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The Central Bank of Iraq breaks its silence and reveals details regarding the dollar exchange rate


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21 minutes ago, 6ly410 said:

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The Central Bank: The dollar exchange rate is stable and there are no intentions to change it

Baghdad / Obelisk: An authorized source in the Central Bank of Iraq stated, on Sunday, February 20, 2022, that there are no intentions to change the current exchange rate, especially after the positive results it achieved during the last period.

The source added that the discussions that took place while hosting the Governor of the Central Bank of Iraq in the House of Representatives last Saturday stressed the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation.

The source called for not dealing with news that indicates the possibility of a price change, noting that the Central Bank possesses sufficient foreign reserves to stabilize the current exchange rate.

The Governor of the Central Bank of Iraq, Mustafa Ghaleb, had revealed the results of his meeting with members of the Iraqi Council of Representatives, to discuss important files, including the exchange rate.

A Central Bank statement received by the Obelisk said that Governor Mustafa Ghaleb Mukhif praised the results of his meeting with members of the House of Representatives on Saturday, February 19, 2022, and gave a full explanation of the Central Bank’s tasks, mechanisms for buying and selling foreign currency, and supervision of the banking sector.

The statement added that the Governor of the Central Bank presented the justifications that necessitated the adjustment of the foreign exchange rate and the results that have been achieved and will be achieved in the medium and long term, indicating that the Central Bank is studying the issue of the exchange rate from its various aspects, and the public financial institutions must perform their tasks in a complete manner to achieve all the objectives of the decision

 

SMOKE SCREEN.  

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A new talk by the Central Bank regarding the “exchange rate” - urgent

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News source / Alsumaria channellThe Central Bank of Iraq confirmed, on Sunday, that the dollar exchange rate is stable, indicating that there are no intentions to change it.

 

An authorized source at the Central Bank said in a statement, "There are no intentions to change the current exchange rate, especially after the positive results it achieved during the last period."

 

He added that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19 2022, emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."

 

The source called for "not to deal with news that indicates the possibility of a price change," stressing that "the central bank possesses sufficient foreign reserves to stabilize the current exchange rate."

 

It is noteworthy that the House of Representatives hosted the Governor of the Central Bank, yesterday, Saturday, and discussed various matters related to the supervisory affairs of the banking sector and the issue of adjusting the exchange rate

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Economy news

Central Bank: The dollar exchange rate is stable and there are no intentions to change it

192022022_182392021_156872624058339100-8
 
09:56 – 20/02/2022

Baghdad - Mawazine News

The Central Bank
of Iraq confirmed, on Sunday, that there are no intentions to change the current exchange rate.
An authorized source
in the Central Bank of Iraq stated, "There are no intentions to change the
current exchange rate, especially after the positive results that it achieved during the last period."
He added,
"The discussions that took place while hosting the Governor of the Central Bank of Iraq in the House of
Representatives last Saturday emphasized the need for concerted efforts by all government institutions to improve
the economic and living standards of the poor classes that were affected by the high rate of
inflation

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The Central Bank: The dollar exchange rate is stable and there are no intentions to change it

upload_1645383921_1219413458.jpeg
 
News source / Iraqi News Agency (INA)
Baghdad -

The Central Bank confirmed, today, Sunday, that the dollar exchange rate is stable and there are no intentions to change it.
The bank's media office stated in a statement received by the Iraqi News Agency (INA), that "there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period."
He added that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19 2022, emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."
And the office called, "not to deal with news that indicates the possibility of a price change." 
He stressed that "the central bank possesses sufficient foreign reserves to stabilize the current exchange rate

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The Central Bank of Iraq breaks its silence and reveals details regarding the dollar exchange rate

8-1645373450.jpg
 

Today, Sunday, the Central Bank of Iraq considered that positive results were achieved from the exchange rate of the US dollar against the dinar, warning of an “economic stagnation” in the event of its repeated change within short times without studying.

An authorized source in the Central Bank of Iraq issued a statement this evening, and received by Noon News Agency, that the current exchange rate has achieved many positive results, the most prominent of which was reducing the state’s general budget deficit to achieving a surplus at the end of 2021, and giving local producers and investors an important competitive advantage with imported goods.

The source said that the repetition of changing the exchange rate within short times without a study from the concerned authorities leads to an economic recession, confuses the work of local markets, increases speculation on foreign currency, and squanders the gains made by the current exchange rate.

The source stressed that despite the rise in global oil prices of an unstable nature, there is no connection between this rise and the objectives and results of changing the exchange rate, indicating that the current rise in oil prices will enable the Iraqi government to rebuild the Iraqi economy correctly, and build financial buffers. Sufficient to face any future fluctuations in international oil prices.

On the other hand, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mokhif, praised the results of his meeting with members of Parliament yesterday, Saturday.

In a separate statement to the Central Bank, which was received by Noon News Agency, the Governor of the Bank gave a full explanation of the Central Bank’s tasks, the mechanisms for buying and selling foreign currency, and the supervision of the banking sector.

The governor also presented, according to the statement, the justifications that necessitated the adjustment of the foreign currency exchange rate and the results that have been achieved and will be achieved in the medium and long term, indicating that the Central Bank is studying the issue of the exchange rate from its various aspects, and public financial institutions must perform their tasks in a complete manner to achieve all the objectives of the decision.

Earlier today, Sunday, the owners of banking offices in Baghdad demanded that the Central Bank determine its position on the process of changing the price of the dollar.

The exchange rates of the dollar (yesterday and today) witnessed a continuous decline amid political statements calling for the reduction of dollar prices with the improvement and rise in oil prices, and the owners of exchange offices worked hard in selling the dollar and the lack of clarity about the government's direction to reduce the dollar price or not.

And yesterday, Saturday, the Iraqi Council of Representatives held a meeting headed by Hakim Al-Zamili, the first deputy speaker of the Council, to discuss the reality of the dollar exchange rate against the local currency.

The Governor of the Central Bank, Mustafa Ghaleb Mokhif, his deputy and a number of officials in the bank attended the meeting, while Finance Minister Ali Allawi and his ministry boycotted the meeting.

In his speech during the start of the meeting, Al-Zamili promised the Minister of Finance to question him under the dome of Parliament, and to issue a decision banning him from traveling outside Iraq.

It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.

As a result, according to specialists, the annual inflation in Iraq rose significantly, so that the prices of all materials and commodities in the Iraqi market rose significantly, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs

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Central Bank: There are no intentions to change the dollar exchange rate

 

Information / Baghdad...

The Central Bank confirmed, on Sunday, that the dollar exchange rate is stable and there are no intentions to change it.

And the bank's media office stated, in a statement it received, that "there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period."

He added that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19 2022, emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."

And the office called, "not to deal with news that indicates the possibility of a price change."

He stressed that "the central bank possesses sufficient foreign reserves to stabilize the current exchange rate." finished 25

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Central Bank: There Is No Intention To Change The Exchange Rate And We Have Sufficient Foreign Reserves

Author: Ahad7 On 2/20/2022 - 9:19 PM 69

An Informed Source In The Central Bank Of Iraq Revealed, On Sunday, That There Are No Intentions To Change The Current Exchange Rate Of The Dollar Against The Iraqi Dinar. . 

A Special Source In The Central Bank Of Iraq Said, "There Are No Intentions To Change The Current Exchange Rate, Especially After The Positive Results That It Achieved During The Past Period."

He Added That "The Discussions That Took Place During The Hosting Of The Governor Of The Central Bank Of Iraq In The House Of Representatives On Saturday, Corresponding To February 19 2022, Emphasized The Need For Concerted Efforts By All Government Institutions To Improve The Economic And Living Standards Of The Poor Classes That Were Affected By The High Rate Of Inflation."

He Called On The Public Not To "Deal With News That Indicates The Possibility Of A Price Change," Stressing That "The Central Bank Possesses Sufficient Foreign Reserves To Stabilize The Current Exchange Rate."

 
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54 minutes ago, 6ly410 said:
55 minutes ago, 6ly410 said:

Emphasized The Need For Concerted Efforts By All Government Institutions To Improve The Economic And Living Standards Of The Poor Classes That Were Affected By The High Rate Of Inflation."

Yeah, no sh!t, your current rate does not work for the people. 
 

57 minutes ago, 6ly410 said:

He Called On The Public Not To "Deal With News That Indicates The Possibility Of A Price Change," Stressing That "The Central Bank Possesses Sufficient Foreign Reserves To Stabilize The Current Exchange Rate."

“No! Don’t pull back the curtain, nothing to see here!” 

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8 minutes ago, jake21 said:

This is one time that I think they are telling the truth. They have zero intentions of changing ANYTHING that would make it harder for the corrupt scum to steal and become richer. This country is not going to change! Prove me wrong Iraq! I dare ya!!! 

 

I respectfully believe you are wrong.  Sadr and Kazemi run the country.  If the CBI & the Minister of Finance don’t tow the line, their gone and someone will be put in place that will follow orders.  Lets not forget that the IMF, UN, AMF and the WB want this too.   

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2 hours ago, 6ly410 said:

The Central Bank: The dollar exchange rate is stable and there are no intentions to change it

upload_1645383921_1219413458.jpeg
 
News source / Iraqi News Agency (INA)
Baghdad -

The Central Bank confirmed, today, Sunday, that the dollar exchange rate is stable and there are no intentions to change it.
The bank's media office stated in a statement received by the Iraqi News Agency (INA), that "there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period."
He added that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19 2022, emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."
And the office called, "not to deal with news that indicates the possibility of a price change." 
He stressed that "the central bank possesses sufficient foreign reserves to stabilize the current exchange rate

Mi smoke screen here.  Just reporting the news. 

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40 minutes ago, JonnyV said:

 

I respectfully believe you are wrong.  Sadr and Kazemi run the country.  If the CBI & the Minister of Finance don’t tow the line, their gone and someone will be put in place that will follow orders.  Lets not forget that the IMF, UN, AMF and the WB want this too.   

ok my belief is potato head maliki actually or possibly, put the warrant and everything thing that happened too dr shabibi,... soo if the cbi is really in charge then why did this happen if only the cbi have control...over monetary policy... and goverment do not have any say in cbi policies...this is or was not the case in dr shabibis exclusion and warrant of arrest... any takers ...on a better suggestion cheers DV,just trying to get more informed,im getting too old for all this haha

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Economie

THE GOVERNOR OF THE CENTRAL BANK REVEALS THE RESULTS OF HIS MEETING WITH MEMBERS OF THE HOUSE OF REPRESENTATIVES YESTERDAY

Sunday, February 20 2022 6:00 PM

 

Baghdad / National News Center

https://nnciraq.com/114064/

Today, Sunday, the Governor of the Central Bank of Iraq, Mustafa Ghaleb Mukhif, confirmed that the bank has studied the issue of the exchange rate, calling on public financial institutions to perform their tasks in a complete manner.

A statement by the Central Bank and received by the “National News Center” stated that “the governor praised the results of his meeting with members of the House of Representatives on Saturday 19/2/1920.” He provided a full explanation of the functions of the Central Bank, the mechanisms of buying and selling foreign currency, and the supervision of the banking sector. He also presented the justifications that necessitated the adjustment of the foreign exchange rate and the results that have been achieved and will be achieved in the medium and long term.

He indicated that “the central bank has studied the issue of the exchange rate from its various aspects, and the public financial institutions must perform their tasks in an efficient manner in order to achieve all the objectives of the decision.”

It is noteworthy that the House of Representatives hosted the governor on February 19, 2022, and various matters related to the supervisory affairs of the banking sector and the issue of adjusting the exchange rate were discussed.

 
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CENTRAL BANK: THE DOLLAR EXCHANGE RATE IS STABLE

https://nnciraq.com/114088/

Sunday, February 20 2022 9:56 PM

Baghdad / National News Center

The Central Bank of Iraq confirmed, on Sunday, that there are no intentions to change the current exchange rate.
An authorized source in the Central Bank of Iraq stated, "There are no intentions to change the current exchange rate, especially after the positive results that it achieved during the last period."
He added, "The discussions that took place while hosting the Governor of the Central Bank of Iraq in the House of Representatives last Saturday emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."

The source called on the public not to deal with the news that indicates the possibility of a price change, stressing that the central bank possesses sufficient foreign reserves to stabilize the current exchange rate.

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Aware / new talk of the Central Bank regarding the exchange rate of the dollar

Conscious / Baghdad / h. g  

The Central Bank of Iraq confirmed, on Sunday, that the dollar exchange rate is stable, indicating that there are no intentions to change it.

An authorized source at the Central Bank said in a statement received by (the Iraqi Media News Agency / INA), "There are no intentions to change the current exchange rate, especially after the positive results that it achieved during the past period."

He added that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, corresponding to February 19 2022, emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation."

The source called for "not to deal with news that indicates the possibility of a price change," stressing that "the central bank possesses sufficient foreign reserves to stabilize the current exchange rate

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8-1645374999.jpg?_x_tr_sl=auto&_x_tr_tl=

Today, Sunday, the Ministry of Finance confirmed that the decision to reduce the value of the dinar came as part of a package of fundamental reforms that target the structure of the Iraqi economy, while noting that the exchange rate adjustment came after the state’s foreign currency reserves were depleted and some private banks controlled the market for selling currency illegally. .

And the Finance said in a statement received by Noon News Agency, that it "sought with all its institutions to correct the structural distortions in the Iraqi economy, which the public financial policy lacked, which led to restricting the ability of financial reform in the country."


Why was the exchange rate devaluation in December 2020 necessary?

The statement explained, "When oil revenues collapsed two years ago, the Iraqi government was facing enormous funding pressures while it was struggling with its basic internal and external obligations, as the cash reserves of the Central Bank were in rapid decline, and in December 2020, it was expected to be implemented within a year and Iraq was on On the brink of a comprehensive economic crisis that came as a result of the drop in oil prices."

The statement continued, "The decision to reduce the value of the dinar came within a package of fundamental reforms that target the structure of the Iraqi economy, and this decision was taken as a result of a stifling economic crisis that befell the whole world represented by the Corona pandemic, where the price of a barrel of oil at the time reached $ 20, and this is what caused an economic crisis." This led to the difficulty of meeting the government's financial obligations from previous external and internal debts, in addition to the salary bill for employees, retirees and social protection.The Social Protection Authority was supported by increasing the allocations of the new targeted groups to compensate for the emergency change in the exchange rate and subsidize the poor segment.However, the House of Representatives reduced the amounts allocated for inclusion. The new one, which led to the non-inclusion of new families in social protection.

He pointed out, "The change in the exchange rate of the dinar came in conjunction with the implementation of the economic reform project, which the Iraqi government called the "white paper" and it was a necessary option to reform the structural system of the Iraqi economy," adding that "the change in the exchange rate gave great strength to the country's economic joints, which is It is consistent with the statements of the Central Bank, which confirmed that raising the exchange rate led to an increase in the possibility of competition for the local product, and to reduce the pressure of expenditures on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021.

The decision to adjust the exchange rate came, according to the statement, “after the state’s foreign currency reserves were depleted and some private banks took control of the currency selling market by illegal means, and we worked to raise the foreign currency balance through a number of decisions in addition to the rise in oil prices, and these decisions resulted in an increase 64 billion dollars from the reserves of the Central Bank of Iraq, and raising the international credit rating of Iraq internationally.

And he indicated, "The statistics of the specialized international organizations indicate the gross domestic product at 9% for the first half of 2021, and the growth of the non-oil economy by more than 21% in the first half of 2021, and this is due to the strong performance in the service sectors after easing measures to prevent the virus." The new Corona virus, and this recovery reduced the lag in the oil sector, by 10% in the first half of 2021, as Iraq adjusted its share in OPEC. Since then, OPEC has gradually increased the production share of member states, which was reflected in an increase in GDP General and basic inflation in Iraq for the period from January to July 2021, reaching 5.2% and 6.3%, respectively, due to the increase in domestic demand and the insufficient supply of commodities to meet the entire growing demand, in addition to the positive impact of inflation due to the decline in import prices in some exporting countries facing a depreciation in the value of their local currencies.

Ghali pointed out that "the Ministry of Finance has worked to attract companies to support investment in Iraq for the purpose of promoting the country's economy by maximizing non-oil revenues and emphasizing the need to adopt the budget of programs to achieve the best performance of the plans and timings set and to develop appropriate mechanisms within its strategy to finance and involve the private sector and to approve the completion of strategic projects with The multiplier effect and curbing the monopoly of banks on foreign currency.

The finance dealt, according to the statement, "in light of the stifling financial crisis, the suffering of a large segment of the contracts of the Ministry of Electricity and free lecturers, as they were converted into contracts based on Cabinet Resolution No. 315 of 2019 and all the problems that many ministries faced from having their contracts terminated, including the Ministry of Defense and Interior And the Popular Mobilization Authority and the solution of all problems related to bonuses, promotions and other benefits for all employees and citizens, where the ministry also worked within its strategy to prepare a sound and stable financial situation for the country by preparing budgets for the coming years within the available resources to address the delay in strategic projects.

The Finance concluded its statement, by saying, "From here, we would like to show that it worked in difficult economic conditions, in which it handled most financial situations, and through its plans for the draft white paper that the government and the Ministry of Finance adopted with its reform project in order to advance the economic reality, as the Ministry of Finance invested those positions that were set for reform The economic situation and the stifling financial crisis after it preferred difficult solutions, including raising the dollar exchange rate against the Iraqi dinar

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Nah because there would be a rush on the banks and money changers for

the Dinar I think.

9 minutes ago, screwball said:

do you people really think they will announce their intentions?????

 

10 minutes ago, screwball said:

or it might be linked to something else?

 

🤞 It would be nice time will tell.

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Yes I believe they announce they are not going to increase the dinar for a long time they seemed to be happy with increasing the value of the dollar instead. They have proven  many times over they care less about their citizens in Iraq unless you are already wealthy. This CBI governor & finance minister have ignored request to increase the dinar now for some time. This governor is not like Shabibi & will never be as good as Shabibi these 2 are happy with leaving things like they have been for years.  Hopefully Sadr will force some changes. A lot needs done before any real change will happen maybe see something next year, too many things need dome. Don't forget nothing happens during Ramaden which starts beginning of April and the government needs to be formed. Just my opinion of course.

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