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


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 Central Bank: Adjusting the dollar exchange rate will lead to economic stagnation

2022/02/21

 

Yesterday, the Central Bank of Iraq made the first comment in the midst of fluctuating dollar exchange rates in the local market in Baghdad and the provinces.

An authorized source in the Central Bank stated in a statement 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, "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."

He added, "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, and that the current rise in oil prices will enable the Iraqi government to rebuild the Iraqi economy properly, and build sufficient financial buffers to face any future fluctuations in international oil prices.

 

link  :  https://www.almadapaper.net/view.php?cat=258886

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The Central Bank of Iraq: Changing the dinar exchange rate in a short period leads to stagnation and fluctuations

February 20, 2022

The political uproar over the dollar's exchange rate began to subside after the parliamentary meeting, while the exchange rate fell and demand became scarce On the dollar over the last two days, the developments came within what he revealed

The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makheeb, on Sunday, from the results of his meeting with members of the Iraqi Council of Representatives, where Important files were discussed, including the exchange rate,   and it was the Minister of Finance, Ali Allawi, who became A political paper in the hands of the coordination framework. Suddenly,   he said that the price of the dollar is linked to a number of reforms  Economic for the whole country, not just one. A statement from the Central Bank said, “The Governor, Mustafa Ghaleb, praised the results of his meeting.” With members of the House of Representatives on Saturday 19/2/1920, His Excellency gave a full explanation of the functions of the Central Bank And the mechanisms of buying and selling foreign currency and monitoring the banking sector.” The statement added that “the governor of The Central Bank presented the justifications that called for adjusting the foreign exchange rate and the results that have been achieved and will be achieved In the medium and long term,” he said, noting that “the Central Bank is studying the issue of the exchange rate from different angles.” I direct it, and the public financial institutions must perform their tasks in an efficient manner in order to achieve all the objectives of the resolution.”

 
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The dollar exchange rate is stable and there are no intentions to change it
 https://cbi.iq/news/view/1954
An authorized source in the Central Bank of Iraq stated today, Sunday, 20/2/2022, that there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period. And that the discussions that took place while hosting the Governor of the Central Bank of Iraq in the House of Representatives on Saturday, 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 on the honorable public not to deal with the news. which indicate the probability of a price change. He stressed that the central bank possesses sufficient foreign reserves to stabilize the current exchange rate.
 
Central Bank of Iraq
information Office
2022/2/20

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 2022-02-20 13:08
 

Shafaq News/ 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. for the possibility of a price change.

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 to "not 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."

 

Yesterday, Saturday, the Iraqi Council of Representatives formed a parliamentary committee specialized in the financial and economic file and supervising the work of the Central Bank, against the background of the tweet of the leader of the Sadrist movement Muqtada al-Sadr regarding the devaluation of the Iraqi dinar against the US dollar.

And the leader of the Sadrist movement, Muqtada al-Sadr, had made six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghalib, immediately.

Al-Sadr's proposals included, "strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qabd, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some of the parties controlling the country and people."

In addition, Al-Sadr urged "to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate."

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41 minutes ago, yota691 said:
 
  •  
 2022-02-20 13:08
 

Shafaq News/ 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. for the possibility of a price change.

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 to "not 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."

 

Yesterday, Saturday, the Iraqi Council of Representatives formed a parliamentary committee specialized in the financial and economic file and supervising the work of the Central Bank, against the background of the tweet of the leader of the Sadrist movement Muqtada al-Sadr regarding the devaluation of the Iraqi dinar against the US dollar.

And the leader of the Sadrist movement, Muqtada al-Sadr, had made six proposals regarding the exchange rate of the dollar against the Iraqi dinar, including summoning the Minister of Finance, Ali Allawi, and the governor of the Central Bank, Mustafa Ghalib, immediately.

Al-Sadr's proposals included, "strongly stopping currency smuggling, looking into the matter of some banks such as (Middle East, Al-Qabd, and Al-Ansari) belonging to some people who control the currency, and other private banks, and dealing firmly with banks belonging to some of the parties controlling the country and people."

In addition, Al-Sadr urged "to organize the Iraqi currency market centrally and in a correct manner, by enacting some laws that increase the value of the dinar exchange rate."

having sufficient reserves in hard cash and having truck loads of oil is one reason why you would change it!

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2 hours ago, 3 bucks new rv rate said:

 Central Bank: Adjusting the dollar exchange rate will lead to economic stagnation

2022/02/21

 

Yesterday, the Central Bank of Iraq made the first comment in the midst of fluctuating dollar exchange rates in the local market in Baghdad and the provinces.

An authorized source in the Central Bank stated in a statement 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, "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."

He added, "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, and that the current rise in oil prices will enable the Iraqi government to rebuild the Iraqi economy properly, and build sufficient financial buffers to face any future fluctuations in international oil prices.

 

link  :  https://www.almadapaper.net/view.php?cat=258886

this we know is BS because they have done several studies, held symposiums and completed a white paper.

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2022/02/21 15:59

In the document.. the central bank responds to a parliamentary question regarding the dollar exchange rate

https://almasalah-com.translate.goog/ar/news/222535/بالوثيقة-البنك-المركزي-يرد-على-سؤال-برلماني-بشان-سعر-صرف-الدولار?_x_tr_sl=auto&_x_tr_tl=en&_x_tr_hl=en

 

Baghdad / Obelisk: The Governor of the Central Bank, Mustafa Ghaleb Mukhif, answered on Monday, February 21, 2022, a parliamentary question regarding the current exchange rate, the circumstances and causes of the decision taken in it, as well as the results achieved through it since the end of the year 2020.

According to documents published by the Central Bank, the governor answered at length to the question of Representative Hadi Hassan Al-

 

Representative Hadi Hassan Al-Salami

 

website.thumb.jpg.fc6b390fbebcc87f2f26e6d326c3339b.jpg

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Economist: Reducing the price of the dollar will not reduce the price hike

 

Information / Baghdad..

Professor of Economics at Basra University Nabil Al-Marsoumi warned, on Monday, of the repercussions of restoring the dinar exchange rate to what it was previously on the Iraqi economy, while noting that restoring the exchange rate to its previous era will not lead to the return of commodity prices to what they were.

Al-Marsoumi said in a Facebook post seen by / the information / that "there are demands for not a few members of the Iraqi parliament, aimed at restoring the exchange rate of the dinar to what it was previously."

He added that "lowering the Iraqi dinar exchange rate was not a purely technical decision taken by the monetary and financial authorities alone, but rather a technical-political decision that was approved by the political blocs and the Parliamentary Finance Committee, which also had a reform paper in which 33 measures were taken, including the recommendation to reduce the exchange rate of the dinar." .

He explained that "changing the exchange rate will lead to destabilizing financial stability in Iraq, speculation in foreign currency, confusing the Iraqi market, losing the confidence of international financial institutions in the monetary and financial authority in Iraq, and negatively affecting the investment environment in Iraq."

And he indicated that "returning the dinar exchange rate to what it was previously requires an increase in the allocations for the salaries, wages, retirees and social protection section by about 17 trillion dinars."

He continued, "Linking the dinar exchange rate in a country that adopts a fixed price system with an external variable, which is the price of a barrel of crude oil, which is determined in the global market, which is characterized by high volatility, exposes the dinar exchange rate to severe risks, especially in the event of a significant drop in its prices, especially since Iraqi oil revenues constitute more of 90% of public revenues.

He pointed out that “returning the dinar exchange rate to what it was previously will not lead to the return of commodity prices to what they were; Because prices enjoy high flexibility when rising, but they have weak flexibility when falling, especially since prices are not currently affected by the depreciation of the dinar exchange rate alone, but by other variables as well, including the global rise in the prices of imported goods, and the damage to the supply chain as a result of the Corona pandemic, which led to an increase in shipping costs and transportation.”

And he warned that

"the sudden and significant change in the exchange rate of the national currency within a short period would affect the structure of domestic prices, internal and external trade, production, consumption, investment and foreign cash reserves, which would have a severe impact on macroeconomic stability in Iraq." finished/25h

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POSTED ON2022-02-22 BY SOTALIRAQ

The finances of the former parliament reveal the circumstances of raising the price of the dollar: everyone is involved

Baghdad/ Firas Adnan

The Finance Committee in the former parliament says that changing the dollar exchange rate was supposed to be taken since 2016, and refused to describe it as the wrong decision, stressing that what is currently happening is a political debate aimed at winning over the citizens, stressing that all those who objected to it had supported it when it was taken, noting that Resorting to him was after a series of dialogues and meetings with the government and the Central Bank.

Member of the Committee, former MP Ahmed Hama Rashid, said in a statement to (Al Mada), that “the crisis of changing the dollar exchange rate did not start in 2021, and the Central Bank intended to raise its price in 2016.”

Rashid continued, "The lack of agreement between the Minister of Finance and the Governor of the Central Bank at the time prevented the exchange rate change," explaining that "the former minister did not have full knowledge of the economic situation as did the current Minister of Finance, Ali Abdel Amir Allawi."

He pointed out that with "the significant decline in oil prices, and the accompanying decline in the Federal Reserve, the government feared that it would not be possible to pay the salaries of employees and retirees."

Rashid explained, "The government had a choice, which was to reduce the salaries of employees, but the Ministry of Finance and the Central Bank went to reduce the price of the dollar to cover the percentage of the deficit in these salaries."

He pointed out that "what exacerbated the crisis, is the rise in the prices of food commodities on global stock exchanges, coinciding with the change in the exchange rate from the central bank, and in general, citizens of the poor and middle classes were affected."

Rashid noted, “The political debate that is taking place is just more at the expense of the public interest of Iraq,” stressing that “the Minister of Finance raised the issue of the dollar exchange rate in a meeting with political leaders, and all of them either agreed or did not object, except for the head of the Virtue Bloc at the time, Ammar Tohme.” .

And he added, "International organizations had opinions on the exchange rate. The International Monetary Fund suggested that the dollar price be 1650 dinars, and the World Bank demanded that it be made at 1450 dinars, and the Central Bank of Iraq went to make it 1300 dinars."

Rashid spoke about "another proposal at the time that the rise should be gradual, but the specialists warned against that because it would harm the Iraqi currency and lose its value, because we will be facing instability."

He continues, "The opinion in the latter has gone to make the price of the dollar 1450 dinars, in a purely monetary and financial issue, which did not involve a political aspect."

Rashid explained, "Some of the political blocs may go to the opposition and need a peg to win over the citizens and are currently calling for a change in the exchange rate," stressing that "any political bloc that demands today to change the exchange rate, it did not oppose raising it at the time."

And he indicated, "All political blocs had representatives in the Finance Committee, and they did not make any objection to the change, with the exception of MP Magda Al-Tamimi, who demanded that the exchange rate be kept as it is."

And Rashid added, "The decision was taken after extensive study and meetings between the government, the Finance Committee and the Central Bank, and as a result, there was an increase in the ration card allocations and proposals were developed to lift the damages on the lower class."

He believes, "Many of the paragraphs related to removing the negative effects on the simple citizen, which were agreed upon, did not see their way to implementation."

Rashid went on, "The decision was not wrong in order for a certain party to bear the responsibility, whether the Minister of Finance or the House of Representatives, and what is happening is just political bidding."

The Deputy Speaker of the House of Representatives, Hakim al-Zamili, had held a meeting attended by a number of deputies to discuss the exchange rate change and its effects based on proposals launched by the leader of the Sadrist movement Muqtada al-Sadr, but the Minister of Finance refused to attend based on a summons addressed to him, and asked to set another date in which to vote on his grant trust.

For his part, the representative of the State of Law coalition, Muhammad Saadoun Al-Sihoud, stated that “the parliament session last Saturday, which was dedicated to hosting Finance Minister Ali Abdul-Amir Allawi and Central Bank Governor Mustafa Ghaleb Mikheib, was not official.”

Chihod added, "What happened is a review that does not have any legal effect, especially with regard to demands to change the dollar exchange rate."

He pointed out that "the second parliamentary session set by the constitution its task, which is to elect the President of the Republic to assign a candidate for the Prime Minister, after which the House of Representatives can exercise its other competencies."

Chihod concluded, “What was announced about addressing the Minister of Interior to prevent Allawi from traveling is political speculation, as this procedure is within the jurisdiction of the judiciary exclusively based on real charges and not just allegations in front of the media.”

Public opinion is currently preoccupied with talking about the possibility of changing the dollar exchange rate, which experts and specialists have warned of, because this leads to great damage to the Iraqi economy.

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4 hours ago, yota691 said:

And he added, "International organizations had opinions on the exchange rate. The International Monetary Fund suggested that the dollar price be 1650 dinars, and the World Bank demanded that it be made at 1450 dinars, and the Central Bank of Iraq went to make it 1300 dinars."

I understand most of this group feels that the exchange rate is entirely up to the CBI. I have no proof except for statements like these that the IMF and BIS and probably KLAUS SCHWAB and his WEF are pulling strings. None of these people want you to have any money... THAT I am positive of...

 

I've never heard such a bunch of nonsense EVERYDAY from the clowns running this Country... just my opinion....

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