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Economist explains the harms of reducing the dollar exchange without prior preparation

6ly410

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in Iraq & Dinar Related News

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6ly410 Grand Master

6ly410

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Economist explains the harms of reducing the dollar exchange without prior preparation

Economist explains the harms of reducing the dollar exchange without prior preparation
  
{Economic: Euphrates News} An economist warned of the sudden damage to the dollar exchange rate.

Duraid al-Enezi told the Euphrates News Agency: "There are observations on the government program, especially with regard to the exchange rate of the dollar, which is an economic issue."

"There are observations on some economic figures in the ministries and they need an economic committee and we are against reducing the exchange rate of the dollar, which are the same observations that took place in changing the basic exchange rate, but in another direction and the first remarks stressed the need to prepare in advance for the specific economic requirements to overcome the problems of changing the exchange rate of the dollar," he added.

"There must now be other requirements different from the previous ones for the purpose of covering the problems of re-drainage or reducing it," al-Enezi stressed.

Prime Minister Mohammed Shia al-Sudani said on Tuesday that the Central Bank of Iraq was solely responsible for lowering or changing the dollar's exchange rate.

Al-Sudani said in his first press conference after taking over the Prime Minister: "This government is committed to the implementation of laws, and also to the Central Bank Law, which authorizes this institution to formulate monetary policy, and what the Central Bank deems to be the decisions and policies that we are committed to and will maintain and support the independence of the bank, as it is the only body concerned with this issue."

He pointed out that "the decision to change the exchange rate in the past was not accompanied by measures to protect poor, medium and low-income students, and this exacerbated the problem and its negative repercussions on citizens."

 

Raghad Dahham

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6ly410 Grand Master

6ly410

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Sudanese settles the position on the re-change of the dollar exchange rate and calls the term "corruption pandemic"

Sudanese settles the position on the re-change of the dollar exchange rate and calls the term "corruption pandemic"
  
The Prime Minister, Mohammed Shia al-Sudani, has identified the Central Bank of Iraq as the only one involved in changing or restoring the dollar exchange rate.

Al-Sudani said in his first press conference after forming the government and gaining the confidence of the House of Representatives: "The Central Bank is the only body responsible for changing the exchange of the dollar, and as an executive authority we are committed to this aspect and support the independence of the bank and the government is committed to the implementation of the law."

"But the decision to change the exchange rate in the past was not accompanied by measures to protect the poor classes," he said.

On the fight against corruption, the prime minister called it the "corruption pandemic," calling it a "serious threat to the Iraqi state."

"The danger of corruption lies in planning it without fear of deterrence," he said, noting that "the procedures for recovering stolen amounts from tax secretariats are ongoing and followed up daily."

"Without real measures, the slogans of fighting corruption will be just absurd," al-Sudani said, stressing that "the recovery of stolen funds will be a key axis in relations with the countries of the world and we will not be silent about stolen and looted funds smuggled abroad in countries known to us and known corrupt as well."

The prime minister warned against "any minister condoning corruption files because he will be under the penalty of the law and the evaluation of ministers will be on this basis and we adopt frankness and disclosure with the people."

Al-Sudani stressed the government's vision in the next stage and the writing and approval of the ministerial curriculum within the Council of Ministers within two weeks from now and our priorities are to combat poverty, unemployment and corruption, and to carry out economic reforms and provide services.

"I am directing the Ministry of Commerce to strengthen our strategic treasury of basic food supplies," he said.

"The government's directive is to go to activate and implement the health insurance law and there are offers from foreign companies to jointly operate and invest in government hospitals," he said, explaining that "the implementation of the health insurance law will ensure the advancement of the health sector."

"Keeping the security establishment away from any political investment and the security services are concerned with preserving the prestige of the state," he said.

Al-Sudani pointed out that he "assured friends and international partners of the sovereignty and interest of Iraq."

"The cabinet's schedule will focus on the needs of the people and not fillers," he said, noting that "the caretaker government does not have the authority to issue appointment orders and agreements."

He added that "the cancellation of decisions to appoint heads of organs and advisers is not within the calculations of a policy or the exclusion of certain parties, but in implementation of the decision of the Federal Court, which is applicable and enforceable," stressing that "the method of work of this government will be towards the implementation of the law and judicial decisions."

"An engineering effort has been formed to provide urgent services and we will go down to the square by implementing service projects in the provinces and there will be a clear difference in services," he said.

The prime minister stressed that "the agricultural plan for the winter season is late and the recommendations of the committee in charge of preparing the winter agricultural plan have been approved and will be about 5.5 million dunams," announcing "the approval of the recommendations to compensate the farmers affected by the failure to plant the crop of chalab by about 120 billion dinars."

"We are working to study the file of employees and contracts in resolution 315 accurately and personally and we have asked the Ministry of Finance to audit the numbers of contracts and employees and make recommendations," al-Sudani said.

"The law promised to protect the product with the sacred order and the directive to support national products," noting that "the burning of associated gas causes a great financial waste and we have a vision to invest the associated gas."

Regarding the fiscal budget for 2023, the Prime Minister announced that he "directed all ministries today to prepare the 2023 budget and determine their priorities as we are keen to submit the budget as soon as possible."

On the date of holding early parliamentary elections, al-Sudani explained that "this decision concerns the House of Representatives and the government is ready to meet the requirements of holding them," pointing to "the holding of provincial council elections no later than October 2023."

Al-Sudani stressed that his government "will continue to mediate Iraq between Iran and Saudi Arabia and it is in Iraq's interest to play this role."

Regarding the presence of the international coalition forces in the country between the Commander-in-Chief of the Armed Forces, "The agreement with the political forces provided for the authorization and authorization of the Prime Minister to hold a dialogue with the international coalition and through the relevant ministries and be professional in determining the need for the international coalition as numbers of advisers, tasks, advice and exchange of information, and in light of this and the resulting government decision to which all political parties will be committed and we will proceed to complete this dialogue as planned."

 
 
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6ly410 Grand Master

6ly410

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World Bank: The policy of changing the exchange rate of the dollar is the prerogative of the Iraqi government

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The World Bank confirmed on Monday that the policy of changing the exchange rate of the dollar is the prerogative of the Iraqi government.

The World Bank said in a statement followed by (Alawwal News), that "the policy of changing the exchange rate of the dollar is the prerogative of the Iraqi government."

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Officiallytook Experienced

Officiallytook

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🐫Change the rate to this change it to that, oh no only we have the power to change the exchange rate, oh no fool only we have the authority to change the exchange rate, oil and gas law this oil and gas law that.......wtf 😒 my head hurts 🤕 like why dafuq can't anything we need to get done get done... What's actually in the way... A few more cities to be rebuilt or started, electricity and 💦, agriculture? Businesses? More employment? I mean dayumn just complete something so we can get this moving not with all the talking....sure the Iraqi people are as pissed as I am reading this daily news Tom foolery 

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Officiallytook Experienced

Officiallytook

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1 hour ago, Half Crazy Runner said:

After all these years, I believe the answer to this is *powerful politicians*. It could have/should have been done many years ago. There are people who don’t want this done. 

Trust I knew this, just didnt want to say it to be true lol, was trying to give them the benefit of the doubt...but now it's just boubt...one day it'll happen...one day

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horsesoldier Grand Master

horsesoldier

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3 hours ago, rvmydinar said:

Who could that be? Malarky? Or Barzani? Or the new PM? Or the governor of the CBI?

Uh, I'll take E...all of the above. All they have to do is sound sincere, then later on the excuses get trotted out on why it's not gonna happen. 

I've seen this particular Rodeo before, just some of the participants are different.

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rvmydinar Grand Master

rvmydinar

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29 minutes ago, horsesoldier said:

Uh, I'll take E...all of the above. All they have to do is sound sincere, then later on the excuses get trotted out on why it's not gonna happen. 

I've seen this particular Rodeo before, just some of the participants are different.

So Now we can only guess who sounds really sincere to push RV button then. Hopefully , that sincere person really show up when the rate changes on the CBI site.

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6ly410 Grand Master

6ly410

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Saleh Al-Hamashi to / NINA /: Demands to reduce the price of the dollar will create problems with the International Monetary Fund

Saleh Al-Hamashi to / NINA /: Demands to reduce the price of the dollar will create problems with the International Monetary Fund (ninanews-com.translate.goog)

1012696-f46b0851-110f-4c9c-b250-47a695dc
Baghdad / NINA / - The economic expert, Saleh Al-Hamashi, confirmed that the demands to reduce the price of the dollar will create problems with the International Monetary Fund.

He told the National Iraqi News Agency ( NINA 😞 It is possible to reduce the value of the dollar in light of the financial abundance, but this will face problems with the International Monetary Fund and some international financial institutions, especially since Iraq owes large sums to them.


He explained: Any decline will make Iraq unable to find a lender to fill the deficit in its budget, since Iraq is still a single economy.

A number of deputies had called on the government to reconsider the dollar exchange rate./End 3
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6ly410 Grand Master

6ly410

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A political bloc links the dollar exchange rate to the popularity of the Sudanese government

108112022_GettyImages-1244275218-810x540

01:37 – 08/11/2022

Baghdad - Mawazine
News
, a deputy from the Sadiqoun bloc, Zainab Juma al-Moussawi, confirmed today, Tuesday, that changing
the Iraqi dinar exchange rate helps the poor segment and increases the popularity of the Sudanese government.

Al-Moussawi said in a statement, followed by Mawazine News, that "the restoration of the
old exchange rate means a reduction in the value of prices in the Iraqi market and
indirectly helps the poor citizen to face the high prices."

The statement added, "Changing the exchange rate means increasing the popularity of the current government,
because it took an approach contrary to the previous government, which narrowed the Iraqi citizen." Ended 29 / M 9

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6ly410 Grand Master

6ly410

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Al-Musawi: Changing the exchange rate helps the poor and increases the popularity of the Sudanese government

Baghdad / NINA / - The representative of the Sadiqoon bloc, Zainab Juma Al-Moussawi, confirmed that "changing the exchange rate of the dinar helps the poor indirectly."

Al-Moussawi said in a press statement that "the restoration of the old exchange rate means a reduction in the value of prices in the Iraqi market and indirectly helping the poor citizen to face the high prices."

And she added: Changing the exchange rate means increasing the popularity of the current government, because it took an approach contrary to the previous government, which narrowed the Iraqi citizen. / End 8
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6ly410 Grand Master

6ly410

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Economist for Nina: Reducing the dollar exchange rate is not impossible and the time is right for monetary change

1012931-007b64fe-0700-40a5-b7cb-e7868cf8
Baghdad/Nina/ Economist Raad Twig stressed that reducing the exchange rate of the dollar is not impossible as it is promoted, indicating that the current and next years are the most opportune time to bring about this monetary change.Twig said in a statement to the Iraqi National News Agency (
The exchange rate still takes a wide area of attention from the political and popular circles, knowing that the exchange rate was not sourced from the monetary authority but was by the Minister of Finance, so the independence of the central bank at the time was doubtful, and therefore reducing the exchange rate is not impossible, and this becomes a strategic option for monetary policy if the monetary reserve continues to rise. Structuring the Iraqi dinar in a direction that improves its purchasing power or radically replaces the Iraqi dinar with new values."
He noted that "the current and next years are the most opportune time to bring about this monetary change."
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rvmydinar Grand Master

rvmydinar

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23 hours ago, 6ly410 said:

Al-Moussawi said in a press statement that "the restoration of the old exchange rate means a reduction in the value of prices in the Iraqi market and indirectly helping the poor citizen to face the high prices."

Hopefully, the restoration of the Old exchange rate doesn't mean 1,190 or 1,375 as malarky proposed it. The most important  now is will iraq really implement a rate change? Cause iraq is really really a good liar and master of BS.

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6ly410 Grand Master

6ly410

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Parliamentary Finance resolves the controversy of changing the dollar exchange rate

149112022_Doc-P-362148-63739121459577676
 
News source / Mawazine News


|  
05:52 – 09/11/2022

Special - Mawazine News
The Parliamentary Finance Committee decided, on Wednesday, the issue of changing
the dollar's exchange rate against the Iraqi dinar.
Committee member Jamal Cougar said in an interview with “Mawazine News” that “the House of
Representatives, the Finance Committee and the government are not concerned with the issue of changing the dollar exchange rate, and that
it is exclusively the prerogative of the Central Bank, and this matter was confirmed by the Prime Minister.”
He added, "It is not the right of any deputy to intervene and make
statements in this regard, and if they want to respect the terms of reference." Ended 29 / h

 

 

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rvmydinar Grand Master

rvmydinar

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The point is I won't believe it until I see a rate change on the CBI site. Whatever they say about changing the rate blah blah blah many many times , it means nothing to me. By the way , who still believe what iraq say about changing the rate or increasing dinar against the dollar many many times? I only believe a Sudden Move that they will do without prior notice at all, like when they devaluated the rate from 1190 to 1460 back in December 2020. Hopefully, one day they will make a sudden move again without a prior announcement at all to RV the IQD.

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screwball Grand Master

screwball

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18 hours ago, rvmydinar said:

The point is I won't believe it until I see a rate change on the CBI site. Whatever they say about changing the rate blah blah blah many many times , it means nothing to me. By the way , who still believe what iraq say about changing the rate or increasing dinar against the dollar many many times? I only believe a Sudden Move that they will do without prior notice at all, like when they devaluated the rate from 1190 to 1460 back in December 2020. Hopefully, one day they will make a sudden move again without a prior announcement at all to RV the IQD.

I do believe this will see us return to 3.22 eventually in the interim .10 cents  - 1.00 will do

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6ly410 Grand Master

6ly410

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Governor of the Central Bank of Iraq: The current dollar price will be established for other years to come

1210112022_142912.jpg
 
News source / Mawazine News


|  
03:31 - 10/11/2022

Baghdad - Mawazine News
The Governor of the Central Bank
of Iraq, Mustafa Ghaleb Mukhif, said that they do not intend in any way to prejudice
the current exchange rate of the US dollar against the Iraqi dinar. "We will not touch this exchange rate,"
Makheif said on the sidelines of the IBBC conference to develop
economic, trade and investment relations between Britain and Iraq in Dubai . And about the period in which the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a number of coming years,” stressing that they did not think about compromising the current exchange rate of the dollar against the dinar. Ended 29 / h

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