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Allawi: Changing the exchange rate will prevent the layoffs of thousands of employees, and the 2022 budget will suppor t the protection network

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 Economie

 

  •  Today, 15:01

Baghdad - I know

Finance Minister Ali Allawi announced, today, Wednesday, that changing the exchange rate prevented the layoffs of thousands of employees, while noting that the 2022 budget will provide an opportunity to strengthen the social protection network.

Continued..

 

 

 

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In the past few weeks , there have been statements among senior political figures regarding the appropriate exchange rate .

The Ministry of Finance has addressed this issue several times and in a number of detailed presentations regarding the strategy and policy behind the exchange rate adjustment.

 We would like to reiterate our position and hope that by presenting our policy in a clear and convincing manner, the next government will have the correct background information to interact with this matter . Note that the international community has supported the exchange rate adjustment.

 

 Where the International Monetary Fund, the World Bank and all industrialized countries supported the move publicly and in the documents and reports published by them

 . Why was the exchange rate devaluation in December 2020 necessary?

 

 When oil revenues collapsed last year, the Iraqi government was facing enormous funding pressures as it struggled to meet its core internal and external obligations.

The central bank's foreign exchange reserves were on a rapid decline, and in December 2020, they were expected to run out within a year . Iraq's teetering on the brink of a full-blown crisis was a symptom of its prolonged weakness in the face of low oil prices . The government's efforts to defer all non-priority spending and focus on timely payment of salaries, pensions, and social benefits have not been sufficient. Closing the very large fiscal deficit without devaluing the currency would have required deep and painful cuts in social expenditures and the layoffs of thousands of employees. Devaluation was necessary to allow for more gradual fiscal adjustment and thus avoid major disruptions to key public services .By encouraging domestic consumption to move away from imports, the devaluation of the dinar also helped protect the CBI's foreign exchange reserves and gave Iraqi producers an opportunity to create jobs and income through better competition in the local market .

 

Do favorable oil prices now require an increase in the value of the dinar?

Although the devaluation of the currency last year and the recovery of oil prices have helped improve Iraq's financial situation, it is important to bear in mind that the country is still very weak.

 

Existing surpluses could turn into deficits as oil prices return to normal in the medium term. Another downturn in the oil market could easily bring the country back to the brink of crisis . For the Iraqi economy to regain full strength and be sustainable, economic policies must be geared towards improving resilience to oil price fluctuations by building fiscal buffers and diversifying the economy. Revaluation of the dinar will have the opposite effect. There are good reasons for the scarcity of revaluation of fixed exchange rates . For example, in 2005, China revalued its currency in response to intense pressure from the United States, which threatened to impose tariffs on imports.

 

. What are the main consequences of revaluation, and will it help the poor?

 

 The revaluation will lead to a devaluation of the dinar in oil revenues and thus eliminate a potentially large part of the budget resources, which are employed in reconstruction, health, education, social transfers and other priority areas. It will severely weaken the government's ability to face current and future challenges . Increased demand for foreign currencies can destabilize the currency market and lead to widening margins of supply and demand

 

 Importers are the ones who benefit most from the re-evaluation. Experience from other countries indicates that after revaluation, only a small portion of their expanded profit margins are passed on to consumers and they capture the bulk of it themselves.

 This is because the commercial objective of lowering prices is not to benefit consumers but to drive out competition, especially local producers. If domestic producers are already under financial pressure, even a small price cut will be enough to put them out of business. So the benefits to consumers are likely to be minimal, and the main victims of reassessment will be local entrepreneurs, farmers and private sector workers. Driving private sector development and building a domestic production base will become more difficult as imports become cheaper . For the same reason, the poor and weak groups will feel little benefit, if any at all. Most countries have long recognized that the most effective tool for helping the poor is direct cash assistance to those who need it most. The 2022 budget will provide an opportunity to strengthen the social protection network in Iraq

 Now that the government has the means to do so, trying to help the poor by raising the value of the dinar would be like throwing cash bills out of a helicopter in the hope that it will land on the doorstep of its intended beneficiaries . While the exchange rate was revised nearly a year ago, many irresponsible commentators have linked it to the increased levels of prices over the past year. this is not true . Like the rest of the world, Iraq is affected by the collapse of global supply chains due to the COVID-19 pandemic

Shipping and transportation costs increased significantly, foodstuffs and edible oils increased significantly, as did the costs of building materials and many manufactured goods, including cars and trucks. The consensus view among economists is that supply chains will be re-established in the near future and that this will have a dampening effect on prices . The Ministry of Finance believes that the positive effects of the currency adjustment are starting to appear. This is reflected in the increasing demands for industrial licenses in Iraq, to take advantage of the most competitive exchange rate. Many importers and former traders look at the local market differently now, with the aim of increasing the level of their productive investment. This will translate into bigger and better job opportunities for our people.

 

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Wednesday, 24 November 2021 3:06 PM

Baghdad/National News Center

Finance Minister Ali Allawi announced, today, Wednesday, that changing the exchange rate prevented the layoffs of thousands of employees, while noting that the 2022 budget will provide an opportunity to strengthen the social protection network.

Allawi said in a statement received by the "National News Center", that "in the past few weeks, there have been statements among senior political figures regarding the appropriate exchange rate," noting that "the Ministry of Finance has addressed this issue several times and in a number of detailed presentations regarding strategy and policy." underlying exchange rate adjustment.

He added, "We hope, by presenting our policy in a clear and convincing manner, that the next government will have the correct basic information to interact with this matter," noting that "the International Monetary Fund, the World Bank and all industrialized countries supported the exchange rate change in published documents and reports."

He continued, "The goal of decreasing the exchange rate in December 2020, came after the collapse of oil revenues last year, as the Iraqi government was facing enormous financing pressures while it was struggling to meet its basic internal and external obligations, and the foreign exchange reserves of the Central Bank were on a rapid decline path, and in December 2020, it was expected to be implemented within a year, and Iraq's teetering on the brink of a full-blown crisis was a symptom of prolonged weakness in the face of low oil prices, and the government's efforts to postpone all non-priority spending and focus on timely payment of salaries and pensions were not Pension and social benefits are sufficient.”

And he indicated that "bridging the very large fiscal deficit without devaluation would have required deep and painful cuts in social expenditures and the layoffs of thousands of employees, but devaluation is necessary to allow more gradual fiscal adjustment and thus avoid major disruptions in key public services, by encouraging domestic consumption to Stay away from imports,” noting that “the devaluation of the dinar also helped protect the Central Bank of Iraq’s foreign exchange reserves and gave Iraqi producers an opportunity to create jobs and income through better competition in the local market.”

And on the possibility of raising the value of the dinar after the rise in oil prices, Allawi said, “Although the devaluation of the currency last year and the restoration of oil prices have helped improve the financial situation of Iraq, it is important to take into account that the country is still very weak, and it could turn The current surpluses turn into a deficit with the return of oil prices to normal in the medium term, and another contraction in the oil market may easily lead the country back to the brink of a crisis,” explaining that “the Iraqi economy regains its full strength and is sustainable, so economic policies must be directed towards improving Flexibility in the face of oil price fluctuations by building fiscal buffers and diversifying the economy.”

And he stated that “the revaluation of the dinar will have the opposite effect, and there are good reasons for the scarcity of revaluation of fixed exchange rates. For example, in 2005, China revalued its currency in response to severe pressure from the United States, which threatened to impose customs duties on imports, what are the main consequences To raise the value of the currency, and will it help the poor?.. The revaluation will lead to a devaluation of the dinar for oil revenues and thus eliminate a potentially large part of the budget resources, which are employed in reconstruction, health, education, social transfers and other priority areas. It will severely weaken the government’s ability to face current and future challenges,” noting that “the increased demand for foreign currencies could destabilize the currency market and lead to widening margins. Supply and demand. Importers are the ones who benefit most from the reassessment.”

He continued, "Experiences from other countries indicate that after reassessment, only a small part of their expanded profit margins is passed on to consumers and they acquire the largest part of them themselves, because the commercial goal of lowering prices is not to benefit consumers but rather to drive out competition, especially local producers. “If domestic producers are already under financial pressure, even a small price cut will be enough to put them out of business.”

He pointed out that "the benefits to consumers are likely to be minimal, and the main victims of the re-evaluation will be local entrepreneurs, farmers and private sector workers, and pushing the development of the private sector and building a local production base will become more difficult when imports become cheaper, and for the same reason groups will not feel the poor and the weak, but with a small amount of benefit, if any at all.”

He stressed that "most countries have long realized that the most effective tool to help the poor is direct cash assistance that is provided to the pockets of those who need it most," noting that "the 2022 budget will provide an opportunity to strengthen the social protection network in Iraq."

He stated, “After the government had the means to do so, trying to help the poor by raising the value of the dinar would be like throwing cash bills out of a helicopter in the hope that it would land on the doorstep of its intended beneficiaries, while the exchange rate was adjusted nearly a year ago, it pegged Many irresponsible commentators have commented on the increasing levels of prices over the past year. This is not true,” noting that “Iraq is affected, as is the case with the rest of the world, by the collapse of global supply chains due to the Covid-19 epidemic.”

He continued, "The costs of shipping and transportation have increased significantly, and foodstuffs and edible oils have increased significantly, as well as the costs of building materials and many manufactured goods, including cars and trucks," explaining that "the agreed opinion among economic experts is that supply chains will be re-established." In the near future, this will have a dampening effect on prices.”

He stressed that "the Ministry of Finance believes that the positive effects of the currency adjustment are beginning to appear, and this is reflected in the increasing demands for industrial licenses in Iraq, to take advantage of the most competitive exchange rate," explaining that "many importers and former traders look at the local market differently now, with the aim of Increasing the level of their productive investments, and this will translate into greater and better job opportunities for our people.”

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Finance: The positive effects of the currency adjustment are starting to appear

political03:05 - 24/11/2021

 
image
 
 

 

Baghdad - Mawazine News
Finance Minister Ali Allawi announced, on Wednesday, that changing the exchange rate prevented the layoffs of thousands of employees, while noting that the 2022 budget will provide an opportunity to strengthen the social protection network.
Allawi said in a statement that Mawazine News received a copy of it, that "in the past few weeks, there have been statements among senior political figures regarding the appropriate exchange rate," noting that "the Ministry of Finance has addressed this issue several times and in a number of detailed presentations regarding the strategy." and the policy behind the exchange rate adjustment.
He added, "We hope, by presenting our policy in a clear and convincing manner, that the next government will have the correct basic information to interact with this matter," noting that "the International Monetary Fund, the World Bank and all industrialized countries supported the exchange rate change in published documents and reports."
He continued, "The goal of decreasing the exchange rate in December 2020, came after the collapse of oil revenues last year, as the Iraqi government was facing enormous financing pressures while it was struggling to meet its basic internal and external obligations, and the foreign exchange reserves of the Central Bank were on a rapid decline path, and in December 2020, it was expected to be implemented within a year, and Iraq's teetering on the brink of a full-blown crisis was a symptom of prolonged weakness in the face of low oil prices, and the government's efforts to postpone all non-priority spending and focus on timely payment of salaries and pensions were not Pensions and social benefits are sufficient.
And he indicated that "bridging the very large fiscal deficit without devaluation would have required deep and painful cuts in social expenditures and layoffs of thousands of employees, but devaluation is necessary to allow more gradual fiscal adjustment and thus avoid major disruptions in key public services, by encouraging domestic consumption to Staying away from imports," noting that "the devaluation of the dinar also helped protect the Central Bank of Iraq's foreign exchange reserves and gave Iraqi producers an opportunity to create jobs and income through better competition in the local market."
Regarding the possibility of raising the value of the dinar after the rise in oil prices, Allawi said, "Although the devaluation of the currency last year and the restoration of oil prices have helped improve Iraq's financial situation, it is important to bear in mind that the country is still very weak, and it could turn The current surpluses turn into deficits with the return of oil prices to normal in the medium term, and another contraction in the oil market may easily lead the country back to the brink of crisis,” explaining that “the Iraqi economy regains its full strength and is sustainable, so economic policies must be directed towards improving Flexibility in the face of oil price fluctuations by building fiscal buffers and diversifying the economy.
And he stated that "the revaluation of the dinar will have the opposite effect, and there are good reasons for the scarcity of revaluation of fixed exchange rates. For example, in 2005, China revalued its currency in response to intense pressure from the United States, which threatened to impose customs duties on imports, what are the main consequences To raise the value of the currency, and will it help the poor?.. The revaluation will reduce the value of the dinar for oil revenues and thus eliminate a potentially large part of the budget resources, which are employed in reconstruction, health, education, social transfers and other priority areas.It will severely weaken the government's ability to Facing current and future challenges," noting that "increasing demand for foreign currencies could destabilize the currency market and lead to widening margins of supply and demand. Importers are the ones who benefit the most from the reassessment."
He continued, "Experiences from other countries indicate that after reassessment, only a small part of their expanded profit margins is passed on to consumers and they acquire the largest part of them themselves, because the commercial objective of lowering prices is not to benefit consumers but rather to drive out competition, especially local producers. "If domestic producers are already under financial pressure, even a small price cut will be enough to put them out of business."
He pointed out that "the benefits to consumers are likely to be minimal, and the main victims of the reassessment will be local entrepreneurs, farmers and private sector workers, and pushing the development of the private sector and building a local production base will become more difficult when imports become cheaper, and for the same reason groups will not feel the poor and the weak, but with a small amount of benefit, if any at all.”
He stressed that "most countries have long realized that the most effective tool to help the poor is direct cash assistance that is provided to the pockets of those who need it most," noting that "the 2022 budget will provide an opportunity to strengthen the social protection network in Iraq."
He stated, "After the government has the means to do so, trying to help the poor by raising the value of the dinar would be like throwing cash bills out of a helicopter in the hope that it would land on the doorstep of its intended beneficiaries, while the exchange rate was adjusted nearly a year ago, it pegged Many irresponsible commentators have commented on the increasing levels of prices over the past year. This is not true," noting that "Iraq is affected, as is the case with the rest of the world, by the collapse of global supply chains due to the Covid-19 epidemic."
He continued, "The costs of shipping and transportation have increased significantly, and foodstuffs and edible oils have increased significantly, as well as the costs of building materials and many manufactured goods, including cars and trucks," explaining that "the agreed opinion among economic experts is that supply chains will be re-established." In the near future, this will have a dampening effect on prices."
He stressed that "the Ministry of Finance believes that the positive effects of the currency adjustment are beginning to appear, and this is reflected in the increasing demands for industrial licenses in Iraq, to take advantage of the most competitive exchange rate," explaining that "many importers and former traders look at the local market differently now, with the aim of Increasing the level of their productive investment, and this will translate into greater and better job opportunities for our people.” Ended 29/R77

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The Minister of Finance reveals the position of the international community on changing the price of the dollar and promises about the 2022 budget
  
{Economic: Al Furat News} Finance Minister Ali Allawi said, "The international community supported the adjustment of the dollar exchange rate against the dinar."

Allawi said in a press statement that "the change in the exchange rate prevented the layoffs of thousands of employees," noting that "the change in the exchange rate helped protect the reserves of the Central Bank and provided job opportunities in the market."

Allawi warned that "the reassessment of the value of the dinar will have the opposite effect."

He revealed that "the 2022 budget will provide an opportunity to strengthen the social protection network," noting that "the positive effects of the currency adjustment are beginning to appear."

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A year ago the dinar was devalued by 22%
 

“Devaluation was necessary to allow for more gradual fiscal adjustment and thus avoid major disruptions to key public services .By encouraging domestic consumption to move away from imports, the devaluation of the dinar also helped protect the CBI's foreign exchange reserves and gave Iraqi producers an opportunity to create jobs and income through better competition in the local market .”

 

“The positive effects of the currency adjustment are beginning to appear”

 

“The 2022 budget will provide an opportunity to strengthen the social protection network,"


Social protection consists of policies and programs designed to reduce poverty and vulnerability by promoting efficient labour markets, diminishing people's exposureto risks, and enhancing their capacity to manage economic and social risks, such as unemployment, exclusion, sickness, disability, and old age.

 

Go budget 2022

Go increase dinar exchange rate 

Go purchasing power 

Go social protection 

 

 

 

 

 


 

 

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4 hours ago, yota691 said:

 

I would encourage everyone to read and re-read this article posted by yota. If there is indeed a rate increase I believe it will be minimal for the reasons clearly presented in this article. It definitely altered my perception of where things are and where they might be going in the near future. Don't get your hopes up on seeing a significant rate change - but, be cautiously optimistic things are moving in the right direction. We need to pray for Iraq, it's people, and its success in recovery..!

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4 hours ago, yota691 said:

Finance: The positive effects of the currency adjustment are starting to appear

political03:05 - 24/11/2021

 
image
 
 

 

Baghdad - Mawazine News
Finance Minister Ali Allawi announced, on Wednesday, that changing the exchange rate prevented the layoffs of thousands of employees, while noting that the 2022 budget will provide an opportunity to strengthen the social protection network.
Allawi said in a statement that Mawazine News received a copy of it, that "in the past few weeks, there have been statements among senior political figures regarding the appropriate exchange rate," noting that "the Ministry of Finance has addressed this issue several times and in a number of detailed presentations regarding the strategy." and the policy behind the exchange rate adjustment.
He added, "We hope, by presenting our policy in a clear and convincing manner, that the next government will have the correct basic information to interact with this matter," noting that "the International Monetary Fund, the World Bank and all industrialized countries supported the exchange rate change in published documents and reports."
He continued, "The goal of decreasing the exchange rate in December 2020, came after the collapse of oil revenues last year, as the Iraqi government was facing enormous financing pressures while it was struggling to meet its basic internal and external obligations, and the foreign exchange reserves of the Central Bank were on a rapid decline path, and in December 2020, it was expected to be implemented within a year, and Iraq's teetering on the brink of a full-blown crisis was a symptom of prolonged weakness in the face of low oil prices, and the government's efforts to postpone all non-priority spending and focus on timely payment of salaries and pensions were not Pensions and social benefits are sufficient.
And he indicated that "bridging the very large fiscal deficit without devaluation would have required deep and painful cuts in social expenditures and layoffs of thousands of employees, but devaluation is necessary to allow more gradual fiscal adjustment and thus avoid major disruptions in key public services, by encouraging domestic consumption to Staying away from imports," noting that "the devaluation of the dinar also helped protect the Central Bank of Iraq's foreign exchange reserves and gave Iraqi producers an opportunity to create jobs and income through better competition in the local market."
Regarding the possibility of raising the value of the dinar after the rise in oil prices, Allawi said, "Although the devaluation of the currency last year and the restoration of oil prices have helped improve Iraq's financial situation, it is important to bear in mind that the country is still very weak, and it could turn The current surpluses turn into deficits with the return of oil prices to normal in the medium term, and another contraction in the oil market may easily lead the country back to the brink of crisis,” explaining that “the Iraqi economy regains its full strength and is sustainable, so economic policies must be directed towards improving Flexibility in the face of oil price fluctuations by building fiscal buffers and diversifying the economy.
And he stated that "the revaluation of the dinar will have the opposite effect, and there are good reasons for the scarcity of revaluation of fixed exchange rates. For example, in 2005, China revalued its currency in response to intense pressure from the United States, which threatened to impose customs duties on imports, what are the main consequences To raise the value of the currency, and will it help the poor?.. The revaluation will reduce the value of the dinar for oil revenues and thus eliminate a potentially large part of the budget resources, which are employed in reconstruction, health, education, social transfers and other priority areas.It will severely weaken the government's ability to Facing current and future challenges," noting that "increasing demand for foreign currencies could destabilize the currency market and lead to widening margins of supply and demand. Importers are the ones who benefit the most from the reassessment."
He continued, "Experiences from other countries indicate that after reassessment, only a small part of their expanded profit margins is passed on to consumers and they acquire the largest part of them themselves, because the commercial objective of lowering prices is not to benefit consumers but rather to drive out competition, especially local producers. "If domestic producers are already under financial pressure, even a small price cut will be enough to put them out of business."
He pointed out that "the benefits to consumers are likely to be minimal, and the main victims of the reassessment will be local entrepreneurs, farmers and private sector workers, and pushing the development of the private sector and building a local production base will become more difficult when imports become cheaper, and for the same reason groups will not feel the poor and the weak, but with a small amount of benefit, if any at all.”
He stressed that "most countries have long realized that the most effective tool to help the poor is direct cash assistance that is provided to the pockets of those who need it most," noting that "the 2022 budget will provide an opportunity to strengthen the social protection network in Iraq."
He stated, "After the government has the means to do so, trying to help the poor by raising the value of the dinar would be like throwing cash bills out of a helicopter in the hope that it would land on the doorstep of its intended beneficiaries, while the exchange rate was adjusted nearly a year ago, it pegged Many irresponsible commentators have commented on the increasing levels of prices over the past year. This is not true," noting that "Iraq is affected, as is the case with the rest of the world, by the collapse of global supply chains due to the Covid-19 epidemic."
He continued, "The costs of shipping and transportation have increased significantly, and foodstuffs and edible oils have increased significantly, as well as the costs of building materials and many manufactured goods, including cars and trucks," explaining that "the agreed opinion among economic experts is that supply chains will be re-established." In the near future, this will have a dampening effect on prices."
He stressed that "the Ministry of Finance believes that the positive effects of the currency adjustment are beginning to appear, and this is reflected in the increasing demands for industrial licenses in Iraq, to take advantage of the most competitive exchange rate," explaining that "many importers and former traders look at the local market differently now, with the aim of Increasing the level of their productive investment, and this will translate into greater and better job opportunities for our people.” Ended 29/R77

This is interesting The Minister of Finance is the reason they increased dinar against the dollar. We want to see the opposite want to see the dinar rate to go down against the dollar. I don't believe they are going to do this in the new Budget as a lot of people think will happen. If you read this article minister is just about saying the dinar will not be lowered against the dollar. His quote " After the government has the means to do so, trying to help the poor by raising the value of the dinar would be like throwing cash out of a helicopter in the hope that it would land on the doorstep of its intended beneficiaries , while the exchange rate was adjusted nearly a year ago.  "This Minister of Finance is very powerful and does not want to  raise the dinar rate.  So I am still in the belief it will not RV for a long  time.

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The finance minister and government do not control or change the exchange rate! The governor of the CBI changes the exchange rate and while influenced by government they are an independent body! I would not rest the world is ending with just one article which may or may not be true since Maliki controls like 90% of the media in this corrupt country still!! Lastly do you actually believe they are going to tell you exactly when and how much they would actually raise the value to e en if this article is true?? Never going to happen no one knows when or how much the next change in rate!

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11 minutes ago, Dinarrock said:

The finance minister and government do not control or change the exchange rate! The governor of the CBI changes the exchange rate and while influenced by government they are an independent body! I would not rest the world is ending with just one article which may or may not be true since Maliki controls like 90% of the media in this corrupt country still!! Lastly do you actually believe they are going to tell you exactly when and how much they would actually raise the value to e en if this article is true?? Never going to happen no one knows when or how much the next change in rate!

Yes sir yes sir and yes sir. Even though I would say the president/ government has a quite a bit of influence of the cbi governor. Look what happened to shabibi. 

Thankks again for your knowledge on this. 

 

Out of up reputation, been a litle generous this morning.

Edited by jg1
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No worries I just never live and die by one article anymore especially when their media is as corrupt as ours here in America!! I would actually put more weight on what Sadr said after winning the election in his very first speech stating they want to increase the value of the dinar!!

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3 hours ago, Dinarrock said:

The finance minister and government do not control or change the exchange rate! The governor of the CBI changes the exchange rate and while influenced by government they are an independent body! I would not rest the world is ending with just one article which may or may not be true since Maliki controls like 90% of the media in this corrupt country still!! Lastly do you actually believe they are going to tell you exactly when and how much they would actually raise the value to e en if this article is true?? Never going to happen no one knows when or how much the next change in rate!

Dinarrock- This is my opinion what I wrote>Yes the Finance Minister has a lot of power and if you read back when he was discussing this with the CBI he insisted they to increase the rate of the dollar against the diner and they listened to him and increased the rate he was the one that told the CBI to increase and to what amount to use at the time. Yes the governor has the power to increase or decrease the rate but this governor is a new governor and listens to other members such as the finance minister who had been telling the CBI what they should do plus the Finance minister was formulating the price for the Budget and he is doing now.So my opinion is based on several articles that he was discussing with the CBI. Yes Maliki controls most of the media and I wouldn't doubt Maliki had a lot to do with the increaase then and now with the new rate to come out. With all the money Maliki has stolen he can buy a lot of people in Iraq.. And yes I feel God will destroy this corrupt world sooner than any of us think , before we destroy our selves. All of this is my humble opinion religion & politics do not mix  too many fighter between them. 

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8 hours ago, yota691 said:
The Minister of Finance reveals the position of the international community on changing the price of the dollar and promises about the 2022 budget
  
{Economic: Al Furat News} Finance Minister Ali Allawi said, "The international community supported the adjustment of the dollar exchange rate against the dinar."

Allawi said in a press statement that "the change in the exchange rate prevented the layoffs of thousands of employees," noting that "the change in the exchange rate helped protect the reserves of the Central Bank and provided job opportunities in the market."

Allawi warned that "the reassessment of the value of the dinar will have the opposite effect."

He revealed that "the 2022 budget will provide an opportunity to strengthen the social protection network," noting that "the positive effects of the currency adjustment are beginning to appear."

He is talking about 1460 rate.Nothing will happen this year !!! 

 

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5 hours ago, Dinarrock said:

The finance minister and government do not control or change the exchange rate! The governor of the CBI changes the exchange rate and while influenced by government they are an independent body! I would not rest the world is ending with just one article which may or may not be true since Maliki controls like 90% of the media in this corrupt country still!! Lastly do you actually believe they are going to tell you exactly when and how much they would actually raise the value to e en if this article is true?? Never going to happen no one knows when or how much the next change in rate!

exactly....people just keeping beating the same drums....sell or relax

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My question is:

If they are not planning to increase the dinar exchange rate in the near future, why you can entry and exit the country with $10,000 but you can entry and exit the country with only 1 million dinar.

 

I would like to hear you guys opinión on this.

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30 minutes ago, Laid Back said:

My question is:

If they are not planning to increase the dinar exchange rate in the near future, why you can entry and exit the country with $10,000 but you can entry and exit the country with only 1 million dinar.

 

I would like to hear you guys opinión on this.

      You can travel to mexico with 10k USD.

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2 hours ago, Laid Back said:

My question is:

If they are not planning to increase the dinar exchange rate in the near future, why you can entry and exit the country with $10,000 but you can entry and exit the country with only 1 million dinar.

 

I would like to hear you guys opinión on this.

 

Why FXall?

 

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2 hours ago, Laid Back said:

My question is:

If they are not planning to increase the dinar exchange rate in the near future, why you can entry and exit the country with $10,000 but you can entry and exit the country with only 1 million dinar.

 

I would like to hear you guys opinión on this.

 

:twocents::soon:

Is it really a coincidence that this is coming out, same time the new Central Bank of Iraq building is scheduled to be complete by the end of the year? Maybe not. We'll see. Will that beautiful brand spanking new building be selling worthless currency? Unlikely. See the source imageSee the source image

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2 hours ago, Laid Back said:

My question is:

If they are not planning to increase the dinar exchange rate in the near future, why you can entry and exit the country with $10,000 but you can entry and exit the country with only 1 million dinar.

 

I would like to hear you guys opinión on this.

Yes and isn’t that the 10 million dollar question or is that the ballpark of what I will have after they RV!!!  Lol

 

Yes I already stated this also they added the 1 million dinar to this new round of restrictions so obviously it must be because they are planning to raise the dinar value to my opinion of atleast $1.17!!

Edited by Dinarrock
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