, that must be protected by the government to avoid their rise, as they directly affect the lives of the poor, and this is a first solution," stressing the need for the government to protect the national product by encouraging local investment in the country.

Al-Kinani pointed out that "raising the dollar exchange rate will be followed by a rise in prices because it is directly affected by it, but the most important thing is that it will be able to control the speculation file at the exchange rate in the markets by pumping more money into the markets, ie the dollar, and this is a second solution."

Earlier, the Ministry of Finance issued a statement in which it mentioned the reasons that pushed it to raise 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

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Iraq's central bank devalues currency by nearly 23% as anger mountsIRAQ-ECONOMY-BUDGET-HEALTH-VIRUS.thumb.jpg.0578ecc70fb02678d06714b07807a30e.jpg

 

The country's economic distortions have been exacerbated by the twin shocks of the Covid-19 pandemic and lower oil revenue

 

Faced with the twin shocks of dwindling oil revenues and the impact of the Covid-19 pandemic, Iraq’s central bank devalued the national currency by nearly 23 per cent against the US dollar on Saturday, the first time the peg to the green back has been adjusted since 2015.

The Central Bank of Iraq set the exchange rate at 1,450 dinars per dollar, compared to a previous peg of 1,182 dinars to the greenback, according to a statement late Saturday. The dinar will be sold to the public at 1,470 and to other banks at 1,460.

“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,” the Central Bank of Iraq said in a statement carried by the Iraqi News Agency on Saturday.

“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," the central bank said.

"Unfortunately [it is] rooted for more than a decade and a half in economic policies with political thinking and the priorities of politicians taking precedent over economic thought and the priorities of development, and the principles of 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 monetary policy was preoccupied with repairing the outputs of confused fiscal policy,” the regulator said.

Under the country’s provisional budget 150 trillion dinars ($103 billion) are allocated to spending against 92tn dinars in revenue leaving the government with a wide deficit. Last month, the World Bank said millions of Iraqis could be forced into poverty due to the twin shocks of the pandemic and the collapse of the oil prices. Even in its "benign scenario”, around 5.5 million Iraqis could be pushed into poverty, the Washington-based lender said.

Opec’s second-largest producer depends on oil revenue to meet 90 per cent of government expenditure, including $5 billion spent on monthly salaries for public servants. Iraq’s economy before the devaluation was forecast to shrink 12.1 per cent this year, the third-steepest contraction in the Arab world after Lebanon and Libya, according to the International Monetary Fund.

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Lowering the price of the currency .. What are its implications for the national economy?

Lowering the price of the currency .. What are its implications for the national economy?
 
{Baghdad: Al Furat News} The decision to reduce the value of the Iraqi dinar exchange rate against the US dollar caused a sensation, and raised fears that the country would enter a stage of economic collapse, which has multiplied the crisis that Iraq has been experiencing for years.

According to the Federal Reserve Bank of New York, it is possible for policy makers to devalue and revalue the value of a currency, which is usually associated with pressures from the domestic market.

The bank notes that the option to depreciate the currency can only be taken by the country's government or the monetary authority in it, represented by the central bank in many countries.

The devaluation of the national currency is defined as a deliberate downward adjustment of the official exchange rate, which leads to a devaluation in relation to other currencies.

According to the economic site "Investopedia", the world has witnessed many countries devaluating their currency, since economies abandoned their pegs to gold, and began to link them to other currencies or a basket of currencies.

 

Impact on exports and imports The
bank notes that the devaluation of the currency makes a country's exports less, relatively expensive to those outside it.

According to Investopedia, the devaluation of the currency makes the country's imports more expensive for the local consumer, which leads to the reduction of imports.

The devaluation is likely to cause psychological effects, weakening investor confidence in the country's economy, and negatively affecting the process of attracting foreign investments, according to the bank.

 

Potential economic growth
The Economics Help site indicates that the devaluation of the currency may lead to an increase in aggregate demand, which may lead, in some way, to an increase in the rate of growth in the country's economy.

The devaluation includes measures taken by the state to reduce the purchasing power of the currency strategically.

Investopedia notes that some countries may pursue such a strategy to gain a greater competitive margin in global trade and reduce the burden on the state's sovereign debt.

Nevertheless, devaluation is likely to have "unintended" consequences that lead to what the site described as "self-defeating".

The site links an increase in exports and an increase in demand for local products, which leads to more job opportunities and more rapid GDP growth.

According to the University of Toronto, Canada, lowering the value of the official exchange rate helps in some circumstances to transfer demand for specific goods and services from abroad to the interior to be reflected in the domestic product.

The increase in internal demand automatically increases the demand for local goods, which is reflected in the need for producers and distributors of these commodities and those working to sell them to provide more jobs, which reduces unemployment and provides a boost to the local market.

According to the university, the devaluation leads in some cases to an increase in income in the country, which will positively affect the labor market.

It is well known in the economics world that an increase in demand over supply leads to a rise in prices, while raising supply leads to lower prices, meaning that the conditions imposed by the economy on the country's industrial and trade sector and the volume of production are what are likely to determine the effect of the currency devaluation on prices locally.

It is likely that these circumstances will generate a direct increase in the wages of the worker in the country that decided to devalue its currency, since the low currency will not constitute attractive conditions for a migrant worker to come to the country, which provides greater opportunities and options for the local worker in his country.

The "Economics Help" website gives an example about Britain when it decided to reduce the value of the pound sterling, which made migrant workers from Eastern Europe prefer to work in Germany over Britain, which forced local factories to raise their wages to retain foreign workers with them, or to make more attractive offers for the local worker. .

The site indicates that wages may decline if the currency devaluation causes inflation whose rate exceeds the rates of wage increase.

China has repeatedly faced accusations of devaluing its currency in order to benefit more from its economy, and US President Donald Trump has been the most prominent critic of China on this issue.

Trump had accused China of "manipulating its currency" in light of the intensification of the trade war between Washington and Beijing last year, according to the "CNBC" website.

Trump said at the time that "China has lowered the price of its currency to its lowest historical level, mostly ... This is called currency manipulation."

And China had allowed the yuan to reach its lowest levels in more than a decade, which made Chinese products less expensive, at a time when the United States had raised tariffs imposed on Chinese

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Reducing the value of the Iraqi dinar. The inevitable result

author_2660.jpg
News
News source / news
Yesterday, the Ministry of Finance announced the reduction of the exchange rate from 1182 dinars to 1450 dinars per dollar. That is, the equivalent value of the dinar fell by 22.6%. It is noted that the new official rate is the one that this ministry relies on in its dealings with the Central Bank. As for this bank, it sells dollars to commercial banks at a price of 1460 dinars. Then the commercial banks sell dollars to citizens at 1470 dinars. The difference between these rates then represents the profits of these banks. 
 
We have to look at this process as an outcome of the established fiscal policy. Among the strange matters in the statement of the Ministry of Finance is the assurance that the reduction will not be repeated (the fifth paragraph of the statement). How can this unreasonable undertaking be made? Iraq is on the verge of successive cuts if the financial situation continues to deteriorate. This assertion is worthless.
 
Iraq suffers from a serious financial crisis: the decline in oil exports and thus the decline in public revenues due to the state's dependence on crude. An unproductive spending policy (spending on salaries, not development). Insufficient loans to cover the deficit. Financial corruption is rampant. Drain public money by Iran. The absence of an Iraqi sovereign fund generating additional revenue. The deterioration of tourism revenues that are limited to religious shrines. An environment that repels foreign investment. The lack of transfers for Iraqi workers residing abroad. Huge military expenses in terms of salaries and arms imports. The high cost of a failed federal system.
 
Under this situation, the state will only find cash issues to finance the fiscal deficit, which was estimated in next year's draft budget at 58.2 trillion dinars. Without these issues, the state would stop paying.
 
The higher the issue, the higher the money supply. The more inflated, the lower the equivalent value of the currency. This is inevitable. The fiscal policy pursued in Iraq leaves no room for many options: the matter is limited between devaluing the dinar and not paying salaries. In other words, either citizens will be affected or employees' salaries will be reduced. The first solution was chosen.
 
Reducing the equivalent value of the dinar, which will lead to a new deterioration in the standard of living of citizens, is not a remedy for the financial crisis. Rather, it is an inevitable consequence of it
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Deputy: The government raised the exchange rate of the dollar in order to reduce the value of employees' salaries

 
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The information / Baghdad ..

A member of Parliament, Basem Khashan, confirmed, on Sunday, that the government raised the exchange rate of the dollar against the Iraqi dinar in order to reduce the value of employees' salaries, pointing out that the beneficiaries of the currency auction took their measures in order to increase the exchange rate and benefit in strengthening their financial assets.

"The government and the political parties prepared a scenario for raising the exchange rate of the dollar against the dinar in order to achieve financial gains for the benefit of their banks," Khashan said.

Khashan added, "The workers in the currency auction and the beneficiaries of this auction have taken measures to increase their financial assets."

He explained, "The increase in the dollar exchange is only a way to reduce the salaries of employees as it constitutes the largest part of the budget, and therefore the state sells oil in dollars and raised the value of this currency against the dinar, thus reducing the value of the salary by 20%." End / 25 n

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1 Hours Ago

SULAIMANI — Iraq’s central bank increased the sale price of US dollars to banks and currency exchanges to 1,460 dinars, from 1,182 dinars, seeking to compensate for a decline in oil revenue due to low crude prices, the bank said on Saturday (December 19).

The central bank of Iraq said the key reason behind the dinar’s devaluation was to close the gap of widened 2021 budget inflation after a collapse in global oil prices, a major source of Iraq’s financial resources, according to Reuters.

“The financial crisis which Iraq suffered due to the coronavirus pandemic caused a decline in oil prices that caused decreasing oil revenues, altogether have caused a large deficit in the federal budget,” the central bank said in a statement.

The devaluation decision came as a preemptive move to prevent “draining Iraq’s foreign reserves” and help government to secure public servants’ salaries, the bank said.

Iraq depends on oil revenue for 95 percent of its income. The last devaluation was in December 2015 when it raised the sale price of US dollars to 1,182 dinars from 1,166.

But in Iraq’s largely dollar-denominated economy, lowering the value of its dinar by a significant rate, which was the highest devaluation rate since 2003, would immediately raise the price of goods, hitting living standards.

Combined with other pending painful economic reforms by the government of Prime Minister Mustafa al-Kadhimi, this could lead to further unrest in a country where protests broke out on Oct. 1 last year and continued for several months, with hundreds of thousands of Iraqis demanding jobs, services and the removal of the ruling elite, which they said was corrupt.

Iraqi security forces and anti-riot police were deployed on Saturday near central bank headquarters, state banks and other financial offices in Baghdad in anticipation that protests could erupt after the central bank decision, said two security officials.

The OPEC member’s economy has only a small manufacturing base and almost all goods are dollar-priced imports, so a cheaper dinar would instantly make normal Iraqis feel poorer without providing any benefit to the wider economy via cheaper exports.

“Devaluation of the currency would self-inflict destructive repercussions on economy. It would be catastrophic,” said Qais Jawhar, a Baghdad-based economic professor.

 (NRT Digital Media/Reuters)

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Exposing the government's "real motives" to raise the dollar exchange rate: "A million" will be "6 papers": Iraqis will feel "poverty" quickly!

2020-12-20
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Yes Iraq - Baghdad

The economic expert, Manar Al-Obaidi, revealed today, Sunday, the reasons and indicators that made the Iraqi government change the exchange rate of the dollar against the dinar.
 
Al-Obaidi said, in a statement on his Facebook page: If we assume that the salary of a government employee is one million Iraqi dinars, this salary comes from the Iraqi government’s sale of $ 800, which results from the sale of 13 barrels of oil “on the grounds that the price of oil was $ 60” to The Central Bank at an approximate price of 1200 dinars, indicating that today Iraq was forced to sell 13 barrels as a result of the OPEC agreement at a price of $ 45.
 
He added: The currently available incoming is $ 600 only, with the need to pay the employee’s salary, which is one million Iraqi dinars
The challenge was how to convert the 600 dollars into one million dinars, explaining that: The first solution is by raising the revenues of the other country to reach 800 dollars, but these revenues were not available to fill the deficit, the second solution is to reduce the salary of one million dinars to the equivalent of 600 dollars, which is also what it failed From the government, the third solution was to change the exchange rate to convert the same $ 600 into one million dinars by selling the dollar to the Central Bank at a higher price, which is 1450.
 
What are the most important effects of this decision?
 
Al-Obaidi says that the fact that Iraq is a completely consumer country in other words that it imports most of its needs, so the merchant who used to buy a kilo of rice from India, for example, with a dollar, used to convert its value into a dinar, so it would be 1200, and then he put his profit and sold it at 1300 dinars, indicating that he is the employee whose salary was One million people could buy 770 kilograms of rice every month, pointing out that today the same kilogram of rice when its value is transferred will be 1600 with the addition of the merchant's profit, which will be 1700 dinars.
 
He continued: Therefore, the same employee who was able to buy 770 kilos of rice will not be able to buy more than 588 kilos of rice per month
What are the positive aspects.
 
Locally manufactured products will not change much
Al-Obaidi indicates that we assume that a kilo of Iraqi flour was worth 500 dinars, so it will not change because the wheat was planted on Iraqi land and milled in Iraqi mills, and all expenses are in Iraqi dinars, and therefore its value will not be affected by the rise of the dollar.
 
He continued: The plastic box imported from Iran, which is sold in the market for 250 dinars, will increase its price to about 300 dinars, and then the owner of the Iraqi plastic factory who used to employ five Iraqi workers will be able to restart his factory and sell the same plastic box for 270 dinars.
 
 
The Central Bank of Iraq said in a statement yesterday, Saturday, that it decided to raise the selling price of the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, in order to compensate for the decline in oil revenues caused by the deterioration of oil prices.
The bank added that the main reason behind the devaluation of the dinar is to bridge the inflation gap in the 2021 budget after the collapse of global oil prices, which is a major source of Iraqi financial resources.
"The financial crisis that Iraq was exposed to due to the Corona pandemic ... led to a large deficit in the public budget," he said in his statement.
The bank said that the decision to devalue the currency came as a pre-emptive step “in the interest of the bank to avoid depleting its foreign reserves,” and to help the government secure the salaries of public employees.
Iraq depends for 95 percent of its income on oil revenues. The last time the dinar devalued was in December 2015, when it raised the selling price of the dollar to 1182 dinars, from 1,166 dinars previously.
But the devaluation of the dinar at a significant rate, the highest since 2003, will immediately raise commodity prices, hurting living standards.
In addition to other painful and pending economic reforms by the government of Prime Minister Mustafa Al-Kazemi, this could lead to more unrest in a country where protests erupted on October 1 of last year and lasted for several months, during which hundreds of thousands of Iraqis demanded jobs, services and isolation of the elite. Governor who they said was corrupt.
Two security officials said that Iraqi security forces and riot police deployed near the headquarters of the Central Bank, government banks and other financial offices in Baghdad today, Saturday, in anticipation of the possibility of protests after the central bank’s decision.
The OPEC country’s economy has only a small manufacturing base and almost all goods are dollar-priced imports, so a cheaper dinar will immediately make ordinary Iraqis feel impoverished without providing any benefit to the wider economy through cheap exports.
Qais Jawhar, an economics professor in Baghdad, said the devaluation would have devastating repercussions on the economy and would be a disaster.
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Parliamentary Finance: Parliament cannot force the Central Bank to change the price of the dollar

Shafaq News / The Parliamentary Finance Committee confirmed, on Sunday, the inability of the House of Representatives to force the Central Bank to change the decision to exchange foreign currency against the Iraqi dinar.

"The Central Bank is independent in its policy and is responsible for monetary policy in Iraq, while the Ministry of Finance is responsible for the financial policy in the country," Magda Al-Tamimi, a member of the committee, told Shafaq News.

She added that "when the central bank determines or changes the exchange rate, parliament cannot amend the price," stressing that "the recent decision to change and determine the foreign currency exchange rate against the Iraqi dinar is in the hands of the bank governor."

Al-Tamimi pointed out, "The House of Representatives cannot force the Central Bank to change its decision on currency exchange according to the law

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Interesting the article stipulates 1450 but CBI.iq shows 1460.

 

US dollar USD 1460,000
Euro EUR 1789.814
Pound sterling GBP 1975.818
Canadian dollar CAD 1142.857
Swiss franc S.FR 1653.454
Swedish krona SEK 176.723
Norwegian krone NOK 170.195
Danish krone DKK 240.591
Japanese yen JPY 14.140
Chinese Yuan CNY 223.173
Australian dollar AUD 1108.724
Special drawing rights SDR 2108.196
Gold for 24-ounce Gold 2725637.500
 
 
 
And to buy 1 million IQD in 25K notes on Xchange of America it is 1,350 USD.
Edited by Theseus
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11 hours ago, southbeach said:

... "and will (ultimately) revive the economy."

This was a positive comment, not negative. You must believe, after everything you’ve learned thus far, that this act is merely part of the process of that which you seek. Stay in faith and come rv.

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2 minutes ago, jcfrag said:

Sorry about my instant freak out. Fricking Google news at its finest making this front page news this morning....  🙄

Well

i wonder how many minor world wide holders 

will try to cash in and get out 

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2 minutes ago, davis411 said:

Well

i wonder how many minor world wide holders 

will try to cash in and get out 

For a brief moment I freaked out. But then started tap dancing knowing good and well this has been the only movement of the IQD in decades. It has to be something good. They are looking at Biden winning and OPEC being placed firmly back in the drivers seat with a destination of $100 a barrel oil again! 😄😂

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1 hour ago, jcfrag said:

For a brief moment I freaked out. But then started tap dancing knowing good and well this has been the only movement of the IQD in decades. It has to be something good. They are looking at Biden winning and OPEC being placed firmly back in the drivers seat with a destination of $100 a barrel oil again! 😄😂

Actually it has been about 9 years. The last move was also in a negative direction from ~1166 to 1190, where it currently stood before this move. At that time Xchange of America was selling 1 million IQD for around 980 USD. 

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12 hours ago, 6ly410 said:

Iraq news now

An independent politician on the devaluation of the Iraqi dinar: a 'dirty' way and an act that cannot be tolerated

Posted 6 hours ago
News source / NR TV
1912202022532461120202147105920209163831
NR TV

News source / NR TV
Digital Media NRT
The independent politician, Laith Shubbar, criticized, on Saturday, the decision to reduce the Iraqi dinar, describing it as an overt theft from the Iraqis, describing the method as "dirty" and an act that cannot be tolerated.

This came in a blog post by "Digital Media NRT", today (19 December 2020), in which he said that "reducing the Iraqi dinar in this dirty way is an overt theft from the Iraqis."

"But it is more than that, it is disregarding them, their lives and their obligations, and at the same time it is a new attempt to humiliate them, insult them and violate their dignity, which is an act that cannot be tolerated

There is not one politician in Iraq that is independent.  Also, the politicians didn’t want to reduce their salaries to help shore up the deficit even though the employees salaries is one of the biggest causes of the deficit.  So the reduction in rate becomes very helpful because then the same politicians won’t keep hoarding.  The politicians who are crying about the reduction in rate didn’t care about the suffering of the people when they were hoarding notes knowing about an impending rate change.  Just saying!

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19 minutes ago, currenzcraze said:

The politicians who are crying about the reduction in rate didn’t care about the suffering of the people when they were hoarding notes knowing about an impending rate change.  Just saying!

You are definitely right, including those corrupt iraqi politicians.

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