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Central Bank Governor: The dollar exchange rate will remain for the coming years!


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Central Bank Governor: The dollar exchange rate will remain for the coming years!

Central Bank Governor: The dollar exchange rate will remain for the coming years! – Iraq News Network (aliraqnews.com)

 

Central Bank Governor: The dollar exchange rate will remain for the coming years!
Last Update:10 November 2022 - 3:53 PM

Baghdad/Iraq News Network - The Governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, stated that they do not intend in any way to harm the current exchange rate of the US dollar against the Iraqi dinar.Makhif said on the sidelines of the IBBC conference for the development of economic, trade and investment relations between Britain and Iraq in Dubai: "We will not touch this exchange rate".On how long the current exchange rate will be adopted, the governor of the Central Bank of Iraq said that it will be "adopted for a number of years to come," stressing that they did not think of compromising It is worth mentioning that the governor of the bank is not financially or monetary, but rather a human rights defender in civil lawsuits, including divorce cases.

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Central Bank Governor: Industrial and agricultural development cannot be achieved without the banking sector

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Central Bank Governor Mustafa Ghaleb Makhif said on Thursday that industrial and agricultural development cannot be achieved without the banking sector.

The bank's media office said in a statement received by (Alawwal News), that "the governor of the Central Bank of Iraq Mustafa Ghaleb Makhif participated in the autumn conference of the Iraqi-British Business Council, which opens its work on Thursday in the United Arab Emirates / Dubai."

The governor of the Central Bank praised "the efforts made by countries in creating industrial and agricultural development and providing jobs and development cannot be achieved without the banking sector responding to the aspirations and expectations of investors and workers in the economic sector."

"Money is the lifeblood and the means of development, development and prosperity and the banking sector has become qualified to play the roles that everyone aspires to," he added.

The Governor of the Central Bank praised "the efforts of the organizers of the conference, and the spaciousness of the brothers in the United Arab Emirates."

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UrgentCentral Bank Governor: The current dollar rate will prove for years and there is no intention to change it in any way

Central Bank Governor: The current dollar rate will prove for years and there is no intention to change it in any way
  
The governor of the Central Bank of Iraq, Mustafa Ghaleb Makhif, announced that the current dollar exchange rate in the country "will stabilize for years to come."

"We do not intend in any way to compromise the current exchange rate of the US dollar against the Iraqi dinar," he said in a press statement.

"The current price will prove for more years to come," he said, adding that statements by government officials, politicians and lawmakers "will not affect" the bank's decisions.

It is noteworthy that in late 2020, the Central Bank of Iraq decided to reduce the exchange rate of the dinar and raise the exchange rate of the US dollar, from 1700 dinars per dollar to 1450 dinars against the dollar, and the decision to change the exchange rate came in coordination with the World Bank and the International Monetary Fund.
Prime Minister Mohamed Shia al-Sudani said in a press conference on the first of this month that "the decision to change the exchange rate in the past was not accompanied by protective measures for poor, medium and low-income students, and this exacerbated the problem and its negative repercussions on citizens."

But he stressed that "this government is committed to the implementation of laws, as well as to the law of the Central Bank, which empowers this institution to formulate monetary policy, and what the Central Bank deems 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 the issue of the exchange rate."

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

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News Source /


Economy|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 inwhich the current exchange rate will be adopted, the Governor of the Central Bank of Iraq said, “It will be adopted for a numberof coming years,” stressing that they did not think about compromising the current exchange rate of thedollar against the dinar. Ended 29 / h

 

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Central Bank Governor Denies Talk of Fixing Exchange Rate for Years

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Central Bank Governor Mustafa Ghaleb Makhif has denied talk of fixing the exchange rate for years.

 

A source familiar with the matter told Al-Sumaria News that "the governor of the Central Bank denies talking about the current dollar rate that will be proven for more years to come."

 

Prime Minister Mohamed Shia al-Sudani had confirmed a few days ago that the decision to raise the dollar exchange rate was not accompanied by measures to protect the vulnerable classes.

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Well for years now I have always been told when it comes to the money the only one you listen to is the CBI. Well here it is article after article directly from the governor of the CBI. He is not going to change and increase the dinar exchage rate.  He stated that" they do not intend in any way to harm the current exchange rate  of the US Dollar against the dinar"

"We will not touch this exchange rate" on how long the current exchange rate will be adopted,he said"it will be adopted for a number of years to come"

We will no touch this exchange rate."

It will be adopted for for a number of years to come." 

"We do not intend in any way to compromise the current exchange rate of the US Dollar against the Iraqi dinar."

"The current price will prove for more years to come and adding that statements by government officials,politicians,and lawmakers will not affect the Banks decisions."

These are just a few words directly from the governor of Iraq in article after article.He is telling everyone is is NOT Changing the Exchange Rate. so there we have it from this Governor Of Iraq.cannot be much clearier than this about the dinar folks. These statement are not my statements read the above articles from the Governor.

 

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1 hour ago, edbeach said:

Well for years now I have always been told when it comes to the money the only one you listen to is the CBI. Well here it is article after article directly from the governor of the CBI. He is not going to change and increase the dinar exchage rate.  He stated that" they do not intend in any way to harm the current exchange rate  of the US Dollar against the dinar"

"We will not touch this exchange rate" on how long the current exchange rate will be adopted,he said"it will be adopted for a number of years to come"

We will no touch this exchange rate."

It will be adopted for for a number of years to come." 

"We do not intend in any way to compromise the current exchange rate of the US Dollar against the Iraqi dinar."

"The current price will prove for more years to come and adding that statements by government officials,politicians,and lawmakers will not affect the Banks decisions."

These are just a few words directly from the governor of Iraq in article after article.He is telling everyone is is NOT Changing the Exchange Rate. so there we have it from this Governor Of Iraq.cannot be much clearier than this about the dinar folks. These statement are not my statements read the above articles from the Governor.

 

Did you miss this part? “

Central Bank Governor Mustafa Ghaleb Makhif has denied talk of fixing the exchange rate for years.

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17 hours ago, edbeach said:

Well for years now I have always been told when it comes to the money the only one you listen to is the CBI. Well here it is article after article directly from the governor of the CBI. He is not going to change and increase the dinar exchage rate.  He stated that" they do not intend in any way to harm the current exchange rate  of the US Dollar against the dinar"

"We will not touch this exchange rate" on how long the current exchange rate will be adopted,he said"it will be adopted for a number of years to come"

We will no touch this exchange rate."

It will be adopted for for a number of years to come." 

"We do not intend in any way to compromise the current exchange rate of the US Dollar against the Iraqi dinar."

"The current price will prove for more years to come and adding that statements by government officials,politicians,and lawmakers will not affect the Banks decisions."

These are just a few words directly from the governor of Iraq in article after article.He is telling everyone is is NOT Changing the Exchange Rate. so there we have it from this Governor Of Iraq.cannot be much clearier than this about the dinar folks. These statement are not my statements read the above articles from the Governor.

 

Hey edbeach. Do you believe whatever they said 100%? I don't believe whatever they say blah blah blah. Whoever believes everything they say 1 million %, then that dinar investors will sell their dinar immediately.

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11 hours ago, chris2028 said:

This is supposedly what Kuwait did before they did changed the value of their currency! Misdirection at its best. I love it!

thanks chris , hard to compare kuwait to iraq imo , kuwait was stable during and after iraqs invasion to the country they simply printed new kwd had a exchange period , 1 to 1 to the former value after Saddams demise and now  iraq on the other hand complete untold corruptness on a whole nother level in plain sight but hey if they want to pivot to a bankable tradable iqd world wide like 99.9% of people holding physical iqd im way past ready to depart as the saying goes let time do the heavy lifting while you wait so far the weights haven't even got on the bar LOL ..... cheers 

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Central Banks are failing globally, they have no future and won't have any say in the reset. They have been targeted by the white hats and will collapse with the markets, banks and currencies before we get our blessings. Quit following the CBI and start following Q, Trump, Michael Flynn, Sydney Powell, John Durham and God.

It's a great time to be alive, watch the fall of the cabal in real time! We are getting close but it's taking much longer than I expected. The GCR will happen when the time is right 👍

 

"Wall Street’s ‘Dr. Doom’ says central banks are screwed and we can’t avoid a financial crisis | Fortune" https://fortune.com/2022/10/20/dr-doom-nouriel-roubini-recession-financial-crisis-stagflation-central-banks-inflation/amp/

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The CBI has been just as problematic as the GOI and other governments, they have been robbing us blind for a long time.

 

Q has recently started posting again after a long break. One of his latest post is pointing in the direction of the federal reserve (our central bank). I believe our federal reserve is about to crumble 👍 

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Recent Q posts found at "Q alerts".

 

 

4962

Nov 11, 2022 8:45:15 AM EST

Q

 

 

Who are the Silent Thieves?

Why are they manipulating you?

How are they stealing your wealth?

Bubble.

Crash.

Steal.

Lie.

Repeat.

What is inflation?

Monetary manipulation.

Taxation without representation.

PUT AN END TO THE ENDLESS.

1913.

Q

 

 

4961

Nov 08, 2022 11:01:48 PM EST

Q

 

Endless lies.

Endless wars.

Endless inflation.

Endless 'printing'.

Endless oppression.

Endless subjugation.

Endless surveillance.

Who will put an end to the endless?

Taking control.

Q

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Will Iraq's new government reconsider dinar exchange rate?

A number of leaders of the Coordination Framework, the bloc leading the new Iraqi government, are pushing to increase the value of the dinar in an attempt to support system" rel="">support the poor — yet some argue the measure could backfire.
The new Iraqi dinar banknotes are shown ready for distribution at the Bank of Baghdad, as the currency is introduced for the first time, Iraq, Oct. 15, 2003.
The new Iraqi dinar banknotes are shown ready for distribution at the Bank of Baghdad, as the currency is introduced for the first time, Iraq, Oct. 15, 2003. - Paula Bronstein/Getty Images
November 11, 2022

BAGHDAD — Prominent Iraqi politician and former Prime Minister Nouri al-Maliki called on the government of Mohammed Shia al-Sudani to increase the exchange rate of the Iraqi dinar against the US dollar by 5.5% in the coming days, amid warnings by economists that such a move could spiral the economy into recession.

The previous government, headed by Mustafa al-Kadhimi, had launched a financial and fiscal reform plan known as the White Paper, mainly aimed at restoring balance to the economy, reducing the public sector and investing financial resources in improving public services and developing productive sectors. The White Paper confirmed that the previous exchange rate was detrimental to the agricultural and industrial sectors.

On Dec. 19, 2020, the Central Bank of Iraq devalued the dinar against the US dollar, which dropped from 1,182 dinars to 1,450 dinars per $1, due to the financial crisis that hit the country in the wake of the drop in oil prices in the global market to less than $30 a barrel, and the increase in Iraqi government spending on state employees' salaries. To secure these salaries Iraq had resorted to loans from banks and to the re-deduction of bonds to the Ministry of Finance, which amounted to more than 30 trillion dinars ($20.6 billion).

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In a press statement, the central bank at the time said the structural distortions in the Iraqi economy impoverished public finances and restricted the ability of reform due to the economic policy leadership and the primacy of politicians' priorities over the economy and its stability. 

After the reconsideration of the exchange rate, a strong current emerged led by a number of politicians, most notably Sudani who called for restoring the dollar exchange rate to its previous value. Sudani had argued at the time that a devaluation of the dinar would trigger a "revolution of the hungry."

Back then, despite the wave of rejection, the new dollar exchange rate served a number of local industries that were able to compete with imported goods and achieve self-sufficiency. Imports decreased from $21.5 billion in 2019 to $15.6 billion in 2021.

Moreover, foreign investors rushed to invest in private and mixed companies, at more than $35 million in 2021. Iraq’s exports of other commodities, excluding crude oil, increased by more than $400 million during the same year, to reach $4.6 billion up from $3.8 billion in 2020.

In 2022, this upward trend was countered by the repercussions of the coronavirus pandemic.

Once at the helm, Sudani backtracked. He now argues that the Central Bank of Iraq, which is an independent body, is the authority competent to decide on the exchange rate and that the government cannot interfere. On Oct. 31, Sudani met Central Bank Gov. Mustafa Ghaleb and the two discussed monetary policy developments.

Ever since Sudani took office, the market has been witnessing a stagnation phase. Businessmen and citizens wary of the devaluation of the dinar cut their purchases of assets to avoid any future loss ensuing from the exchange rate difference.

Kadhimi's government was unable to remedy the negative implications of the dinar devaluation, in particular those affecting the poor classes. The government had allocated more than $6 billion to support vulnerable groups, but parliament reduced it to less than $1 billion.

Ghaleb had asserted that the devaluation of the dinar added to the general budget 23.5 trillion dinars ($16.2 billion).

The central bank warned that reconsidering the exchange rate would confuse local markets, threaten investments, lead to economic stagnation, weaken confidence in monetary policy and the value of the local currency, increase speculation in foreign currencies and promote hoarding of foreign currencies as a safe haven.

It noted that the old exchange rate provided imported goods and services with a competitive advantage, which prevented the advancement of local products.

Economists had warned against restoring the dinar exchange rate to its previous rate in the coming days, arguing this measure would create problems that cannot be addressed during the next two years.

Economic expert Mahmoud Dagher told Al-Monitor that addressing a mistake with another mistake would surely undermine the national currency. “The economy will collapse, and all goods will be sold and bought in US dollars only,” he warned.

He said that increasing the value of the dinar would also lead to problems in terms of the contracts between the government and the private sector, as well as between companies and retail business owners. “These issues cannot be resolved easily. The instability of the exchange rate would also affect the investment environment. The Iraqi dinar is not supposed to bear the brunt of the financial policy problems,” he said.

Dagher urged the government to cut the state employees' salaries, which amount to more than 63 trillion dinars ($43 billion) and to allocate the savings made from this reduction for achieving economic development. 

He pointed out that fiscal policy remains marred by populism, as the government refuses to cut the salaries of employees, impose taxes or reduce public spending.

According to Mazhar Muhammad Salih, a government financial adviser, there may be an option to gradually increase the value of the dinar. “Any future adjustment of the exchange rate must be gradually implemented over a one-year period to provide an appropriate climate for price adjustment,” he told Al-Monitor. “Returning the dinar to its previous exchange rate against the dollar is impossible, because this would drain reserves and burden public finances by more than $16 billion.

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Governor of the Central Bank of Iraq receives the Italian Ambassador Governor https://cbi.iq/news/view/2132of the Central Bank of Iraq receives the Italian Ambassador His Excellency the Governor of the Central Bank of Iraq, Mr. Mustafa Ghaleb Shay, received on Wednesday His Excellency the Italian Ambassador to Iraq, Mr. Maurizio Krikante.

During the meeting, they reviewed and strengthened economic and banking relations to serve the benefit of the two countries, as well as solving the problems that hinder this relationship and its progress.

The Ambassador extended an invitation to His Excellency the Governor to visit the Central Bank of Italy, and promised to meet it in the coming days.

On the other hand, His Excellency stressed that the Central Bank of Iraq has pursued during the past years a policy of external openness to its counterparts in the countries of the world in order to strengthen the relations of the Iraqi banking sector abroad, noting that the opening of branches of Iraqi banks abroad is a step forward, and evidence of the successes achieved by the banking sector in Iraq and the confidence it has gained

The Central Bank of Iraq

The media office

16 - November - 2022

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On 11/12/2022 at 12:24 PM, 6ly410 said:

“Any future adjustment of the exchange rate must be gradually implemented over a one-year period to provide an appropriate climate for price adjustment,” he told Al-Monitor. “

Just wonder , What is iraq's definition of " Future "? How soon is " Future "? Until malarky dies?

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