The reduction in the dollar exchange rate will be gradual

[6ly410]

The reduction in the dollar exchange rate will be gradual

22/02/19

https://almasalah.com/ar/news/222413/التخفيض-في-سعر-صرف-الدولار-يكون-تدريجيا

 

Baghdad / Obelisk: The researcher in security and economic affairs, Nabil Jabbar Al-Ali Al-Tamimi, wrote:

The reduction in the dollar exchange rate will be gradual at 1% or 2% per month.

 This is done through a clear and publicized exchange policy for all, in other words 1000 - 2500 dinars for every $100 that goes down per month by setting the price in the currency auction regulations.

 A return to the exchange rate of 1200 dinars per dollar may not be reasonable, due to the recent monetary policy of the Central Bank, which strengthened and raised the currency in circulation by a large percentage, and the price of 1300 dinars may be a reasonable price and an ultimate goal for exchange pricing to reduce pressure on currency auction requests.

  Sending messages of reassurance to traders, importers and savers by clearly clarifying the foreign currency exchange policy for a period of one year or more.

[yota691]

Al-Daraji mentions 8 points that should have accompanied the devaluation of the dinar

• Time: February 19 2022 14:18:32
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• Reading: 1,846 times

  

{Economic: Al Furat News} The head of the Military Industrialization Authority, Muhammad Sahib Al-Daraji, confirmed today, Saturday, that 8 things should have accompanied the value of reducing the Iraqi dinar against the dollar.

Among these points, which came in Al-Daraji’s tweet, is the increase in nominal salaries for grades five to nine, and the increase in the salaries of the social protection network.

As well as amending the mechanism for selling hard currency inside the country, pricing government projects in the investment budget in dollars, subsidizing fuel for public transport, factories and projects, and other things.

[horsesoldier]

Is this individual from the CBI ??? Nope....shut the hell up. Opinions are like butt holes or donut holes ( take your pick ).... everyone has one. Oh man am I grumpy today. 
 

Just fed up & exhausted riding the Twilight Zone’s can’t ever jump off from the Circus Carousel From Hell.  😆

[6ly410]

 

 

 

2022/02/19 21:14

• number of readings 3
• https://almasalah.com/ar/news/222454/مصدر-خفض-سعر-صرف-الدولار-سيكون-بالتدريج-حال-إقراره

Source: The dollar exchange rate will be reduced gradually if approved

Baghdad/The Obelisk:

 

[6ly410]

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[6ly410]

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[JonnyV]

25 minutes ago, horsesoldier said:

Is this individual from the CBI ??? Nope....shut the hell up. Opinions are like butt holes or donut holes ( take your pick ).... everyone has one. Oh man am I grumpy today. 
 

Just fed up & exhausted riding the Twilight Zone’s can’t ever jump off from the Circus Carousel From Hell.  😆

 

Next stop, Willoughby!  

[horsesoldier]

17 minutes ago, JonnyV said:

 

Next stop, Willoughby!  

One of the better TZ episodes. I’m looking to create my own Willoughby, without having to jump off the train of course  

[6ly410]

43 minutes ago, 6ly410 said:

 

 

 

2022/02/19 21:14

• number of readings 3
• https://almasalah.com/ar/news/222454/مصدر-خفض-سعر-صرف-الدولار-سيكون-بالتدريج-حال-إقراره

Source: The dollar exchange rate will be reduced gradually if approved

Baghdad/The Obelisk:

 

Baghdad / Obelisk: A parliamentary source said, on Saturday, February 19, 2022, that the meeting of the House of Representatives with the Governor of the Central Bank regarding the exchange rate of the dollar, resulted in the approval of reducing the exchange rate of the dollar, it will be gradually, step by step, so as not to affect the market movement. And the citizen.
The source told the Obelisk that changing the exchange rate in a sudden manner by about 135 thousand against $100 will have repercussions on the level of commercial and financial movement and on the citizen, who is difficult to approve.
The parliament session was attended by deputies of the Sadrist bloc, some heads of blocs and a representative of the state of law, while Finance Minister Ali Allawi was absent from attendance.
And the head of the Kurdistan Justice Bloc, Soran Omar, announced, on Saturday, the details of the session to host the governor of the Central Bank in the Iraqi parliament.
Omar, one of those present at the session, said that the governor of the Central Bank stressed during the session that the dollar exchange rate does not change, and that making an amendment to it requires changes and finding solutions to a number of obstacles.
The governor added in the meeting, according to the post: We have 76 banks, while the banks in Iran and Turkey do not exceed 30 banks in each of the two big neighboring countries.
  The governor continued: Many banks do not have the required standards and obtained the license, including the necessity of having 250 billion dinars as a guarantee.
  Omar concluded his post by saying: The Governor of the Central Bank announced the formation of a fact-finding committee on all matters related to the institution.
The House of Representatives set, earlier, a date for a meeting with the Minister of Finance and the Governor of the Central Bank in order to discuss the dollar exchange rate.
Earlier, the leader of the Sadrist movement, Muqtada al-Sadr, presented six proposals to control the repercussions of the decision to change the dollar exchange rat

[NEPatriotsFan1]

1 hour ago, 6ly410 said:

Baghdad / Obelisk: A parliamentary source said, on Saturday, February 19, 2022, that the meeting of the House of Representatives with the Governor of the Central Bank regarding the exchange rate of the dollar, resulted in the approval of reducing the exchange rate of the dollar, it will be gradually, step by step, so as not to affect the market movement. And the citizen.
The source told the Obelisk that changing the exchange rate in a sudden manner by about 135 thousand against $100 will have repercussions on the level of commercial and financial movement and on the citizen, who is difficult to approve.
The parliament session was attended by deputies of the Sadrist bloc, some heads of blocs and a representative of the state of law, while Finance Minister Ali Allawi was absent from attendance.
And the head of the Kurdistan Justice Bloc, Soran Omar, announced, on Saturday, the details of the session to host the governor of the Central Bank in the Iraqi parliament.
Omar, one of those present at the session, said that the governor of the Central Bank stressed during the session that the dollar exchange rate does not change, and that making an amendment to it requires changes and finding solutions to a number of obstacles.
The governor added in the meeting, according to the post: We have 76 banks, while the banks in Iran and Turkey do not exceed 30 banks in each of the two big neighboring countries.
  The governor continued: Many banks do not have the required standards and obtained the license, including the necessity of having 250 billion dinars as a guarantee.
  Omar concluded his post by saying: The Governor of the Central Bank announced the formation of a fact-finding committee on all matters related to the institution.
The House of Representatives set, earlier, a date for a meeting with the Minister of Finance and the Governor of the Central Bank in order to discuss the dollar exchange rate.
Earlier, the leader of the Sadrist movement, Muqtada al-Sadr, presented six proposals to control the repercussions of the decision to change the dollar exchange rat

So we should expect the exact opposite then

[NMP2017]

Too effin funny! I'm SURE everyone is gonna run out and exchange their $$$ any given month KNOWING the rate is gonna change and they'll get more for their money next month! 🤣😂🤣

[6ly410]

The Iraqi dinar and fiscal policy

Posted 1 minute ago

https://iraqakhbar-com.translate.goog/3491524?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

news source /news

 

 

news source / news

Should the Iraqi dinar exchange rate be raised, especially after the improvement in oil prices? Or are there other priorities?

In 2020, as a result of the measures taken to tackle the Corona epidemic, crude prices fell, and public revenues in the state budget declined because about 90% of them depend on these revenues. Public revenues are no longer sufficient to cover even the salaries of employees, especially in the middle of that year.

The Iraqi government had the following option: to stop paying salaries and not fulfill other financial obligations. This is equivalent to bankruptcy (this term should be used with caution when analyzing state finance because bankruptcy theory pertains to civil and commercial law). Or reduce the par value of the dinar against the dollar and other currencies. Then the state's revenues will rise in dinars. Employees receive their salaries, but with low purchasing power.

Since the decline in the purchasing power of some segments of society is better than bankruptcy, the government has chosen to reduce the par value of the dinar.

We note that the mere limitation of that option is a clear evidence of the failure of the country's economic policy. Because wise policies open up a very wide range of options.

However, oil revenues have recently risen until the price of Brent today reached $94 a barrel. For $52 on the day the government decided to devalue the dinar (December 19, 2020).

Therefore, the government is supposed to take a new decision to raise the exchange rate of the dinar. It is also assumed that the new exchange rate will be higher than the exchange rate before the devaluation. A thousand dinars to a dollar, for example.

But the main problem in Iraq is not related to the exchange rate as much as it is related to the fiscal policy that led to the deterioration of the economic situation. It was this policy that led to the only option that led to the devaluation of the dinar.

State finances are not only revenues but expenditures as well. The main problem relates to the inflation of the administrative apparatus in vain. And the increasing unproductive military expenditures. And the presence of military devices with a sectarian dimension. And institutions that bore the state heavy losses such as endowments. The failed federal state. And the Kurdistan region, which drained the energies of the state from several angles, is not only oil but also customs. Iranian domination of the country's commercial, financial and monetary capabilities. Add to that the rampant financial corruption.

The deterioration of the exchange rate is only a consequence of these features. Thus, no real reform can be done without addressing it. The reform will fail even if the price of a barrel reaches twice the current price.

It is absurd and wrong, then, to search for an exchange rate for the dinar that matches the state's revenues. Rather, a sound fiscal policy that takes care of industrialization, agricultural development, and technological progress should be implemented. A policy capable of getting rid of rentierism. Then job opportunities will increase, poverty will be removed, growth will rise, and state, internal and external finances will improve

[rvmydinar]

10 minutes ago, 6ly410 said:

A thousand dinars to a dollar

1,000 IQD=1 USD. Then, delete 3 zeros equal to 1 IQD=1 USD. Then what are you waiting for iraq? Come on iraq, Just do it for the sake of iraqi people. Less talk and just do it. No more delays and no more BS.

[6ly410]

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[6ly410]

 

After the exchange rate fell, an economist advises the Iraqis about the dollar: What is it?

Posted 35 seconds ago

news sourceNR TV channel

 

https://iraqakhbar-com.translate.goog/3492133?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 

Today, Sunday, economic expert Mahmoud Dagher called on Iraqi citizens to keep what they own of the US dollar and not to sell it at a low price in the markets, and to buy the dollar by those who have savings in Iraqi dinars.

 

Dagher said in an exclusive interview with NRT, "The central bank will not, in the near term, reduce the exchange rate of the dollar against the Iraqi dinar," noting that "the bank is still continuing to sell one dollar for 1460 dinars to banks, which it puts at 1470 dinars in the market."

 

He added, "Political differences have cast a shadow over the dollar exchange markets, but the central bank does not intend to change the exchange rate, and the decline in the dollar exchange is due to the state of panic prevailing in the markets."

 

He explained, "Those who sold the dollar during the past days at a reduced price are small sellers and people who keep modest amounts of the dollar in their homes. As for the big investors and the rich, they did not put their dollars in the market, but rather bought large quantities of them to obtain profits after their price increased during the coming days."

 

On a question regarding his advice to the Iraqis, Dagher said: I advise every Iraqi citizen who owns the dollar currency not to sell it during the current time