Popular Post yota691 Posted January 8, 2021 Popular Post Report Share Posted January 8, 2021 Iraqi Finance announces new developments in the dinar exchange rate 2021-01-08 02:00 Shafaq News / The Ministry of Finance promised on Friday to make an adjustment to the exchange rate of the foreign currency against the Iraqi dinar, after the decision taken by the Central Bank to reduce the value of the local currency and increase the prices of imported goods and goods in the country. The ministry said in a statement received by Shafaq News that it is fully aware that there are a number of supportive measures that must be taken to increase the positive effects of adjusting the exchange rate. The Ministry of Finance was unable to do this publicly due to the sensitivity of the issue and because the budget must first be approved by the Council of Ministers. And she continued that she led extensive discussions in the past weeks after the budget was approved by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government. She added that these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sectors, where the Ministry of Finance will develop a detailed policy program designed to increase the benefits from adjusting the exchange rate. In its statement, the ministry expressed its hope that these measures will coincide with discussions within the House of Representatives on the budget. The statement indicated that "the main policy measures to protect the poor and vulnerable have been included in the budget and discussed in the minister's statement regarding the budget." The Central Bank of Iraq had decided to raise the price of selling 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. Iraq relies on 90% of its income on oil revenues, and the last time it devalued the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past. The central bank inaugurated its decision regarding the new pricing for selling the dollar in the auction for the currency on the 20th of last December, and since then, the bank has witnessed a decline in currency sales. Iraq is under great pressure under the weight of the worst economic crisis it has witnessed since 2003 until now due to the low oil prices and the outbreak of the Corona virus. 2 8 7 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 8, 2021 Author Report Share Posted January 8, 2021 Finance issues a statement on the effects of adjusting the dollar exchange rate Time: 01/08/2021 09:52:18 Read: 8,190 times {Baghdad: Al Furat News} The Ministry of Finance issued a statement on the measures supporting the increase in the positive effects of adjusting the exchange rate of the dollar against the Iraqi dinar. "The Ministry of Finance is fully aware that there are a number of supportive measures that must be taken to increase the positive effects of adjusting the exchange rate. The Ministry of Finance has not been able to do so publicly due to the sensitivity of the issue and because the budget must be approved first," said her statement. By the cabinet. " He added, "The Ministry of Finance has led extensive discussions in the past weeks after the approval of the budget by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government, and these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sector, where the Ministry of Finance will develop its policy program Detailed designed to maximize the benefits of an exchange rate adjustment. " The Ministry of Finance hopes that "these measures coincide with discussions within the House of Representatives on the budget." She pointed out, "The main policy measures to protect the poor and vulnerable have been included in the budget and discussed in the minister's statement regarding the budget." The Central Bank of Iraq decided on the 19 of last month to raise the exchange rate of the dollar against the dinar with the support of the Ministry of Finance, and it became official: 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 is the selling price of foreign currency to the public. Ammar Al-Masoudi 7 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 8, 2021 Author Report Share Posted January 8, 2021 New statement from Finance regarding the adjustment of the dollar exchange rate Editing date: 01/8/2021 13:02 • 94 read times http://www.alliraqnews.com/uploads/news/image/medium/story_img_5ff82dd157d54.jpg [Baghdad-Where] On Friday, the Ministry of Finance issued a new statement regarding the measures supporting the increase in the positive effects of adjusting the exchange rate of the dollar against the Iraqi dinar. The ministry said in a statement. She is "fully aware that there are a number of supportive measures that need to be taken to increase the positive effects of adjusting the exchange rate. The Ministry of Finance has not been able to do so publicly due to the sensitivity of the issue and because the budget must first be approved by the Council of Ministers." She added that she "led extensive discussions in the past weeks after the approval of the budget by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government. These discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sector, where the Ministry of Finance will develop its policy program." Detailed designed to maximize the benefits of an exchange rate adjustment. " She indicated, "She hopes that these procedures will coincide with discussions within the House of Representatives on the budget. It should be noted that the main policy measures to protect the poor and the vulnerable have been included in the budget and discussed in the minister's statement regarding the budget." 9 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 8, 2021 Author Report Share Posted January 8, 2021 New statement from Finance related to exchange rate adjustment 01/08/2021 1772 Baghdad / Al-Mawred News Today, Friday, the Ministry of Finance issued a statement on "measures in support of increasing the positive effects" of adjusting the exchange rate of the dollar against the dinar, indicating that a meeting will be held next week to set a detailed program for "increasing interest" from adjusting the price. In a statement, the ministry said, "It is fully aware that there are a number of supportive measures that need to be taken to increase the positive effects of adjusting the exchange rate. The Ministry of Finance has not been able to do so publicly due to the sensitivity of the issue and because the budget must be approved first by the Council of Ministers." She added, "She led extensive discussions in the past weeks after the approval of the budget by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government, and these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sector, where the Ministry of Finance will develop its policy program." Detailed designed to maximize the benefits of an exchange rate adjustment. " The Finance Ministry expressed its hope that “these procedures coincide with discussions within the House of Representatives on the budget,” noting at the same time that “the main policy measures to protect the poor and the vulnerable have been included in the budget and discussed in the minister's statement regarding the budget.” 1 1 11 Quote Link to comment Share on other sites More sharing options...
yusofsabri Posted January 8, 2021 Report Share Posted January 8, 2021 Sounds good. Thanks Yota. 1 2 Quote Link to comment Share on other sites More sharing options...
WISKY291 Posted January 8, 2021 Report Share Posted January 8, 2021 Good news, thanks Yota... 1 1 Quote Link to comment Share on other sites More sharing options...
trident Posted January 8, 2021 Report Share Posted January 8, 2021 2 hours ago, yota691 said: the follow-up to adjusting the exchange rate with many parties inside and outside the government 2 hours ago, yota691 said: designed to maximize the benefits of an exchange rate adjustment. " I like these phrases !! 3 4 Quote Link to comment Share on other sites More sharing options...
Dinarrock Posted January 8, 2021 Report Share Posted January 8, 2021 Wow lots of news about the exchange rate sure hope we see an RV soon! 1 1 4 Quote Link to comment Share on other sites More sharing options...
Popular Post boosterbglee Posted January 8, 2021 Popular Post Report Share Posted January 8, 2021 They have studied this subject, talked about it for how many years......... JUST DO SOMETHING! 7 2 4 10 2 Quote Link to comment Share on other sites More sharing options...
Laid Back Posted January 8, 2021 Report Share Posted January 8, 2021 We know the actual rate of 1460 is temporary. Go RV in 2021 3 6 4 Quote Link to comment Share on other sites More sharing options...
ididitfirst Posted January 8, 2021 Report Share Posted January 8, 2021 i am cautiously optimistic. please let is be so. 1 Quote Link to comment Share on other sites More sharing options...
8th ID Posted January 8, 2021 Report Share Posted January 8, 2021 They just need to git'er done!!! 1 2 Quote Link to comment Share on other sites More sharing options...
Half Crazy Runner Posted January 8, 2021 Report Share Posted January 8, 2021 With all the political 💩 going on right now, I could really use some positive dinar news!! 😩 4 5 Quote Link to comment Share on other sites More sharing options...
Sage449 Posted January 8, 2021 Report Share Posted January 8, 2021 ".....and she continued that she led extensive discussions in the past weeks after the budget was approved by the Council of Ministers regarding the follow-up to adjusting the exchange rate with many parties inside and outside the government. She added that these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sectors, where the Ministry of Finance will develop a detailed policy program designed to increase the benefits from adjusting the exchange rate." I like her need to discuss both inside & outside the government plus discussing with main economic actors both public & private. Here's hoping this is the RV we've been seeking, waiting for given who's involved in the discussions. 3 3 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 9, 2021 Author Report Share Posted January 9, 2021 Finance: Supportive measures to adjust the exchange rate Saturday 09 January 2021 7 Baghdad: Morning Yesterday, Friday, the Ministry of Finance issued a statement regarding the measures supportive of increasing the positive effects of adjusting the exchange rate, at a time when this price reached 144 thousand and 750 dinars per hundred dollars in the currency markets across all governorates of Iraq. Absolutely that there are a number of supportive measures that must be taken to increase the positive effects of adjusting the exchange rate, ”explaining that“ the Ministry of Finance was unable to do so, publicly, due to the sensitivity of the issue, and because the budget must be approved, first by the Council of Ministers. ” The central bank decided late last year to amend the exchange rate of the dollar in the Ministry of Finance to 1450 dinars per US dollar, as the price of buying foreign currency from the ministry, and 1460 dinars per dollar, the price of selling foreign currency to banks, and 1470 dinars per dollar the price of selling foreign currency to the public, stressing At the time, the devaluation of the dinar will be one-time only and will not be repeated, and he will defend this price and its stability with the support of its foreign reserves, which are still at solid levels that enable him to do so. The statement added that "the Ministry of Finance has led extensive discussions in the past weeks after the approval of the budget by the Council of Ministers regarding the follow-up to adjusting the exchange rate, with several parties inside and outside the government, and these discussions will culminate next week with a proposed expanded meeting with the main economic actors from the public and private sectors." Until “the ministry will develop its detailed policy program designed to maximize the benefits from adjusting the exchange rate. He added that “the Ministry of Finance hopes that these procedures will coincide with discussions within the House of Representatives regarding the budget,” and pointed out that “the main policy measures to protect the poor and the vulnerable have been included in the budget and discussed in the minister's statement regarding the budget. Budget ”. 5 2 Quote Link to comment Share on other sites More sharing options...
Wiljor Posted January 9, 2021 Report Share Posted January 9, 2021 “Ministry of Finance has led extensive discussions in the past weeks after the approval of the budget by the Council of Ministers regarding the follow-up to adjusting the exchange rate, with several parties inside and outside the government, and these discussions will culminate next week” More details of the exchange rate to be followed up next week. 🤔 There has been many articles as of late regarding the elusive exchange rate, yes we know it has been adjusted to the down side, but it doesn’t end there, as it should, if..... it was the end of the story. Daily we are seeing these articles, IMO this is all part of the grand plan to bring the IQD to its true value and Iraq to the worlds stage. It just doesn’t make any sense to make an already almost worthless currency, more worthless, does it? When they have massive oil reserves, huge mineral deposits, massive natural gas reserves and, If I remember, over 90 tons of gold reserves 🤷 The current value of the IQD is way way below its true value, and for an easy transition to it’s truer rate of 1:1 would make sense. The IQD coming out in the beginning perhaps around .10 cents has merit, with a climb over time to 1:1 highly plausible. In the meantime, they will keep the people confused and the investors guessing..... We patiently wait.... 4 1 11 1 Quote Link to comment Share on other sites More sharing options...
rvmydinar Posted January 9, 2021 Report Share Posted January 9, 2021 10 hours ago, boosterbglee said: They have studied this subject, talked about it for how many years......... JUST DO SOMETHING! exactly. now since the price of imported goods are very expensive in iraq and the cbi and minister of finance should rv the iqd at 1:1 to make all imported goods very very cheap. for example, if bag of rice costs 50usd in the us, then when the rate 1 usd : 1460 iqd, then bag of rice in iraq=50usd x 1460=73,000 iqd. on the other hand, when the rate is 1:1, then bag of rice is only 50usd x 1= 50 iqd only. it is very cheap, isn"t it folks. and the dinar investors are also very happy when the rate is 1 : 1. now we just wait for cbi and minister of finance do something quickly. come on cbi and minister of finance, what are you waiting for? what takes you so long to rv the iqd? 2 1 2 Quote Link to comment Share on other sites More sharing options...
screwball Posted January 9, 2021 Report Share Posted January 9, 2021 After Monday will do I have a transfer in progress Quote Link to comment Share on other sites More sharing options...
NoviceInvestor Posted January 9, 2021 Report Share Posted January 9, 2021 13 hours ago, boosterbglee said: They have studied this subject, talked about it for how many years......... JUST DO SOMETHING! I guess we shouldn’t despair because at least they are discussing it again..🙏 1 1 Quote Link to comment Share on other sites More sharing options...
yota691 Posted January 9, 2021 Author Report Share Posted January 9, 2021 The Financial Committee clarifies regarding the first reading of the draft budget and the change of the dollar price 3 minutes ago 56 views A member of the Finance Committee, Ahmed Hajj Rashid, confirmed, Saturday, that the House of Representatives will make the first reading of the draft general budget for 2021 this evening, and that no decision will be taken regarding the exchange rate of the dollar against the Iraqi dinar. In a statement to NRT Arabia, Rashid said today (January 9, 2021) that "the parliament session will start at five o'clock this evening, Baghdad time." Rashid added, in a post on Facebook, "The parliament session will be limited to reading the budget bill, and no decision will be taken on changing the exchange rate of the dollar against the dinar." He explained, "The House of Representatives cannot make any changes regarding what is stated in the draft budget to determine the exchange rate of the $ 100 paper at 145,000 thousand dinars and the price of a barrel of crude oil at $ 42." He continued, "Reducing the exchange rate of the dinar against the dollar provides the government with about 23 trillion dinars, and it is not in the government's interest to raise the exchange rate of the dinar." He pointed out that "any change in the exchange rate of the dollar and oil will undermine the draft budget law and increase the financial deficit, and the government cannot address it." And, "What is happening in the local markets is the attempt of some, to carry out speculation to undermine the stability of the dinar." He also said, "The Central Bank is now selling the $ 100 note for 145,000 thousand dinars for the government, and any change in the dollar exchange rate will lead to a major crisis in the local markets, so it is very difficult to adjust the exchange rate of the dollar against the dinar at the present time." 3 1 5 Quote Link to comment Share on other sites More sharing options...
boosterbglee Posted January 9, 2021 Report Share Posted January 9, 2021 Just need some good news for once, is that too much to ask? 5 2 3 Quote Link to comment Share on other sites More sharing options...
utah rock Posted January 9, 2021 Report Share Posted January 9, 2021 1 hour ago, boosterbglee said: Just need some good news for once, is that too much to ask? Got some for ya, you woke up this morning, your still alive! GO RV!!! 1 3 Quote Link to comment Share on other sites More sharing options...
boosterbglee Posted January 9, 2021 Report Share Posted January 9, 2021 I feel better already....😊 2 2 Quote Link to comment Share on other sites More sharing options...
jmartin1145 Posted January 10, 2021 Report Share Posted January 10, 2021 6 hours ago, utah rock said: Got some for ya, you woke up this morning, your still alive! GO RV!!! And tell me how I would feel if I didnt wake up. Quote Link to comment Share on other sites More sharing options...
utah rock Posted January 10, 2021 Report Share Posted January 10, 2021 23 minutes ago, jmartin1145 said: And tell me how I would feel if I didnt wake up. Can’t, but you will find out soon enough and that’s the point! Quote Link to comment Share on other sites More sharing options...
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