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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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2 hours ago, davis411 said:

I wonder how many minor world wide holders will try to cash in and get out 

Do you mean right now? Right now it is still worthless currency $1=1460 iqd, 1 iqd=0.00068us. Noone in the right mind will cash in such as worthless currency. I think some people still hoard their dinars under their mattress to wait until the rv comes.

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Let me just say that if your still in this after all these years you should be well grounded by now and nothing they do to try to trick you into selling your Dinars should work on you.

 

January 1st is getting close lets see what happens then because anything they do now means nothing to me.

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25 minutes ago, rvmydinar said:

Do you mean right now? Right now it is still worthless currency $1=1460 iqd, 1 iqd=0.00068us. Noone in the right mind will cash in such as worthless currency. I think some people still hoard their dinars under their mattress to wait until the rv comes.

It’s almost laughable from the original poster that asked this. Let me explain it, NO One can exchange anywhere other then inside Iraq period since Iraq is not internationally traded not sure why this question was even asked but it shows the lack of understanding of this investment by so many!! The only way to sell any dinar that you have is either to advertise here on DV, sell it on EBay or have a dinar dealer buy it back from you that’s it all of which will be higher then the 1460 current exchange rate.

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Iraq news now

A strict parliamentary stance on employees' salaries and allowances and the dollar exchange rate - urgent

Posted 2 hours ago
News source / Baghdad today
1608474744_142942.jpg
Baghdad today
News source / Baghdad today
Baghdad today - Diyala

A member of the Saireon Parliamentary Alliance, MP Salam Al-Shammari, spoke on Sunday 20-12-2020 about parliamentary intentions moving towards reducing the exchange rate approved by the Ministry of Finance, which increased from 1450 dinars to one dollar.

Al-Shammari said in an interview with (Baghdad Today), “The rise in the exchange rate of the dollar and its fluctuation in the past days is a matter that the government bears due to its negative repercussions on the file of making the markets in a state of instability, which leads to an increase in the prices of materials, especially food, and a large segment of Iraqis in particular. And unemployment and poverty rates are very high in light of successive crises hitting the country.

Al-Shammari added, “Members of the House of Representatives are against the proposal to raise the exchange rate of the US dollar due to the great burden it causes on the citizens, and they will have a position under the council’s dome in terms of restoring the exchange rate that it used to be, especially since the dollar has remained stable for more than 5 years at an exchange rate that has not Exceeds 120,000 per $ 100.

Al-Shammari pointed out that “the Ministry of Finance would not have taken this step without the presence of a green light from the government, which should have been calculated because the country's situation is exceptional due to the financial and economic crises and it must be keen to serve the citizen in any decision it takes,” pointing out that “raising the price The exchange caused resentment for the Parliamentary Finance Committee and the rest of the parliament, especially since the exchange rate fluctuation has major economic repercussions on the markets.

In turn, a member of the House of Representatives, Jawad Al-Mousawi, affirmed in a press statement that “fiscal and monetary policy is one of the responsibilities and authority of the government, and the government, according to its vision to address the economic crisis, has raised the exchange rate. "No reduction will be approved or voted on."

In turn, MP Arshad Al-Salihi called on the Iraqi government to “follow effective measures and solutions commensurate with the current circumstances and address the financial crisis by extending control over border crossings, stimulating the economy, encouraging investment and creating job opportunities for the youth and graduates, avoiding unnecessary spending and benefiting from the imports of productive ministries to bypass these The difficult crisis, which is a national challenge for all.

Yesterday, the Minister of Finance, Ali Abdul Amir Allawi, talked about the reasons that led to the increase in the exchange rate, indicating that this step will not affect those with limited income.

Finance Minister Ali Allawi said, in a televised interview with a number of media outlets, that "in the event that the exchange rate is not changed, the Central Bank's reserves will be implemented after 6 months," adding that "Iraq suffers from a high exchange rate for the dollar that weakens the ability of Iraqi goods to compete." .

He pointed out that "reducing the exchange rate encourages the private sector to produce and export," noting that "the exchange rate adjustment is part of reforms for the Iraqi economy within the 2021 budget."

He noted that "the Iraqi product faced a great challenge and inability to compete," noting that "changing the exchange rate helped the rise of Egyptian exports, for example."

He said, "It is not correct that the person with limited income is the most affected by the change of the exchange rate," noting that "the poor groups will not be affected by the change in the exchange rate because the value of housing rent and the food basket will not change unless they buy imported things."

He added that "the most affected are the travelers and those who deal in imported goods."

And that "the poor groups will be supported in the 2021 budget."

Regarding the effects of this change, Allawi indicated that "the positive effect of changing the exchange rate will be through encouraging Iraqi industry and providing job opportunities," adding that "Iraq is a consumer country and we want to change the reality by changing the exchange rate first."

He pointed out, "Iraqi markets are flooded with foreign goods, and policies must be implemented to encourage the local product."

Regarding the trend towards reducing the salaries of employees, the minister said that "employee allocations will be reduced, but they will not affect or affect all employees, and salaries have not been affected," noting that "there are exaggerated allocations for some categories of employees."

He warned that "120% of the budget goes to employees' salaries, and that the cost of retirement will increase by 40% in the 2021 budget

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Demonstrations are expected for Al Shorja traders to denounce the policy of the Central Bank and the Ministry of Finance

https://alahadnews.net/145534/العراق/محليات/

 

dd6be2ebec456484a226a20cc36e9565?s=26&r=Author: AhadNA4 On 12/20/2020 - 8:02 PM 22

On Sunday, a group of Shorja merchants announced the end of their preparations to go out in mass demonstrations against the policies of the Central Bank and the Ministry of Finance.

In an interview followed by Al-Ahed News, merchants said: “The recent decisions of the Central Bank and the Ministry of Finance regarding the reduction of the Iraqi dinar and raising the price of the dollar are a real catastrophe threatening the livelihood and life of the poor class.

They added, "The government is pursuing a policy of fighting the citizen with its floundering decisions, calling on the rest of the market merchants to show solidarity with them in their demonstrations and to come in front of the central bank gate

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Iraq’s central bank devalues national currency

Iraq says devaluation is necessary to overcome economic crisis brought by low oil prices

Ali Jawad   | 20.12.2020
 
Iraq’s central bank devalues national currency
 
 
https://www.aa.com.tr/en/economy/iraq-s-central-bank-devalues-national-currency/2083225

BAGHDAD, Iraq

Iraq's Central Bank has devalued the national currency against the US dollar by almost 20 percent.


The bank said on Sunday that the exchange rate will be set at 1,450 dinars per dollar to the Finance Ministry and at 1,460 to public banks.


Dollar will be sold to the public at 1,470 dinars, the central bank said.


Previously, the dollar was sold for 1,182 Iraqi dinars.


The devaluation came as the Iraqi government faces a financial crisis brought by low oil prices as a result of the coronavirus pandemic.


The Iraqi move to devaluate the currency has sparked public outrage as the devaluation would worsen economic woes for the Iraqi civilians.


Iraq, the world’s third-largest oil exporter, says the devaluation was necessary to overcome the country’s economic crisis.


*Ahmed Asmar contributed to this report from Ankara

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Iraq’ Central Bank holds the Finance ministry responsibility for devaluating the Dinar

Shafaq News / The Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhaif, on Sunday, said that the finance ministry holds the responsibility for lowering the value of dinar by a significant rate, considering the issue directly affected the Iraqi market.

"The Ministry of Finance requested to increase the the exchange rate to dinar against the dollar, which caused market turmoil, but still, the situation is still under control" he said in an interview on Al-Iraqiya channel.

He added, "In 2014, The World Bank had asked Iraq to raise the dollar exchange rate to 1500 dinars."

The governor concluded, "The high exchange rate has an unintended effect on people in poverty whom the Ministry of Finance is responsible for supporting them."

He called on the Ministry of Finance to "enhance the customs and border crossings to secure the more revenues.”  

Iraq’s central bank increased the sale price of U.S. 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.

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. For his part, the head of the State of Law Coalition, Nouri al-Maliki, warned on Sunday of the "serious catastrophic" repercussions threatening the state and society due to the devaluation of the local currency, demanding that the government have a role in protecting the citizen, which will result from this measure.

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.

For its part, Nuri Al-Maliki, the former Iraqi PM said in a tweet that devaluating the Iraqi dinar must take into account the citizens’ economic situation, as this step would self-inflict destructive repercussions on economy. It would be catastrophic, if it is not accompanied with intervention from the government to help people.

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Iraq’s currency devalued amid public outcry

 
Riot police dispatched to protect the central bank before it devalued the Iraqi dinar by 22%.
A file picture shows Iraqi security forces standing near Iraq central bank in Baghdad, Iraq. (AP)
A file picture shows Iraqi security forces standing near Iraq central bank in Baghdad, Iraq. (AP)

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 US 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.”

Liquidity crisis 

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 emphasised 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 towards 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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Sumaisem, “Al Ahed News”: The decrease in the price of the dinar will increase the poverty rate

 
 
f41e43e4dadaad6bbd18f747c6aa496a?s=26&r=Author: ahad6 On 20/12/2020 - 11:42 p.m. 189

 

The economic expert, Salam Sumaisem, confirmed that the new financial policy represented by the decrease in the price of the dinar against the dollar will increase the poverty rate in the country.

"These measures are borne by the Ministry of Finance, and confirm the absence of the economic vision in the country," Sumaisem told Al-Ahed News

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28 minutes ago, 6ly410 said:

Iraq says devaluation is necessary to overcome economic crisis brought by low oil prices

“Overcome” the crisis?? Seems more like they just poured gasoline on the crisis fire! 
I really hope this is just the temporary plan to suck in all the chunky money before the big RV. 
:crossedfingers:

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Iraq's central bank devalues currency by about 23% as anger mounts

 

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 revenue and the coronavirus-induced slowdown, Iraq devalued its currency by about 23 per cent against the US dollar on Saturday, the first time the peg was adjusted since 2015.

The Central Bank of Iraq set the exchange rate at 1,450 dinars per dollar, from a peg of 1,182 dinars, for sales to the finance ministry.

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.

“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.

 

Iraq’s oil exports and revenues increase in October“Fiscal policy lagged behind in performing its roles, and monetary policy was preoccupied with repairing the outputs of confused fiscal policy.”

Under the country’s provisional budget, an allocation of 150 trillion dinars ($103 billion) was earmarked for spending, against expected revenue of 92tn dinars, 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 oil prices.

Even in its “benign scenario”, about 5.5 million Iraqis could be pushed into poverty, the Washington lender said.

Opec’s second-largest producer depends on oil revenue to meet 90 per cent of government expenditure, including $5bn spent on salaries for public servants each month.

Iraq’s economy was forecast to shrink by 12.1 per cent this year before the devaluation, the third-steepest contraction in the Arab world after Lebanon and Libya, according to the International Monetary Fund.

Iraq government spending structure   

Fitch Ratings said last month that a 20 per cent devaluation would increase next year’s budgeted oil revenue in dinar terms by about 6 per cent of gross domestic product.

A weaker dinar also means inflation in the country will rise as the cost of imports increases.

“This could stoke social unrest and place upward pressure on government spending, potentially offsetting the beneficial effect on public finances,” Fitch said.

“The risks to political stability from a large devaluation would be particularly acute, given the weak governance metrics – the lowest of any Fitch-rated sovereign.”

A big burden for the government is the wage bill for public servants, which is about 25 per cent of GDP.

Monetary financing from the central bank increased to 28.5tn dinars by the end of August, from 14.1tn dinars at the end of May, according to the credit rating agency.

The pandemic, lower oil prices and declining revenue forced the finance ministry to borrow from banks to pay salaries and meet other needs, widening the deficit.

However, the ministry was left with little room to manoeuvre after it exhausted its domestic borrowing capacity.

“The subordination of the economic and financial policy to the aspirations of politicians led to Iraq’s recent financial management models and limited the administration’s role to distribute oil resources and life-sustaining requirements such as salaries and operational requirements,” the central bank said.

“The ministry of finance did not take up its leading role and position in economic affairs ... 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.

“But that does not mean that these interventions remain open without controls or ending.”

The central bank said that while it understood the “difficulties” government faces in bringing about structural reforms, this did not prevent the monetary authority from taking effective steps to carry out reforms.

 

The regulator said the legislative authority would “have an important role” in supporting its decision to adjust the exchange rate.

“Failure to take such a decision may force us to take difficult decisions that may put Iraq in a situation similar to what neighbouring countries have been exposed to,” the central bank said.

Lebanon faces its worst economic crisis since 1943 and its currency has lost 80 per cent of its value against the dollar on the black market while inflation has increased to 137 per cent.

A foreign currency crunch in the country resulted in capital controls that prevented depositors from withdrawing their money.

Iraq’s central bank said the depreciation would not be repeated as it would use foreign reserves to defend and stabilise the currency.

The exchange rate had become “a major obstacle” to the growth and development of the economy, the central bank said, prompting it to respond to the requirements of financing the budget at a rate that provides sufficient cover to the government’s needs.

In a separate statement, the ministry of finance said that the devaluation was a political decision made by Iraq’s leadership and supported by political, parliamentary and economic actors who were involved in lengthy discussions with government that resulted in the peg being adjusted.

The country’s finance minister, Ali Allawi, said the move was a “pre-emptive step to avoid [financial] problems” and described the new rate as “reasonable”.

In an interview with the state TV on Saturday, Mr Allawi called the devaluation a “reformative step” to stimulate the economy and private sector as domestic producers had struggled to compete with imports, which had become cheaper.

With additional reporting by Sinan Mahmoud

Updated: December 20, 2020 10:39 PM

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Iraq devalues its currency by approximately 20 pct against dollar as economy unravels

39813892-87bb-4fce-b158-1359ae74dee6_16x
An Iraqi policeman pays for groceries with 10,000-Iraqi dinar banknotes on June 22, 2017, in the capital Baghdad. (AFP)
 
Bloomberg Sunday 20 December 2020
 
 
Iraq devalued its currency by about 20 percent against the dollar 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 world’s third-largest oil exporter is taking the steps to avoid depleting its foreign-currency reserves after the coronavirus sapped demand for energy and caused prices to collapse. The government last month sought upfront payments in exchange for a long-term crude-supply contract to help mitigate its dire financial situation.

“The devaluation was inevitable given the drop in oil prices and the budgetary pressures Iraq is facing.” The government says that this is a one-off and won’t be repeated, but we’ll see if that will be the case. It is also important to watch the popular response to the resulting increase in living costs and the government’s austerity program, Ziad Daoud, chief emerging-markets economist at Bloomberg said.

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. That’s threatening a repeat of the upheaval that last year brought down the government and saw hundreds of protesters killed.

Demonstrators at a rally at Tahrir Square at the end of October bemoaned corrupt politicians, daily power cuts, dilapidated hospitals, crumbling roads and a lack of jobs, and urged the government to ignore OPEC output cuts.

The International Monetary Fund expects Iraq’s economy to shrink 12 percent this year, more than that of any other OPEC member under a production quota, and that its budget deficit will reach 22 percent of gross domestic product.

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On 12/19/2020 at 8:53 AM, currenzcraze said:

This is the wrong direction.  It will create inflation.  The Iraqi’s will need to work two years to buy a loaf of bread.  Iraq is about to have a bunch of pissed of citizens.

 

On 12/19/2020 at 8:54 AM, davis411 said:

Fully agree

much more to this

 

thanks for bringing

It will all work out. This actually works in our favor. Look at Adam's recent weekly update.

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1 hour ago, Dinarrock said:

It’s almost laughable from the original poster that asked this. Let me explain it, NO One can exchange anywhere other then inside Iraq period since Iraq is not internationally traded not sure why this question was even asked but it shows the lack of understanding of this investment by so many!! The only way to sell any dinar that you have is either to advertise here on DV, sell it on EBay or have a dinar dealer buy it back from you that’s it all of which will be higher then the 1460 current exchange rate.

You contradict yourself in your own post. First you state that no one can exchange anywhere other than inside of Iraq, period. Then you state that dinar may be bought and sold by a dinar dealer. That is an exchange by definition of an exchange. 

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Al-Sari: The criteria set by the central bank governor set the country in financial crises
 

Deputy Chairman of the Parliamentary Finance Committee, Head of the Parliamentary Wisdom Bloc, Faleh Al-Sari for the Euphrates: the
criteria set by the Governor of the Central Bank and the country set with financial crises
Deputy Chairman of the Parliamentary Finance Committee, Head of the Parliamentary Wisdom Bloc, Faleh Al-Sari for the Euphrates: The
criteria set by the Governor of the Central Bank and the country set financial crises
We have objections And criticisms of the choice of the central bank governor and his performance
, the central bank governor’s answers were not feasible with regard to raising the exchange rate,
any economic reform with pains and pains,
the central bank’s procedure is difficult, but it must be determined with timing.

 


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7 minutes ago, Theseus said:

You contradict yourself in your own post. First you state that no one can exchange anywhere other than inside of Iraq, period. Then you state that dinar may be bought and sold by a dinar dealer. That is an exchange by definition of an exchange. 

Yes I guess in a way that’s a correct statement but I view the exchange is only being able to go into a bank an exchange which takes an international traded currency which I guess I shouldn’t have assumed the “intent” of the original poster! Only inside of Iraq can anyone truly exchange the dinar for the dollar you cannot do that here in America or anywhere else. No matter what the exchange rate is 1190 or now 1460 anyone outside of Iraq has always had the same options which is Only to Sell their currency either on eBay or back to a dealer or privately. The exchange also assumes by definition of exchanging in at the current rate of 1460 which only can be done inside of Iraq you cannot exchange anywhere outside of Iraq because it’s not internationally traded that was my point! 

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website.jpg.6e41246cb3415024a78a7e7eb155f650.jpg

Bloomberg: Lowering the Iraqi dinar against the dollar is a well-deserved action ... the popular response to the upcoming increase in the cost of living must be monitored

Baghdad / Obelisk: Bloomberg Economic Agency described, on Sunday, December 20, 2020, the decision of the Central Bank of Iraq, which was issued on Saturday 19 December 2020, which includes adjusting the exchange rate of the US dollar against the Iraqi dinar, as a reduction due to the value of the national currency by about 20 percent against the dollar, It came to avoid depleting countries' foreign currency reserves, after the Corona virus drained energy demand and caused prices to collapse.

The agency said that this measure, the first of its kind since 2003, was an inevitable devaluation of the dinar due to the low oil prices and budgetary pressures facing Iraq.

The government has pledged that this reduction will be one-time and will not be repeated, but the Bloomberg report warned of the importance of monitoring the public response to the upcoming increase in the cost of living and the government's austerity program.

The central bank statement had announced a reduction in the price of buying foreign currency from the Ministry of Finance from about 1190 dinars per dollar, to 1450 dinars, while the selling price of foreign currency to banks became 1460 dinars per dollar, and 1470 dinars per dollar the price of selling foreign currency to the public.

In turn, the Iraqi Ministry of Finance said that adjusting the exchange rate is a political decision of the Iraqi leadership, and it is a decision that enjoys the support of political and parliamentary forces and economic actors that have participated with the government in lengthy discussions to reach this measure, in addition to the competent international bodies, including the International Monetary Fund.

The International Monetary Fund expects that the Iraqi economy will contract by 12% this year, and that its budget deficit will reach 22% of GDP.

 

Follow the obelisk - agencies

 

 
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2 hours ago, KDuesing said:

Let me just say that if your still in this after all these years you should be well grounded by now and nothing they do to try to trick you into selling your Dinars should work on you.

 

January 1st is getting close lets see what happens then because anything they do now means nothing to me.

Personally I want it to happen yesterday but if it doesn't happen Jan 1st or for another 5 years I am not parting with my dinars until I hand it to a banker and they are fattening my account.

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I have a good explanation for this move lets see if anyone agrees.

The good old saying the rich get richer.

 

Lets just say that if something were really going to change wouldn't you like to have a few weeks to stock up on more dinar at a lower rate just before the end? I cant buy it here in the USA its mostly out of stock and selling for twice as much as I paid, but certain people in Iraq can get it easy enough. 

 

I also notice they are doing the opposite on everything now, dropping the rate and doubling the currency auctions I'm getting excited.

 

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