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Central Bank: We do not plan to change the dollar exchange rate


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A new statement by the Central Bank of Iraq about the dollar exchange rate and the possibility of reducing it to 120 thousand

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News source / Baghdad today

Baghdad today - follow up

Today, Sunday, the Central Bank of Iraq confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.

Deputy Central Bank Governor Ammar Khalaf said in a statement to the official agency, "The exchange rate at the present time, in our opinion, as a monetary authority, there is no justification for changing it," explaining that "changing the exchange rate remains within the monetary authority's policy and according to circumstances."

He added that "the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3 or 5 years, and it is the economic conditions that determine what is the appropriate decision that fits the time period at the time."

He stressed that “the exchange rate is within the monetary policy and is the exclusive prerogative of the Central Bank, and when it deems that there is a necessity; He is thinking of changing the exchange rate, but currently there is no justification or need to adjust it,” he explained, “one of the advantages of monetary policy is flexibility in general, and it is not good to change the exchange rate quickly because it confuses markets and weakens the economy.”

This comes after a number of political forces in Iraq renewed the call to change the exchange rate of the dinar against the dollar, by returning the old value to it before December 2020, which amounted to 1200 dinars to the dollar, instead of the current value of 1458 dinars.

In previous statements to Al-Araby Al-Jadeed, Iraqi parliament member Ahmed Al-Rubaie revealed the existence of what he described as “a broad movement of political forces towards changing the exchange rate, by raising the value of the dinar and decreasing the price of the dollar and returning it to what it was or a price close to the previous figure. In order for citizens to feel the positive impact of this, and to ease the burdens of high prices resulting from the crises and wars that a number of countries are witnessing.”

Representative Uday Awad revealed, in an interview with reporters in Baghdad, that more than 100 deputies had collected signatures to reduce the exchange rate of the US dollar against the dinar.

And the Iraqi Ministry of Oil announced, earlier this month, that it achieved oil revenues, which exceeded 60 billion dollars, during the first six months of the current year 2022.

The recent recovery of oil prices globally, in an unprecedented manner, caused a financial surplus for the country, through which the country was able to recover and emerge from the financial crisis. The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, had revealed, earlier, that Iraq is living in its best financial conditions, ruling out the country's need to resort to external borrowing.

Iraq has oil reserves of about 145 billion barrels, equivalent to 17 percent of the reserves of the Middle East, and 8 percent of the world's reserves, which is the fifth largest in the world. However, Iraqi government figures indicate that it has proven reserves of 153 billion barrels.

 

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Central Bank: There is no justification for changing the exchange rate at present

Economie10:09 - 10/07/2022

 
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Baghdad - Mawazine News
, the Central Bank confirmed, on Sunday, that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.

The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement to the official news agency, which was followed by "Mawazine News", that "the exchange rate at the present time - in our opinion as a monetary authority - there is no justification for changing it."

He explained, "Changing the exchange rate remains within the policy of the monetary authority and according to the circumstances," adding that "during the years from 2004 until now, the exchange rate changed more than once according to the circumstances, whether toward an increase or decrease."

He pointed out that "the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, and the economic conditions determine what is the appropriate decision that fits the time period at the time."

He stressed, “The exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks of changing the exchange rate, but currently there is no justification or need to modify it,” explaining, that “monetary policy, one of its advantages is flexibility in general and not It is good to change the exchange rate quickly because it confuses the markets and weakens the economy." Ended 29/N33

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SULAIMANI (ESTA) — Iraq’s central bank sees no reason to change the exchange rate of the dinar currency and has no future plan to do so in the next three to five years, state news agency INA reported on Sunday.

INA cited the deputy governor of the central bank Ammar Khalaf as saying that “There is no justification for changing it,” explaining, “changing the exchange rate remains within the monetary authority’s policy and according to circumstances.”

The Iraqi Central Bank was sat the exchange rate of the Iraqi dinar at 1,470 dinars per dollar late in 2020, aiming to help cover the financial deficit which was estimated at 58 trillion dinars ($48.698 billion). Meanwhile, in 2019, the exchange rate was 1,200 dinars per dollar.

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A new statement by the Central Bank of Iraq about the dollar exchange rate and the possibility of reducing it to 120 thousand

 

 

687 Policy 2022/07/10 16:52 Baghdad today -

follow up Today, Sunday, the Central Bank of Iraq confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate. Deputy Central Bank Governor Ammar Khalaf said in a statement to the official agency, "The exchange rate at the present time, in our opinion, as a monetary authority, there is no justification for changing it," explaining that "changing the exchange rate remains within the monetary authority's policy and according to circumstances." He added that "the economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3 or 5 years, and it is the economic conditions that determine what is the appropriate decision that fits the time period at the time." He stressed that "the exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks about changing the exchange rate, but currently there is no justification or need to modify it," explaining, that "monetary policy, one of its advantages is flexibility in general, It is not good to change the exchange rate quickly because it confuses the markets and weakens the economy.” This comes after a number of political forces in Iraq renewed the call to change the exchange rate of the dinar against the dollar, by returning the old value to it before December 2020, which amounted to 1200 dinars to the dollar, instead of the current value of 1458 dinars. In previous statements to Al-Araby Al-Jadeed, Iraqi parliament member Ahmed Al-Rubaie revealed the existence of what he described as “a broad movement of political forces towards changing the exchange rate, by raising the value of the dinar and reducing the price of the dollar and returning it to what it was or a price close to the previous figure. In order for citizens to feel the positive impact of this, and to ease the burdens of high prices resulting from the crises and wars that a number of countries are witnessing.” Representative Uday Awad revealed, in an interview with reporters in Baghdad, that more than 100 deputies had collected signatures to reduce the exchange rate of the US dollar against the dinar. The Iraqi Ministry of Oil announced, earlier this month, that it had achieved oil revenues of more than 60 billion dollars, during the months The first six for the current year 2022. The recent recovery of oil prices globally, in an unprecedented manner, caused a financial surplus for the country, through which the country was able to recover and emerge from the financial crisis. The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, had revealed, earlier, that Iraq is living in its best financial conditions, ruling out the country's need to resort to external borrowing. Iraq has oil reserves of about 145 billion barrels, equivalent to 17 percent of the reserves of the Middle East, and 8 percent of the world's reserves, which is the fifth largest in the world. However, Iraqi government figures indicate that it has proven reserves of 153 billion barrels.

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The Central Bank: There is no future plan that includes changing the exchange rate

upload_1657436617_737151571.jpeg
 Economy

 

 Today, 10:07

Today
, Sunday, the Central Bank confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement to the Iraqi News Agency (INA): “The exchange rate at the present time - in our belief as a monetary authority - there is no justification for changing it,” explaining, that “changing the exchange rate remains within the monetary authority’s policy and according to circumstances.”
He pointed out that "during the years from 2004 until now, the exchange rate has changed more than once, depending on the circumstances, whether to increase or decrease." 

He added, "The economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, and the economic conditions determine what is the appropriate decision that fits the time period at the time."
He stressed, "The exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks about changing the exchange rate, but currently there is no justification or need to modify it," explaining, that "monetary policy, one of its advantages is flexibility in general and not It is good to change the exchange rate quickly because it confuses the markets and weakens the economy."

 

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3 hours ago, yota691 said:

The Central Bank: There is no future plan that includes changing the exchange rate

upload_1657436617_737151571.jpeg
 Economy

 

 Today, 10:07

Today
, Sunday, the Central Bank confirmed that there is no justification for changing the exchange rate of the dollar against the Iraqi dinar, while indicating that the economic circumstance is the main criterion for changing the exchange rate.
The Deputy Governor of the Central Bank, Ammar Khalaf, said in a statement to the Iraqi News Agency (INA): “The exchange rate at the present time - in our belief as a monetary authority - there is no justification for changing it,” explaining, that “changing the exchange rate remains within the monetary authority’s policy and according to circumstances.”
He pointed out that "during the years from 2004 until now, the exchange rate has changed more than once, depending on the circumstances, whether to increase or decrease." 

He added, "The economic circumstance is the main ruler, and there is no future plan to change the exchange rate, whether after 3-5 years, and the economic conditions determine what is the appropriate decision that fits the time period at the time."
He stressed, "The exchange rate is within the monetary policy and is the exclusive competence of the Central Bank, and when it sees that there is a necessity, it thinks about changing the exchange rate, but currently there is no justification or need to modify it," explaining, that "monetary policy, one of its advantages is flexibility in general and not It is good to change the exchange rate quickly because it confuses the markets and weakens the economy."

 

Denial denial denial. That's what they have already been saying. It won't be the first time. Same ole same ole. Just different date. Is this some kinds of recycled articles or something? I don't believe what they said about " returning the rate to 1,200 or changing the rate or even increasing the rate against the dollar " many many times for how many years already? Almost 19 years as long as I can remember. Just wonder , which other middle east countries  or other foreign countries that have the shortest time ( less than 3 months ) and the longest time ( more than 1 year ) that have already been rv'ing their currency?

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Could they possibly be taking a page out of the Kuwait Reinstatement play book? I've read on this and other dinar sites,  hundreds of times that Kuwait denied it to the end that they would change their rate and "Suddenly" it was changed the same or next day. The Iraqi people really need this even more than we do. Go RV/RI

Edited by chris2028
Left a word out
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8 minutes ago, chris2028 said:

I've seen hundreds of times that Kuwait denied it to the end that they would change their rate and "Suddenly" it was changed the same or next day. 

Where did you see that Kuwait denied? On the online iraqi newspaper? Or iraqi's TV? Did you , by any chance , buy the Kuwaiti dinar and see for yourselves how Kuwait changed their rate at that time? 

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1 hour ago, rvmydinar said:

Denial denial denial. That's what they have already been saying. It won't be the first time. Same ole same ole. Just different date. Is this some kinds of recycled articles or something? I don't believe what they said about " returning the rate to 1,200 or changing the rate or even increasing the rate against the dollar " many many times for how many years already? Almost 19 years as long as I can remember. Just wonder , which other middle east countries  or other foreign countries that have the shortest time ( less than 3 months ) and the longest time ( more than 1 year ) that have already been rv'ing their currency?

There it is again-denial of changing the exchange rate of the dollar against the Iraqi dinar. From the Deputy Governor of the CBI, Ammar Khalaf. We were always told only listen to the CBI. Well there we have it again direct from CBI, the Deputy Governor of CBI.

He points out, quote " The economic circumstance is the main ruler and there is no future plan to change the exchange rate, whether after 3-5 years, and the economic conditions determine what is the appropriate decision that fits the time period at the time. " the exchange rate is within the monetary policy & the exclusive compitence of the Central Bank."

 

This is BS, the economic circumstance is the best it has ever been economically. They have never made so much money & they have been telling everyone this. The conditions are ripe for lowering the exchange rate of the dinar against the dollar. They are receiving money from every place, plus they are out Chaper 13. SO this is total Bull Shite & full of lies by the Central Bank.

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I agree with others…when they repeatedly say they have no plans to change the exchange rate, they definitely have plans to change the exchange rate. 
 

If they want to radically transform their country ala Dubai, they need a healthy currency. Can’t stay pegged to a rapidly inflating currency (dollar) for much longer—it will take them down with it. 

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7 hours ago, rvmydinar said:

Where did you see that Kuwait denied? On the online iraqi newspaper? Or iraqi's TV? Did you , by any chance , buy the Kuwaiti dinar and see for yourselves how Kuwait changed their rate at that time? 

I have seen numerous mentions of that on this dinar site. I'm sure many on here have as well. I was just making a blanket statement that apparently when Kuwait made their rate change they were constantly stating it wouldn't be changed and then right after that it was changed without notice. So we shall see!

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8 hours ago, Rochester said:

Wimpy Agrees. Pay back Tuesday! Most likely outcome! Robot Chicken agrees!

 

 

 

Wimpy only wants a hamburger today and pay on Tuesday, 

He needs a RV just to get a Mackie D's 

OR They have hamburgers in the new Food security Act.

Cruel way to pay a hamburger debt Popeye. 😜

Potato head probably paid off Popeye in all you can eat spinach

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21 minutes ago, chris2028 said:

I have seen numerous mentions of that on this dinar site. I'm sure many on here have as well. I was just making a blanket statement that apparently when Kuwait made their rate change they were constantly stating it wouldn't be changed and then right after that it was changed without notice. So we shall see!

I could really go for " changed without notice " with a 1to1 ( or thereabouts ) oh say tomorrow morning 🌅:tiphat:

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If this is true:

Central Bank: We do not plan to change the dollar exchange rate

 

Then why do this a week ago:

Opening branches of class (A) exchange companies

 

Based on the decision of the Board of Directors of this bank, No. (89) for the year 2022, it was decided to launch the upper limit allowed to open branches of exchange companies category (A) provided that the economic feasibility of increasing the number of company branches and the need for that according to the geographical location in order to ensure the provision of services to all citizens and in All over Iraq

Edited by DWS112
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14 hours ago, 6ly410 said:

Deputy Central Bank Governor Ammar Khalaf said in a statement to the official agency, "The exchange rate at the present time, in our opinion, as a monetary authority, there is no justification for changing it," explaining that "changing the exchange rate remains within the monetary authority's policy and according to circumstances."

Also, No set government, so no stable government, no RV. 

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