US Corruption & Greed Are Behind The Iraq Economic Crisis.

[Luigi1]

Here's an article of Dinarian interests...

The evidence is in...Iraq suffers at US expense.

US is behind the destruction of the Iraq economy.

US Speculator made 10 Trillion via the slide of the Dinar.

Treat as a rumor.  Not verified.  Your opine.

 

 

 

Tlm724 Administrator Bondlady’s Corner:   The Dinar Is In The Central Recovery Rooms & Accusations Against The US Of Creating Crises.

ARTICLE: The official currency of the Republic of Iraq & one of the historical manifestations & legacy that accompanied Mesopotamia for more than 90 years, proved its strength in the global economy, but in one way or another it began to decline & reached “unenviable” stages.

 

The Dinar, which was previously compared to world currencies, reached the path of strength overnight & found itself ahead of many countries, as it began to be used in 1932, i.e. during Iraq’s independence from Britain & was replaced by the Indian rupee at a rate of 1 Dinar = 13 Rupees.

 

Later, he decided to link it to the USD without changing its value at a rate of 1 Dinar = 2.8 Dollars & in 1971 Washington took a decision to devalue its currency by 7.9%, & in 1973 it decreased by 10% to become $3.3778 & it fell to 3.2169, which was the price that remained in circulation until the second Gulf War in 1991.

 

After 2003, the local currency in Iraq began to decline day after day, which led to its reaching significantly low rates against the Dollar, so the CBI procedures did not help it & America’s policy towards the Iraqi economy “made matters worse.”

 

The economic expert, Abd al-Rahman al-Mashhadani, explained the reasons for the instability of the IQD in the local markets compared to other Arab currencies, while confirming the existence of a large discrepancy between import & export in the country’s markets.

 

Al-Mashhadani said, in an interview with Al-Maalouma Agency, that “the central banks of the Gulf countries, whether they are Jordan, Kuwait or even Saudi Arabia, have taken a decision to price their local currency, which depends on a basket of currencies, including Iraq, as bulletins previously appeared in the newspaper in the seventies.” of the last century, measured on the basis of this basket.”  

 

And he adds, “All world currencies are attributed to the Dollar, but the economies of these countries are stable & there is no problem & the difference is obtained at the prices of market materials, that is, inflation occurs & the rates of rise increase, which happened in the Emirates, Saudi Arabia & Kuwait as well.” 

 

And the economist explains, “These countries do not deal in Dollars in the markets at all, given that all financial transfers are obtained in the local currency only, and this is one of the reasons for the stability of the market,” noting that “Iraq was unable to control this situation completely.” 

 

Al-Mashhadani points out, “The other matter is trade, that is, import & export, without relying on the government sector in particular. In Iraq’s markets, as a result of the large discrepancy between import & export, it is natural that there will be a great demand for Dollars.” 

 

He confirms, “The IQD is linked to the Dollar before 2003, that is, from the Kuwaiti war in 1991, given that the market has always fed the import of the private sector, so there will be no stability.”

 

The Dinar is in the central recovery rooms & accusations against the Americans of creating crises In turn, a former member of the House of Representatives, Jassem Al-Bayati, personified the reasons for the weakness of the Dinar currency in the Iraqi markets, while accusing America of playing an “inappropriate” game with Iraq.

 

Al-Bayati mentioned in an interview with Al-Maalouma Agency, that “the weakness of the Dinar & its instability in the Iraqi markets, especially in recent times, has many reasons behind it,” noting that “the first reason is the decision to re-exchange the Dollar against the Dinar from 1470 to 1320.” 

 

Al-Bayati explains: “There is no country that takes such a step & reduces the Dollar by such a large percentage,” adding: “The reduction stages are supposed to be consecutive, starting from 1460 – 1420 – 1400 & so the decline is consistent.” 

 

He added, “We are now in a state of confusion, as we cannot obtain Dollars in the local markets, not even from bank accounts,” noting that “the Dinar is going through a period of instability.”

 

The former member of the House of Representatives points out that, “The other thing behind the instability of the Dinar is the connection of the issue with America, which is playing an inappropriate game with Iraq.” 

 

Al-Bayati shows that “the decision to reduce the Dinar is governmental & it bears its responsibility,” noting that “the CBI measures to restore the strength of the IQD did not bear fruit & things may be complicated after more.” 

 

He continued his speech, saying: “The decision to return the Dollar to 1,320 dinars greatly affected the financial budget & nearly 10 trillion Dinars were sacrificed,” noting that  “price speculators & those close to America & neighboring countries supporting Washington are the ones who obtained these 10 trillion through Buying the Dollar at 1320.

 

The sources of countries’ strength in the economic field are determined by several factors, foremost of which is the national currency, which requires elaborate measures to maintain its strength internally & externally & the basis of these measures is to activate the private sector, expand the import sector & reduce exports.


 

[jeepguy]

Yeah, that's what it was 

The u.s. greed and corruption!

 

[Stabstones]

That's y they called speculators.. make money from it.. 

[Hotcurl]

4 hours ago, jeepguy said:

Yeah, that's what it was 

The u.s. greed and corruption!

 

Yep, blame someone else and never take responsibility for your own incompetence or even admit that perhaps, just maybe, someone else with more Knowlege should be brought to the table to solve "this crisis" and thus do the right thing for the citizens of Iraq ................ Which BTW voted you into your position.

Oh, and of course never let the "corruption" word be spoken.........

 

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

 

[Luigi1]

9 hours ago, Hotcurl said:

Yep, blame someone else and never take responsibility for your own incompetence or even admit that perhaps, just maybe, someone else with more Knowlege should be brought to the table to solve "this crisis" and thus do the right thing for the citizens of Iraq ................ Which BTW voted you into your position.

Oh, and of course never let the "corruption" word be spoken.........

 

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

 

 

Agree.  There's plenty of corruption, incompetence, insider trading, greed & blame to go around on both the US & Iraq sides.   This can't go on forever or we'll be at risk of losing our investments.    IMHO.