What does it take to change the dollar exchange rate and return it to the previous? Iraq should follow the example of neighboring countries

[yota691]

What does it take to change the dollar exchange rate and return it to the previous? Iraq should follow the example of neighboring countries

03:50

Fourth - Baghdad

Today, Wednesday, economic experts considered it difficult to change the exchange rate of the dollar and return it to its previous rate.

Economist Uday Al-Alawi said, according to the official newspaper, that "some of them see that changing the exchange rate is just a digital process that goes up or down," noting that "this change greatly affects the market and the obligations of many who live on selling materials in it."

Al-Alawi added that "it is absolutely not possible to change the exchange rate overnight, because the damages of those decisions that are taken without knowledge are estimated at billions of losses on citizens," noting that "changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years."

He explained that "the statements regarding the change in the dollar exchange rate confused the market and stopped many commercial operations, and imposed on families to reduce spending and be satisfied with important goods, despite the fact that workers in the private sector constitute about 80% of society and they are more than directly affected by such statements." .

And he indicated, "Any moves in the process of decreasing and raising the exchange rate must be studied, because there is a benefit between the merchant and the simple citizen, in addition to the fact that many citizens have converted their transactions to the dollar after decreasing the price of the dinar, which suggests that it is not fixed internally, which causes a change A significant economic situation in the event of a decrease or increase in the exchange rate of the dinar against the dollar.

 

Al-Alawi linked "the efforts to change the exchange rate on the one hand and the government formation talks on the other hand," noting that "they will be temporary statements and will not go beyond promotion and media marketing." 

On the technical level, experts believe that "Iraq should follow the steps of some neighboring countries that have fixed the dollar's exchange rate against its currency for years, even though they do not have any economic data, while the exchange rate in Iraq changes frequently."

On the same level, other blocs, on the other hand, are trying to push economic laws to the House of Representatives, as Hakim al-Zamili, the first deputy speaker of parliament, had announced the Sadrist bloc’s intention to legislate a law to deduct a financial grant from oil revenues to be distributed directly among citizens under the title “People’s Oil Grant.” However, experts and observers pointed out that these endeavors cannot be implemented within the law, as there is a budget deficit estimated at more than 27 trillion dinars.

Observers warn of Iraq's dependence on the current high oil prices, especially that their fluctuations will continue according to market requirements and the consequences of the world's actions regarding the general closure to confront the Corona pandemic.

They stressed the need for there to be alternatives away from oil rents, as this wealth may not last long, and could decrease at any moment, noting that those funds can be invested in establishing infrastructure for industrial cities that can compete with the world.

 

[yota691]

POSTED ON2022-02-02 BY SOTALIRAQ

Economists: Statements about changing the dollar exchange rate confused the market

Baghdad: Omar Abdul Latif

 

Economists and experts criticized the statements of several blocs and parties regarding changing the currency exchange rate, noting that they are political media marketing that confused the local market.

Economist Uday Al-Alawi said: “Some of them see that changing the exchange rate is just a digital process that goes up or down,” noting that “this change greatly affects the market and the obligations of many who live on selling materials in it.”

Al-Alawi added that, "It is absolutely not possible to change the exchange rate overnight, because the damages of those decisions that are taken without knowledge are estimated in billions of losses borne by citizens," noting that "changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years."

He explained that "the statements regarding the change in the dollar exchange rate confused the market and stopped many commercial operations, and imposed on families to reduce spending and be satisfied with important goods, despite the fact that workers in the private sector constitute about 80% of society and they are the most directly affected by such statements." , indicating that "any moves to reduce and raise the exchange rate must be deliberate, because there is a benefit between the merchant and the simple citizen, in addition to the fact that many citizens have converted their transactions to the dollar after decreasing the price of the dinar.

[HowieC]

I'm thinking they need to study it some more   🧐 😳

[WheresmyRV?]

Please no more studying, just do it! 

[JonnyV]

I’’m calling smoke.  Why even bother disseminating such information about not doing it.  History has told us that countries/governments that have revalued in the past always say they are not and then do so.

They will never tell us what they are doing or at least the truth.   

[Half Crazy Runner]

1 hour ago, yota691 said:

"it is absolutely not possible to change the exchange rate overnight, because the damages of those decisions that are taken without knowledge are estimated at billions of losses on citizens,"

  Oh yeah??  They literally did just that in December of 2020, just 13 months ago. 

[rvmydinar]

Why did they keep talking and talking if they thought they weren't ready to return to the previous rate? If they still kept talking about them not ready to return to the previous rate, that means there is something else(?)/ other reasons They aren't telling us in this article. I wish that " something else " is a big surprise that we have been waiting for almost 19 years.

[horsesoldier]

Seriously, what the hell is it gonna take to make these fools get off the dime to RV/RI ?

[HowieC]

 The Framework Announces The Move Towards Collecting Parliamentary Signatures To Change The Dollar Exchange Rate

 

LAST UPDATE 02/02/2022 | 11:23 AM

Information / Baghdad..
The deputy of the coordination framework, Ibtisam Al-Hilali, revealed, on Tuesday, the framework’s move to collect parliamentary signatures to restore the dollar exchange rate to its previous rate, surprising at the government’s insistence on maintaining the exchange rate, especially with the recovery of oil markets during the past weeks.
Al-Hilali said in a statement to "The Information", "The coordination framework is moving towards collecting parliamentary signatures in order to restore the exchange rate of the dollar against the Iraqi dinar or reduce its current price."
She added that "the framework's movement in this regard is still continuing until the will of the Iraqi people, who were affected by the high exchange rate of the dollar, is achieved," noting that "the government raised the exchange rate in order to supplement the 2012 budget, and now it has obtained additional funds due to the high oil price."
And the representative of the State of Law coalition, Firas Al-Maslmawi, confirmed in a previous statement, that his coalition and a number of members of Parliament within the same direction will not allow the budget to be passed for the current year except after a reduction in the dollar exchange rate against the dinar. finished/25 h

https://almaalomah.me/2022/02/01/579838/?fbclid=IwAR20Uuov1sePZ14L8HJVxnmoEL9meP5X-tcVQAqruEHYhDxGtVGIxMQoLvw

[HowieC]

I have to believe they're talking a significant rate change. They're looking to change the lives of the people.... 1190 would be a joke.

[jake21]

Remember, this is IRAQ!!! 

[horsesoldier]

It’s Iraq all right... & any & everything is likely to occur. This mob of Jokers has more tricks up their sleeves than Pen and Teller... not to mention pulling rabbits outta their azz ( or is that Hats, memory foggy ).

[currenzcraze]

Economists: Statements about changing the dollar exchange rate confused the market

Wednesday 02 February 2022 426

 

 Baghdad: Omar Abdul Latif

 

Economists and experts criticized the statements of several blocs and parties regarding changing the currency exchange rate, noting that they are political media marketing that confused the local market. 

Economist Uday Al-Alawi told Al-Sabah: "Some of them see that changing the exchange rate is just a digital process that goes up or down," noting that "this change greatly affects the market and the obligations of many who live on selling materials in it." Al-Alawi added that "it is absolutely not possible to change the exchange rate overnight, because the damages of those decisions that are taken without knowledge are estimated at billions of losses on citizens," noting that "changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years." He explained that "the statements regarding the change in the dollar exchange rate confused the market and stopped many commercial operations, and imposed on families to reduce spending and be satisfied with important goods, despite the fact that workers in the private sector constitute about 80% of society and they are more than directly affected by such statements." , indicating that 

On the technical level, experts believe that Iraq should follow the steps of some neighboring countries that have fixed the dollar exchange rate against its currency for years, even though they do not have any economic data, while the exchange rate in Iraq changes frequently.

On the same level, other blocs, on the other hand, are trying to push economic laws to the House of Representatives, as Hakim al-Zamili, the first deputy speaker of parliament, had announced the Sadrist bloc’s intention to legislate a law to deduct a financial grant from oil revenues to be distributed directly among citizens under the title “People’s Oil Grant.” However, experts and observers pointed out that these endeavors cannot be implemented within the law, as there is a budget deficit estimated at more than 27 trillion dinars.

Observers warn of Iraq's dependence on the current high oil prices, especially that their fluctuations will continue according to market requirements and the consequences of the world's actions regarding the general closure to confront the Corona pandemic.

They stressed the need for there to be alternatives away from oil rents, as this wealth may not last long, and could decrease at any moment, noting that those funds can be invested in establishing infrastructure for industrial cities that can compete with the world.

 

Editing: Ali Abdel Khaleq

https://alsabaah.iq/60408/اقتصاديون-تصريحات-تغيير-سعر-صرف-الدولار-أربكت-السوق

[Theseus]

Studying the rate is just a stall tactic. They are waiting for the green light by the IMF. The IMF does not want Iraq to have a  MCP and that is the current hold up besides accurate reporting to the IMF. They can have auctions all day long but as long as they are using both dollar and dinar, the IMF will never allow them to move forward. When they dedollarize the RV is very near. So near you would be confused the tip of your nose with the RV.

Edited February 3, 2022 by Theseus

[3 bucks new rv rate]

5 hours ago, HowieC said:

The Framework Announces The Move Towards Collecting Parliamentary Signatures To Change The Dollar Exchange Rate

the framework’s move to collect parliamentary signatures to restore the dollar exchange rate to its previous rate 

this is getting interesting , however if they put the real number / the previous rate ( for example, like between 10 cents to a buck ). then it will be more interesting for people to vote by collecting the signature..  this is like an election vote to decide how many people want to return to the previous rate. they just said about returning to the previous rate, but sadly, they forgot to put a real number / the previous rate that they are talking about to make it more interesting and exciting. let's just wait and see the result ( about collecting the signature ) in a week or a month ( please not a year )?

[horsesoldier]

If’n that don’t be all...confusion ??? Not to mention stressing what we’ve already been reading about for a decade & yet here we all are ... STILL.

 

I hope & pray on February 9th it’s truly going to be ... THE BIG DAY !!! ... and just not more rhetorical blathering & foot dragging. 
 

Going on 19 years now.  

[JonnyV]

Don’t get caught up on dates.    

It’s coming.

[Laid Back]

“changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years." 
 

Its been more than 2 years ……. Just Do It.

 

Go RV

Go $1:1

[NMP2017]

I can't wait for Iraqis to tire of their currency and rate being looked upon as "inferior" when compared to their neighbors and...change the rate to align with the rates of their Arab brothers 😃

[screwball]

5 hours ago, JonnyV said:

Don’t get caught up on dates.    

It’s coming.

Yep I agree 

[screwball]

8 hours ago, Theseus said:

Studying the rate is just a stall tactic. They are waiting for the green light by the IMF. The IMF does not want Iraq to have a  MCP and that is the current hold up besides accurate reporting to the IMF. They can have auctions all day long but as long as they are using both dollar and dinar, the IMF will never allow them to move forward. When they dedollarize the RV is very near. So near you would be confused the tip of your nose with the RV.

I agree they can’t have both, the imf said they need to remove mCP and create fiscal space to rebuild etc

[screwball]

4 hours ago, Laid Back said:

“changing the exchange rate requires overlapping processes of continuous preparation of the market that take at least two years." 
 

Its been more than 2 years ……. Just Do It.

 

Go RV

Go $1:1

They have had overlapping practices since 2004....they were set for an rv back in 2013 until ISIS took over in 2014...there time is now, there will be no more studies or symposiums.....

[screwball]

8 hours ago, Theseus said:

Studying the rate is just a stall tactic. They are waiting for the green light by the IMF. The IMF does not want Iraq to have a  MCP and that is the current hold up besides accurate reporting to the IMF. They can have auctions all day long but as long as they are using both dollar and dinar, the IMF will never allow them to move forward. When they dedollarize the RV is very near. So near you would be confused the tip of your nose with the RV.

Could it be around March when the supposed gcr is suppose to take place? Or will it be a separate event 

[screwball]

6 hours ago, JonnyV said:

Don’t get caught up on dates.    

It’s coming.

Feb or March sooner the better I hope if it by them end of March 2023

[HowieC]

8 hours ago, JonnyV said:

Don’t get caught up on dates.    

It’s coming.

Guru Howie says it's going to be on a  day ending with a Y !...Set your clock!  😳