Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Parliamentary Finance and the Central Bank take an important step regarding changing the dollar exchange rate


yota691
 Share

Recommended Posts

 
 Baghdad: morning
 
The Central Bank of Iraq launched an initiative worth 5 trillion dinars, in addition to contributing to moving the housing sector to complete the residential complexes that were suspended, as well as the imminent issuance of bonds that enable citizens to invest their money. The Parliamentary Finance Committee stated, in a statement, that it "hosted, headed by the Chairman of the Committee, Representative Haitham Al-Jubouri, and in the presence of its members and a number of members of other parliamentary committees, the Governor of the Central Bank, Mustafa Ghaleb Mikhaif, and the Deputy Governor Ammar Hamad Khalaf."
The statement added, "The periodic meeting that took place at the committee's headquarters discussed the steps that the Central Bank promised to implement to reduce the repercussions of changing the exchange rate and its implications, and the issue of selling the currency and confronting the process of its depletion and ways to preserve and invest it properly."
He pointed out that "the committee discussed the projects, plans and loans that the bank promised to implement after changing the currency exchange rate," stressing "the need to adhere to those promises and the speed of their implementation, in particular those that contribute to the employment of unemployed youth and support the housing, industry and agriculture sectors, support the local product and ease restrictions and routine procedures on them." ". He continued, "The committee discussed the issue of electronic connectivity between the ministries of commerce and finance and the customs and tax authorities with the Central Bank, as well as the automation of procedures at border crossings," stressing "the need for the government to fulfill its duty towards this as indicated by the Finance Committee and the House of Representatives through the Budget Law for 2021."
The committee called on the Central Bank to "take the strongest and strict measures against banks that violate regulations," renewing "its support for the bank in this regard, as the current period requires concerted efforts among all authorities."
The committee was directed to host the Minister of Finance to discuss what was proposed in the hosting and to discuss a number of issues that concern the economic reality of the country.
For his part, the Governor of the Central Bank provided a clarification on what the bank has taken and the steps it seeks to take to reduce the negative effects of changing the exchange rate.
  • Thanks 3
  • Haha 1
  • Upvote 1
Link to comment
Share on other sites

 
  •  
 2021-06-25 08:06
 

Shafaq News/ The Parliamentary Finance Committee considered, on Friday, that the decline in the dollar exchange rate against the dinar does not mean its return to the previous rate.

Committee member Jamal Kougar told Shafak News Agency; Last week, the Parliamentary Finance Committee hosted the Governor of the Central Bank, Mustafa Ghaleb, and discussed the steps that the bank promised to implement to reduce the repercussions of changing the currency exchange rate and its implications.

He added, "The decline in the exchange rate of the dollar against the dinar and the rise in oil prices does not mean the return of the exchange rate of 100 dollars to 118 thousand dinars."

Cougar continued; For "all the meetings and discussions that took place recently will not work without a decision issued by the government, the Ministry of Finance and the Central Bank to restore the exchange rate of the dollar to the previous one."

  • Thanks 8
  • Haha 1
  • Upvote 1
Link to comment
Share on other sites

CBI is selling around $200 millions in the daily currency, to cover imports, to fight inflation and to maintain the actual exchange rate of 1460.

 

We are taking 1 billion dollars a week from the foreign currency reserves.

 

This put an enormous pressure on the CBI, they know they have to do something about the exchange soon. They don’t want to deplete 

the foreign currency reserves.

 

Go new monetary policy 

Go RV

Go $1:1

  • Like 2
  • Upvote 5
  • Pow! 5
Link to comment
Share on other sites

1 minute ago, Laid Back said:

CBI is selling around $200 millions in the daily currency auctions, to cover imports, to fight inflation and to maintain the actual exchange rate of 1460.

 

We are taking 1 billion dollars a week from the foreign currency reserves.

 

This put an enormous pressure on the CBI, they know they have to do something about the exchange rate soon. They don’t want to deplete 

the foreign currency reserves.

 

Go new monetary policy 

Go RV

Go $1:1

 

  • Pow! 3
Link to comment
Share on other sites

5 hours ago, Laid Back said:

Thanks WhereismyRV 👍🏼😀

With all the latest articles talking about the exchange rate and delete of zeros, I believe they finally are planning to do something about it.

 

Go new monetary policy 

Go delete of the Zeros

Go RV

Go $1:1

I believe you are correct 

  • Like 1
  • Thanks 1
Link to comment
Share on other sites

2 hours ago, rvmydinar said:

Me too. But who can push the cbi to rv at at higher rate? 

Nobody really I don't think. Look how many times we have see or heard of articles where the 3 letter agencies have supposedly told them to raise the rate and they haven't. If it came in around 50 pence or 1 pound I would cash enough to keep me going a wee while till it rises.

  • Pow! 1
Link to comment
Share on other sites

1 hour ago, BETTYBOOP said:

If it came in around 50 pence or 1 pound I would cash enough to keep me going a wee while till it rises.

Me too, but Most iraqi politicians are corrupt because they think corruption is the easiest way to make them very wealthy without revaluing the dinar. And it seems they don't even care about the poor lives of ordinary iraqi citizens because the price of goods are pricey ( because of devaluation from 1190 to 1460 ).

  • Thanks 1
  • Upvote 1
Link to comment
Share on other sites

6 minutes ago, rvmydinar said:

Me too, but Most iraqi politicians are corrupt because they think corruption is the easiest way to make them very wealthy without revaluing the dinar. And it seems they don't even care about the poor lives of ordinary iraqi citizens because the price of goods are pricey ( because of devaluation from 1190 to 1460 ).

Most politicians are corrupt...Iraq are not different Kuwait same Democrats the same ALL. 

  • Upvote 1
Link to comment
Share on other sites

1 hour ago, BETTYBOOP said:

Nobody really I don't think. Look how many times we have see or heard of articles where the 3 letter agencies have supposedly told them to raise the rate and they haven't. If it came in around 50 pence or 1 pound I would cash enough to keep me going a wee while till it rises.

Yes good idea cash in what you need and what you have too if no need then sit and hold all depends on their requirements 

  • Upvote 1
Link to comment
Share on other sites

1 hour ago, screwball said:

Yes good idea cash in what you need and what you have too if no need then sit and hold all depends on their requirements 

Yes I think that is the more sensible plan. The CBI did say several years ago that the 3 zero notes would continue to exist with the lower denominations for 10 years. However, I don't think they will give us 10 years

  • Upvote 1
Link to comment
Share on other sites

 
  •  
 2021-06-28 06:47
 

Shafaq News/ On Monday, the Parliamentary Finance Committee warned the Iraqi government of a "financial collapse" as a result of not controlling the dollar's exchange rate against the Iraqi dinar.

 

Committee member Abdul Hadi Al-Saadawi told Shafaq News Agency, "Iraq mainly depends on oil imports," explaining that "any drop in oil prices will cause a financial collapse as a result of the government's lack of control over the dollar exchange rate."

 

Al-Saadawi added, "The financial situation in Iraq has begun to collapse dramatically, without any treatment or solutions for the government," warning against "not going to customs revenues, border crossings, taxes and fees imposed on imported goods and commodities."

 

Al-Saadawi pointed out, "Iraq's need for appropriate solutions and plans to address the financial crisis to save the local currency (the Iraqi dinar) from financial collapse and control the market."

 

The Parliamentary Finance Committee had previously issued a warning to the Central Bank of Iraq against the dinar's collapse against the US dollar, and demanded the government to impose measures on private banks and control the market.

 

Mazhar Muhammad Salih, the economic advisor to the Prime Minister, rules out changing the dollar's exchange rate against the Iraqi dinar in the coming period, emphasizing the central bank's ability to control the exchange rate.

 

After the government’s decision to reduce the value of the Iraqi dinar against the US dollar in late 2020, the exchange rate of every $100 reached 145,000 dinars.

 

This price was fixed in the federal budget for the year 2021, and since then until now the dollar exchange rate has not been stable, as it continued for about three months below the official exchange rate, rising in recent months and reaching 151 thousand dinars per 100 dollars.

  • Thanks 2
Link to comment
Share on other sites

Source:
 
6,579 views
 
 

Report: Alsumaria News

The exchange rate of the dollar against the dinar is still casting a shadow on the societal and political sides. , noting that there is a will and a majority in the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.

Member of Parliamentary Finance Committee Jamal puma He stressed that there are many reasons that prevent the Central Bank from returning to the old dollar price at this stage, while noting the possibility of achieving this and creating new job opportunities in the event of a new government coming for a period of four years.
 
 


And he said puma In an interview with Alsumaria News, "there are many reasons that prevent the central bank from returning to the old dollar price at this stage," noting that "among the reasons is the bank's need to have a stable policy, given that the price hike was four months ago. It is not permissible for there to be another change in a short period not exceeding five months, given that the occurrence of this matter will confuse the market and worry investors, traders and foreign currency dealers as a result of low confidence that a new change will not occur again from the Central Bank in the future.



. added puma, that "the other matter is related to the federal budget voted by Parliament, in which all its schedules, accounts and contracts are based on the new exchange rate, so the contracts that will be awarded by the government will be in dinars, but at the same time, we are not a producing country, but rather an importer and a consumer, which means that the effect will be worrying." For the parties that deal with the government by importing and contracting, because they do not have a true picture of the mechanism of dealing according to what price will be for the profit and loss account.

He pointed out, "This is an adventure, and we do not believe that the government will be forced to do so because of the confusion it causes at this time, especially since it is an interim government and has a primary duty to prepare for early elections. These include changing the exchange rate and creating new job opportunities.

Member of the Parliamentary Finance Committee, Abdul Hadi Mohan El Saadawi He pointed out that the government and the Central Bank have no vision in dealing with economic inflation, while noting that there is a will and majority within the House of Representatives, which does not want to return the exchange rate of the dollar against the dinar to what it was.

Al-Saadawi said in an interview with Alsumaria News, "There is a will and majority within the House of Representatives, that does not want to return the exchange rate to what it was, and strives to maintain what has been approved by the Central Bank and the Ministry of Finance, because of the benefits of those controlling the government and Central Bank of Iraq".

He added Saadawi, that" there are no a vision of many political blocs or the beneficiaries of the exchange rate changes, it moves to raise the exchange rate and the past is also not Automator ports, customs and duties , "stressing that" the absent vision of the government and the central bank to tackle inflation economic happening in the economy and the Iraqi market. "

He pointed out that" the program and the paper that has been prepared by the government, which was named the paper white, did not go beyond being ink on paper , the government did not move or central bank any promises they made financial and economic reform, and what has been applied are formalities It is far from the essence of the solution to the economic problems,” noting that “the government did not release the three trillion dinars allocated to address poverty in the country.” Iraq Social welfare benefits have not been passed by parliament, so the vision is absent and reform is non-existent.

  • Thanks 3
  • Upvote 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.