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Iraqi Finance announces new developments in the dinar exchange rate


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  •  Time: 01/08/2021 09:52:18
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Finance issues a statement on the effects of adjusting the dollar exchange rate
  
{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

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Editing date: 01/8/2021 13:02 • 94 read times
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[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."
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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.”

 

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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 !!

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".....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. 

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Finance: Supportive measures to adjust the exchange rate

 
 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 ”.
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“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....

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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?

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The Financial Committee clarifies regarding the first reading of the draft budget and the change of the dollar price

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3 minutes ago

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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."

 
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