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Stay tuned for a new manipulation of the dollar’s ​​price .. a decision that will produce losers and winners in the Iraqi street


yota691
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Stay tuned for a new manipulation of the dollar’s price .. a decision that will produce losers and winners in the Iraqi street

Stay tuned for a new manipulation of the dollar’s price .. a decision that will produce losers and winners in the Iraqi street

 
 
A surprise that may happen within 30 days (Getty)

 

Ultra Iraq Editorial Team

The Iraqi street is living in a period of instability and looking for new changes in the country at the level of the exchange rates of the dollar against the Iraqi dinar, in a new shock that may cause sudden confusion while the markets try to absorb the previous shock of raising the price of the dollar against the value of the Iraqi dinar late last year.

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The economic expert, Manar Al-Obaidi, said that any change in the exchange rate in the near future will have major repercussions, including the loss of confidence in the Iraqi economy.

During the previous days, a wave of parliamentary calls and government rejection intensified about the possibility of restoring the previous exchange rate of the dollar against the Iraqi dinar of 120 thousand dinars per hundred dollars, or choosing a compromise solution represented by adjusting the exchange rate in the budget by 1,300 dinars per dollar, after the rise in oil prices and achieving financial profits that spend On the financial deficit, which negates the need to continue the government move to reduce the value of the Iraqi dinar and its consequences on the Iraqi street, which has begun to turn into a new stumbling block in the road to the 2021 budget.

 

While the Finance Committee denies the existence of powers for the possibility of manipulating the exchange rate in parliament and considers it a governmental order taken by the Ministry of Finance and the Central Bank, other parliamentary bodies have hinted that they can go to amend the Central Bank Law if necessary, in order to go to amend the exchange rate in Parliament. 

New recommendations within 30 days

And while the governmental and parliamentary bickering in this regard intensified, the Ministry of Planning gave new hope and a possible possibility to re-change the exchange rate, when it announced in a statement that "Ultra Iraq" received a copy of it, holding the first meeting of the committee to study the effects of changing the exchange rate, and talking about recommendations that will be issued after 30 days.

The Ministry of Planning said in its statement that "the committee formed according to Cabinet Resolution No. 63 of 2021, which will study the consequences of changing the currency exchange rate, held its first meeting at the Ministry of Planning," noting that "this committee was formed to study the implications of changing the currency." The exchange rate of the dollar against the dinar, and the suggestion of the required solutions, as far as the matter is related to investment projects, "while noting that" the committee's work period will be one month, and after that it submits its recommendations to the Council of Ministers for decision. "

A new jolt in the Iraqi market

For his part, the economist, Manar Al-Obeidi, highlighted the great consequences that any new manipulation of the hard currency rate will cause in Iraq.

Al-Obeidi said in a clarification received by "Ultra Iraq", "There are a lot of discussions these days regarding reviewing the exchange rate and whether it will be changed or not and return it to 1200 dinars per dollar," noting that "any change in the exchange rate in the near future will have repercussions." Major, including the loss of confidence in the Iraqi economy. "

He added that "the exchange rate was under pressure from the World Bank and the international bodies supporting Iraq, and the process of returning the price will lead to a reduction in support from these parties," noting that "even with a change in exchange rates, most of the materials will not return to their normal prices directly, but rather a period of time will prevail." The lack of confidence in the Iraqi market will cause importers to maintain a high exchange rate for fear of a return to its rise. "

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The General Coordinator of the Iraqi Economists Network believes that changing the exchange rate has resulted in a significant redistribution of wealth that is difficult to scientifically calculate its size.

Al-Obaidi considered that "the government should take advantage of the currently high price of oil to start building strategic industrial projects capable of providing raw materials for manufacturing industries, which will support the provision of a local product capable of providing various products to the Iraqi market," indicating that "if the price must be changed Exchange, so it is better to move towards floating the dollar instead of the policy of controlling the exchange rate and depleting hard currency to maintain a stable exchange rate.

Losers and winners in the Iraqi street

For his part, points out the General Coordinator of the Iraqi Economists Network, bright an inch, that "changing the exchange rate has brought about a major redistribution of wealth, whose size is difficult to scientifically calculate."

 

In an interview with Ultra Iraq, inch added, "It is expected that the re-introduction of the previous exchange rate will cause the redistribution of wealth in favor of those who own the Iraqi dinar, while the devaluation of the Iraqi dinar was in favor of the owners of the physical assets and the US dollar."

And he indicated that "whoever does not own any assets, dinars or dollars will lose again."

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A deputy waving to amend the Central Bank Law in the event of "insisting" on raising the exchange rate of the dollar

07-03-2021
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Dollar - Iraqi dinars

 

Rudaw Digital,

an MP for the National Approach bloc, Hussein Al- Oqabi, hinted to amend the Central Bank Law in case the government and the bank management insist on raising the dollar exchange rate.

In a press statement, Rudaw Media Network received a copy of it, Al-Aqabi said, "With the rise in crude oil prices and growing oil revenues, Minister of Finance Ali Abdul Amir Allawi is still insisting on raising the price of the dollar and restricting Iraqi citizens, especially those with limited income, with completely rejected justifications."

According to a punitive statement, he followed "with great astonishment the minister's statements regarding the inability to change the dollar’s exchange rate because it is a reasonable price, and that the decision was taken in consultation with the Central Bank, the International Monetary Fund and the political blocs, and that the markets accepted it and the government will work to compensate the contractors affected by it."

The deputy asked: Does the Minister of Finance live in Iraq or in another country ?, adding that he “is not aware of the extent of the harm suffered by the Iraqi citizen as a result of this ill-considered decision that led to an insane increase in the prices of consumer goods - even locally produced - by more than 30 %, Which added another burden on the shoulders of the Iraqi family, and constituted a great pressure on the living situation of the simple citizen and caused a clear confusion in the market.

Al-Uqabi considered that "the Iraqi economy has been mortgaged by the dictates of the International Monetary Fund and the response of the political blocs in force to these dictates represents a dangerous turning point that affects the future of the country and puts its capabilities and wealth in the hands of foreign decisions that are the last thought of the interests of the country and its people."

The deputy called for "restoring the exchange rate of the dollar to what it was previously," stressing that "the legislative authority is the final word on all issues related to matters of conducting financial matters through legal legislation inside the parliament."

And he believed that although the increase in the dollar exchange rate "came by a decision from the central bank and with governmental and external influence, it is possible to correct the decision by the legislative authority, even if the matter necessitates amending the central bank law."

The deputy held the Iraqi parliament "moral and constitutional responsibility in this direction and work to correct the equation and look at the extent of injustice and damage to the simple citizen and return the price of the dollar to the old price and reject government decisions that did not take into account the damage and injustice to the simple citizen as it dealt with great care with contractors who were affected by it." This decision".

The representative of the National Approach bloc, Hussein Al-Oqabi, addressed the Public Prosecutor, calling on him to "strive to hold government agencies accountable that caused the waste of nearly one trillion dinars of public money in the period that accompanied the decision to change the dollar exchange rate and the major theft and tampering with the capabilities of the people in the foreign currency auction." By executive bodies and parasitic banks, which are accused of being linked to the same political blocs that adopted and supported the decision.

On December 20, Iraq decided to reduce the value of the dinar against the dollar to 1460 instead of 1184, to contain the financial crisis, but the decision caused stagnation in the economic movement and an increase in commodity prices in the local markets.

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5 hours ago, yota691 said:

indicating that "if the price must be changed Exchange, so it is better to move towards floating the dollar instead of the policy of controlling the exchange rate and depleting hard currency to maintain a stable exchange rate.

Losers and winners in the Iraqi street

 

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5 hours ago, yota691 said:
A surprise that may happen within 30 days (Getty)

1.) in a new shock that may cause sudden confusion 

2.) Losers and winners in the Iraqi street

"whoever does not own any assets, dinars or dollars will lose again."

We all love a surprise and 30 days are a long wait. We don't mind waiting 30 days. Hopefully, no more talks talks talks BS and no more delays. Just get it done immediately.

1.) Usually the word " a shock " implies to something big ( a big increase ) 4about to happen. If the rate increase from 1460 to 1200, this isn't a shock because it is only a very small increase and this isn't what we want it. If the rate increases from 1460 to $3.22, then this is a shock= a big increase and this rate is what we want it.

2.) Thanks god. We all own dinars right, so we all are winners, not losers.

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1 hour ago, rvmydinar said:

We all love a surprise and 30 days are a long wait. We don't mind waiting 30 days. Hopefully, no more talks talks talks BS and no more delays. Just get it done immediately.

1.) Usually the word " a shock " implies to something big ( a big increase ) 4about to happen. If the rate increase from 1460 to 1200, this isn't a shock because it is only a very small increase and this isn't what we want it. If the rate increases from 1460 to $3.22, then this is a shock= a big increase and this rate is what we want it.

2.) Thanks god. We all own dinars right, so we all are winners, not losers.

Sorry. What i mean is " 30 days are not a long wait ".

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54 minutes ago, rvmydinar said:

Sorry. What i mean is " 30 days are not a long wait ".

Article 103 First
The Central Bank of Iraq, the Board of Supreme Audit, the Communication and Media Commission, and the Endowment Commissions are financially and administratively independent institutions, and the work of each of these institutions shall be regulated by law.

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8 hours ago, yota691 said:

other parliamentary bodies have hinted that they can go to amend the Central Bank Law if necessary, in order to go to amend the exchange rate in Parliament. 

Are they are saying parliament can change the law and take control of the dinar exchange rate away from the CBI?  If their idea is to raise the rate to at least 1:1, I’m all for it. 

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restoring the previous exchange rate of the dollar against the Iraqi dinar of 120 thousand dinars per hundred dollars, or choosing a compromise solution represented by adjusting the exchange rate in the budget by 1,300 dinars per dollar, 

 

 

What a deal. Sounds like they want to stick to the rate where their money is worthless. And dont say smoke and mirrors.  

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1 hour ago, Wheelman said:

Article 103 First
The Central Bank of Iraq, the Board of Supreme Audit, the Communication and Media Commission, and the Endowment Commissions are financially and administratively independent institutions, and the work of each of these institutions shall be regulated by law.

So the cbi is the only institution that has the authority to determine the rate and announce the rv to the publics. The question is when will the cbi change the rate from 1460 to $3.22? S**N? Or C****R?

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24 minutes ago, Engine1 said:

restoring the previous exchange rate of the dollar against the Iraqi dinar of 120 thousand dinars per hundred dollars, or choosing a compromise solution represented by adjusting the exchange rate in the budget by 1,300 dinars per dollar, 

 

 

What a deal. Sounds like they want to stick to the rate where their money is worthless. And dont say smoke and mirrors.  

Don't believe what they said because they mostly only talk talk talk BS & lies and like to " delay and delay " all the time. They said many times about returning to previous rate 1,300 or 1,200, this is all BS and i bet they will never dare to do it.

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40 minutes ago, AU Geezer 11 said:

Gesara/Nesara is the new financial system that is about to be enabled. It will be replacing the Federal Reserve system.

You got proof of this happening and a post you can provide with the rates? We want to see what you are seeing because this has been talked about for YEARS and hasn’t happened yet. 

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