The Central Bank of Iraq decides to reduce the exchange rate of the dollar to banks (Document)-Urgent

[Fairways&Greens]

55 minutes ago, Hotcurl said:

this just confirms that the CBI doesn't need the budget, parliament or any pending new laws to change the "official" exchange rate.

The question I am asking myself = What is the point of doing this now ?

Great point, the CBI CAN change the rate as they see fit. 
 

Another thought:  Maybe this is a test run to work out kinks in the process and the new digital exchange format. 

[6ly410]

Iraqi government issues statement after dollar exchange rate rise - urgent

| Policy Today, 20:48 | 

    

 

 

Baghdad Today -

statement

The Iraqi government issues a statement after the rise in the dollar exchange rate - Urgent » Baghdad Today News Agency

 

The government affirms its commitment to maintaining the stability of the local market by supporting the stability of the exchange rate of the dollar against the Iraqi dinar, and supports the steps taken by the Central Bank in this regard.

 

The Government explains that the appreciation in the exchange rate is temporary as a result of changing the mechanism by which the window of selling foreign currency operates at the Central Bank, and it reassures all citizens that Iraq's financial situation is at its best.

 

The government stresses on all dealers, investors and traders, the need to cooperate with banks and the Central Bank by working in accordance with the commercial contexts applicable globally, and importing under documentary credits, as they provide a guarantee for the importer, preserve his rights, insure imported goods, and enable him to benefit from banking facilities to cover the value of the credit.

 

Prime Minister's Media Office

15- Dec- 2022

[Fairways&Greens]

4 minutes ago, 6ly410 said:

The Government explains that the appreciation in the exchange rate is temporary as a result of changing the mechanism by which the window of selling foreign currency operates at the Central Bank

Like I said, test run. They are fixing the mechanism or testing to see if the process works. 

[steveh12]

Lets see now,

Bone all the investors that bought our Dinars......

Check!

[6ly410]

 

The prime minister's office said in a statement that the dollar's rise against the Iraqi dinar is "temporary" and reaffirms his government's commitment to stabilizing the dollar's value against the dinar.

 

On Thursday night, December 15, 2022, Prime Minister Mohammed Shia Sudani's office issued a statement reaffirming the Iraqi government's commitment to maintaining the stability of the domestic market by supporting the stability of the dollar against the Iraqi dinar.

 

Sudan's office also says the Iraqi government supports all central bank steps in stabilizing the dollar's value against the dinar.

 

In another part of the statement, the prime minister's office said the dollar's rise against the Iraqi dinar was "temporary" and assured citizens about the country's financial situation, saying that "Iraq's finances are at its best".

 

The Sudanese office said at the end of the statement that the Iraqi government emphasizes the need to cooperate with banks and the central bank in accordance with global business grounds.

 

Today is Thursday, Dr. Jamal Kochar, a member of the Finance Committee in the Iraqi parliament, told Event Radio that the instability of the Iraqi dinar against the US dollar was two reasons, first, in the presentation of the "dollar auction" to the markets, 42 banks had participated in the past, but Due to corruption and money laundering, the United States has increased pressure on the Central Bank of Iraq and seven banks have been expelled from the process. Monitoring of the 35 banks participating in the process has now become more severe, as it affects reputation and trust. The Central Bank of Iraq will be internationally. Second, the price has declined by about 20 US dollars per barrel, another reason why the government is not too staggered to stabilize the dinar against the dollar, as the new Iraqi government has made big promises to the people.

 

The Central Bank of Iraq decided on 20-12-2020 to increase the sale price of each US dollar from 1,180 dinars to 1,460 dinars, although it increased local revenues, but at the same time raised the price of most food and goods in the markets by at least 20 per cent.

 

In October this year, 41 Iraqi parliamentarians in a letter called on the parliamentary presidency to meet to lower the dollar's price against the dinar.

 

[6ly410]

"Iraq's financial situation is at its best,"

 

K24 - Erbil:

The Iraqi government has reaffirmed its commitment to maintaining market stability and supporting the stability of the dollar price against the Iraqi dinar, and for this purpose emphasizes its support for the central bank's steps.

Today, Thursday (December 15, 2022), the Iraqi Prime Minister's Office of The Prime Minister's Announcement mentioned in a statement The increase in the exchange rate is temporary as a result of changing the working mechanism of selling foreign currency in the Central Bank, and assures all citizens that the country's financial situation is at its best.

Also, in the announcement of the office of the iraqi prime minister's announcement, it has been emphasized that all investors and businessmen should cooperate with the banks and the central bank by working with the commercial procedures that are applied worldwide, and at the time of importing the documents To protect their rights and the value of the imported prices, which will take advantage of the facilities of the banks.

At a time when the price of The Iraqi Dinar has fallen against the US dollar in the internal markets of Iraq, 100 US dollars has reached 152,000 dinars, which has created a direct impact on the price of goods and goods in the local markets of Iraq and the Kurdistan Region.

[Half Crazy Runner]

Many thanks @6ly410 for bringing all the news!!  Really appreciate it! 

[screwball]

10 hours ago, 6ly410 said:

The central bank noted that "our reserves and the solvency of the state in general are in excellent condition and at their best levels in decades."

Boom!

[Longtimelurker]

Seems like the CBI is bringing attention to the USDs instability. Setting up for de-pegging possibly?

[screwball]

17 minutes ago, Longtimelurker said:

Seems like the CBI is bringing attention to the USDs instability. Setting up for de-pegging possibly?

possibly..exciting times after all these years

[Hotcurl]

From my perspective, for the IQD to have any value whether in the local market or Internationally Iraq must divest itself from the US dollar. The IQD must/should stand on its own ..................

Just sayin' and thinking out loud ..............

 

Semper Fi 

[nannab]

2 minutes ago, Hotcurl said:

The IQD must/should stand on its own ..................

Just sayin' and thinking out loud ..............

 

And you are saying/thinking out loud politely. Me on the other hand

ah let's just say my son came over and heard me then offered to get me a muzzle.

[Hotcurl]

Maybe, what we are seeing is the supply of the US $ drying up, thus creating the demand and thus the increased rate for the US$ on the street.

 

Previous press releases indicate such. True or not ?? Who knows.

 

Regardless, in my opinion, the IQD needs to stand on it's own.

 

The US$ in Iraq cannot be the dominate currency for the IQD to have any value.

 

Just sayin' ..................

 

Semper Fi 

[unirod]

Seems a good strategy to get citizens to sell their Dinar. The more Dinar out of circulation the better for us all. Besides we all know that it's a fake rate anyway!

[Retiredofficer]

It has been a few years since I have been able to get the Fat Lady near the stage; let alone put a mic in her hand. Thinking she needs to  start loosening up her vocal cords just in case the ballon pops, and I can finely buy a sleeve of those really nice golf balls I have been eying for the past 16 years.  

[screwball]

8 hours ago, Hotcurl said:

Maybe, what we are seeing is the supply of the US $ drying up, thus creating the demand and thus the increased rate for the US$ on the street.

 

Previous press releases indicate such. True or not ?? Who knows.

 

Regardless, in my opinion, the IQD needs to stand on it's own.

 

The US$ in Iraq cannot be the dominate currency for the IQD to have any value.

 

Just sayin' ..................

 

Semper Fi 

Press release said they had been directed to stop selling usd in country transaction so we should know very soon the affects