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A new statement from Parliamentary Finance pushes to change the dollar exchange rate in Iraq


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A new statement from Parliamentary Finance pushes to change the dollar exchange rate in Iraq

Posted 3 hours ago
news source / Baghdad today
1628456057_164381-810x540.jpg
Baghdad today
News source / Baghdad today

Baghdad Today - Special

Today, Sunday, the Parliament’s Finance Committee suspended again regarding the exchange rate of the dollar against the Iraqi dinar, at the present time.

 Committee member Muhammad Ibrahim told (Baghdad Today), “The relevant executive government authorities are urgently required to review the decision to raise the dollar exchange rate, at the time, especially since all the justifications and arguments for this decision have disappeared after the rise in oil prices in global markets. “.

And Ibrahim indicated that "citizens so far are still suffering from the consequences of this decision, which has burdened the citizen, especially since this decision has caused a significant increase in the prices of food and other materials."

The committee member continued: "We in the Finance Committee will continue to demand that the dollar exchange rate be restored to its old price, after the improvement of oil prices."

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12 hours ago, 6ly410 said:

"We in the Finance Committee will continue to demand that the dollar exchange rate be restored to its old price, after the improvement of oil prices."

I wonder if their demand holds any weight..? Also, as long as they’re “demanding”, they should ask for the old rate of $3+ 😉

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12 hours ago, 6ly410 said:

A new statement from Parliamentary Finance pushes to change the dollar exchange rate in Iraq ...

Ibrahim indicated that "citizens so far are still suffering from the consequences of this decision, which has burdened the citizen, especially since this decision has caused a significant increase in  the prices of food and other materials."

 "We in the Finance Committee will continue to demand that the dollar exchange rate be restored to its old price, after the improvement of oil prices."

 

Thanks 6ly410 ... appreciate the article. Hopefully they will do something soon..! Ron

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14 hours ago, 6ly410 said:

the dollar exchange rate be restored to its old price, after the improvement of oil prices."

I like what i am reading. Restored to its old price? I still have a doubt that the rate will be back to 1190 or 1170. And, the rate 1:1 isn't called the old rate, either because from looking the history of iraq dinar, the previous rate ( before and during saddam's regime ) was never been 1:1. 

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15 hours ago, 6ly410 said:

the dollar exchange rate be restored to its old price, after the improvement of oil prices."

After the improvement of oil prices? How much was the oil price  they were talking about? Until $100/ barrel or above $100/ barrel? Hopefully, the oil prices will go up above $100/ barrel until the end of this year and hopefully, after that they will rv the iqd.

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Prediction: U.S. troops are leaving Afghanistan. This will create political momentum, for remaining American troops to leave Iraq. This means 100% sovereign Iraq, which means tradable currency, which means for us...:bagofmoney:

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1 hour ago, Rochester said:

Prediction: U.S. troops are leaving Afghanistan. This will create political momentum, for remaining American troops to leave Iraq. This means 100% sovereign Iraq, which means tradable currency, which means for us...:bagofmoney:

Agreed! Once our troops left Kuwait, they RI'd their currency👍

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1 hour ago, Rochester said:

Prediction: U.S. troops are leaving Afghanistan. This will create political momentum, for remaining American troops to leave Iraq. This means 100% sovereign Iraq, which means tradable currency, which means for us...:bagofmoney:

 

Or.....just as the Taliban are over running Afghanistan now we may see an ISIS resurgence and back to the stone age for the next several years.   :shrug: 

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No 2 ways about it .... this planet is chock O block full of murdering mutant screw head races, there’s only one explanation: the Earth is a Penal Colony for the Galaxies.

 

No telling how long we’ve been observed or used as lab rats 🐀 for the amusement of Alien species. 🤣 :tiphat:

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Finance members are a bunch of government employees that have no political power and nobody pays any attention to there wishes. So far the present US administration has f'd up everything they touched. This will be the same....imho 

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2 hours ago, horsesoldier said:

No 2 ways about it .... this planet is chock O block full of murdering mutant screw head races, there’s only one explanation: the Earth is a Penal Colony for the Galaxies.

 

No telling how long we’ve been observed or used as lab rats 🐀 for the amusement of Alien species. 🤣 :tiphat:

Well, I’ve heard crazier theories… 👽 👀 

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Scoff at me if you will , but nobody really knows when the rv will be ,  It would be  too damn hard  for the powers that be to keep  a secret like this .  All of them not saying a word about this , is illogical . It would be on the street by now.  It's a synergy of events that will pop this thing . 

What we do know is that we're getting damn close .

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1 hour ago, dinarham said:

Scoff at me if you will , but nobody really knows when the rv will be ,  It would be  too damn hard  for the powers that be to keep  a secret like this .  All of them not saying a word about this , is illogical . It would be on the street by now.  It's a synergy of events that will pop this thing . 

What we do know is that we're getting damn close .

I dont think anyone will scoff at that.. I'm pretty sure that's the consensus👍

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A decisive statement from Parliamentary Finance regarding the change in the price of the dollar in Iraq

Posted 6 hours ago
news source / NR TV channel

https://iraqakhbar.com/3252800

1582021949140-162848-price-dollar-iraq-today-sunday-march-21-2021_700x400.jpg

 

On
Sunday, the Parliamentary Finance Committee determined that the exchange rate would remain at its current position, while pointing out that raising the exchange rate
aims to achieve three main factors.
.

Committee member, Naji al-Saidi, told the official media, today (August 15, 2021), that “the exchange rate will remain in place
during the coming period for the next five years, on the description that the real value of the Iraqi dinar is
determined through the exchange of the dollar towards the dinar, in addition to the purchasing power of the Iraqi dinar.” The
net goods and services produced during a specific period.

He added,
"The government is firm in achieving its goal by defining three main goals: the first
is financial, which is to reduce the deficit in the public budget, the second goal is a monetary goal by increasing reserves,
and the third goal is to increase the competitiveness currently produced within the country towards other goods exported
from neighboring countries." This is the main goal that the government seeks by filling the budget deficit.”

He pointed out that
“decreasing the value of the dinar increased the competitiveness of the Iraqi price on the description that the goods that come
from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar
against the dollar because the dollar currency is a global currency, and when the dollar exchange rate is raised, the
competitiveness of goods will rise and fall.” Because it reduces Iraqi exports from abroad.”

And the Central Bank of
Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the
dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars
per dollar, while the selling price to the citizen is 1470 dinars per dollar.

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84122020_%D8%A7%D9%84%D8%AF%D9%8A%D9%86%

Aware / A new statement to the Finance Committee about the price of the dollar.. Will it remain at its current status

https://al-iraqinews.com/archives/159905

conscious / follow

On Sunday, the Parliamentary Finance Committee determined that the exchange rate would remain at its current status, while indicating that raising the exchange rate aims to achieve three main factors.

Committee member Naji al-Saidi said, in a statement I followed (Iraqi Media News Agency / INA), that "the exchange rate will remain in place during the next period for the next five years, on the description that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar in addition to the purchasing power of the dinar." and the net goods and services produced during a specific period.

He continued, "The government is firm in achieving its goal by defining three main goals: the first is financial, which is to reduce the deficit in the public budget, the second goal is a monetary goal by increasing reserves, and the third goal is to increase the competitiveness currently produced within the country towards other goods exported from neighboring countries, and this The main goal that the government seeks by filling the budget deficit.”

He pointed out that “decreasing the value of the dinar increased the competitiveness of the Iraqi price on the description that goods that come from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar against the dollar because the dollar currency is a global currency, and when the dollar exchange rate is raised, the competitiveness of goods will rise and fall.” Because it reduces Iraqi exports from abroad

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ERBIL, Kurdistan Region — The dinar-dollar exchange rate will be fixed for the next five years, a member of the Iraqi parliament’s finance committee told state media on Sunday.

“The exchange rate will remain at this rate for the next five years,” Naji al-Saidi told state media.

According to Saidi, the government had three main reasons to devalue the dinar: to reduce deficit in the budget, to increase reserves, and to make domestic goods more competitive in markets.

In the 2021 budget law, the Iraqi parliament voted on setting the price of dinar at 1,450 dinars per dollar.

Iraqi state media announced on December 19 that the Central Bank would set the dollar at 1,470 IQD for the public.

The devaluation of the Iraqi dinar is a step towards reform and creating a “financial balance” that will revive the economy, Iraq’s Minister of Finance said at the time.

A member of the finance committee said in January that the devaluation will save the country around 12 trillion dinars in 2021.

The devaluation of the dinar struck the public hard as government employees get paid in dinar, and they would be able to afford less with their salaries given that many imported goods are paid for in dollars.

The spokesperson for Iraq’s Ministry of Planning told state media in April that the devaluation had caused inflation to increase by around 5 percent and that primary poverty indicators rose between 26 and 27 percent.

Iraq has been gripped by an economic crisis, exacerbated by a drop in oil prices and the global coronavirus pandemic, which has left many unemployed. The devaluation of the dinar only added to the financial burden on people.

The country has almost exclusively relied on oil revenues since the US invasion in 2003. In June last year, Iraqi Prime Minister Mustafa al-Kadhimi stated that the country currently gets 94.7 percent of its income from oil sales, a business that is also carried out in dollars.

Iraq’s poverty rate stood at about 20 percent before the coronavirus pandemic – but in November, the World Bank Group estimated the poverty rate in Iraq will increase by seven to 14 percent, calling on Baghdad to introduce urgent economic reforms.

At the time the devaluation was decided, influential Shiite cleric Muqtada al-Sadr voiced his skepticism of the measure’s ability to alleviate public suffering.

“The Central Bank and all other banks are prisoners of corruption and corrupters. The government and parliament must seek specialized methods to end this and liberalize it immediately. It is not,” Sadr tweeted on December 19.

Iraqi demonstrators took to Baghdad’s protest epicentre Tahrir Square on December 21 to air their discontent after the government decision to devalue the country's currency.

 

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