coorslite21 Posted February 10 Report Share Posted February 10 Economy The Central Bank of Iraq on the exchange rate: changing it confuses the markets and squanders the gains Mustafa Shilani 2022/02/20 19:29 Photo: Archive Iraq Iraq Economy OIl ERBIL (Kurdistan 24) – The Central Bank of Iraq pointed out on Sunday that any unplanned change in the US dollar exchange rate would lead to economic stagnation and confuse local markets. In late 2020, the CBI decided to raise the price of selling the dollar to banks and currency exchange to 1,460 dinars from 1,182 dinars in an effort to bridge the inflation gap in the 2021 fiscal budget after the collapse of oil prices, which is the primary income of the financial resources of the whole country. The CBI said in a statement that the current exchange rate achieved many positive results, the most prominent of which was reducing the state's general budget deficit to achieving a surplus at the end of 2021 and giving local producers and investors an essential competitive advantage with imported goods. It added that "the repetition of changing the exchange rate within short times without study by relevant authorities leads to economic recession, confuses the work of local markets, increases speculation on foreign currency, and squanders the gains made by the current exchange rate." The bank continued, "despite the rise in international oil prices, there is no link between this rise and the objectives and results of changing the exchange rate." "The current rise in oil prices will enable the Iraqi government to properly rebuild the Iraqi economy and build sufficient financial buffers to face any future fluctuations in international oil prices." This statement came after claims circulated in the media about the existence of government efforts to reduce the US dollar price. The Iraqi parliament hosted the Governor of the Central Bank to talk about the exchange rate, but the Minister of Finance refused to attend despite being summoned. Speculation about the situation led to fluctuating exchange rates in the grey market. Latest News 3 Hours Kurd re-elected Nineveh deputy governor 4 Hours Three persons killed in Israeli airstrike on building west of Damascus: SOHR 6 Hours Kurdistan Region willing to develop ties with Azerbaijan, PM Barzani writes to President Aliyev 9 Hours Strikes on Gaza's Rafah as US warns of potential 'disaster' Kurdistan24 ©Copyright 2021 All Rights Reserved Listen To Kurdistan24 Radio On Download Kurdistan24 Applications On Eutelsat11677 H 5040 NileSat11354 V 27500 Hotbird11373 H 27500 100.7FM SLEMANI HALABJA 99.7FM ERBIL KIRKUK DUHOK App StoreGoogle PlayGalaxy StoreHuawei Store Site Map - Privacy Policy - About - Contact - Frequencies and Apps - Jobs - Archive 1 2 Quote Link to comment Share on other sites More sharing options...
Shedagal Posted February 10 Report Share Posted February 10 1 hour ago, coorslite21 said: Economy The Central Bank of Iraq on the exchange rate: changing it confuses the markets and squanders the gains Mustafa Shilani 2022/02/20 19:29 Photo: Archive Iraq Iraq Economy OIl ERBIL (Kurdistan 24) – The Central Bank of Iraq pointed out on Sunday that any unplanned change in the US dollar exchange rate would lead to economic stagnation and confuse local markets. In late 2020, the CBI decided to raise the price of selling the dollar to banks and currency exchange to 1,460 dinars from 1,182 dinars in an effort to bridge the inflation gap in the 2021 fiscal budget after the collapse of oil prices, which is the primary income of the financial resources of the whole country. The CBI said in a statement that the current exchange rate achieved many positive results, the most prominent of which was reducing the state's general budget deficit to achieving a surplus at the end of 2021 and giving local producers and investors an essential competitive advantage with imported goods. It added that "the repetition of changing the exchange rate within short times without study by relevant authorities leads to economic recession, confuses the work of local markets, increases speculation on foreign currency, and squanders the gains made by the current exchange rate." The bank continued, "despite the rise in international oil prices, there is no link between this rise and the objectives and results of changing the exchange rate." "The current rise in oil prices will enable the Iraqi government to properly rebuild the Iraqi economy and build sufficient financial buffers to face any future fluctuations in international oil prices." This statement came after claims circulated in the media about the existence of government efforts to reduce the US dollar price. The Iraqi parliament hosted the Governor of the Central Bank to talk about the exchange rate, but the Minister of Finance refused to attend despite being summoned. Speculation about the situation led to fluctuating exchange rates in the grey market. Latest News 3 Hours Kurd re-elected Nineveh deputy governor 4 Hours Three persons killed in Israeli airstrike on building west of Damascus: SOHR 6 Hours Kurdistan Region willing to develop ties with Azerbaijan, PM Barzani writes to President Aliyev 9 Hours Strikes on Gaza's Rafah as US warns of potential 'disaster' Kurdistan24 ©Copyright 2021 All Rights Reserved Listen To Kurdistan24 Radio On Download Kurdistan24 Applications On Eutelsat11677 H 5040 NileSat11354 V 27500 Hotbird11373 H 27500 100.7FM SLEMANI HALABJA 99.7FM ERBIL KIRKUK DUHOK App StoreGoogle PlayGalaxy StoreHuawei Store Site Map - Privacy Policy - About - Contact - Frequencies and Apps - Jobs - Archive @coorslite21 , I'm clueless. What are we supposed to get from this old article? 1 Quote Link to comment Share on other sites More sharing options...
coorslite21 Posted February 10 Author Report Share Posted February 10 45 minutes ago, Shedagal said: @coorslite21 , I'm clueless. What are we supposed to get from this old article? One of the things I like about you the most....you are direct!....and I appreciate that quality. My apologies...a friend sent it....it seemed odd....and I didn't look at the date... Perhaps in hind sight it illustrates the tremendous progress that has been made......although I admit that wasn't why I posted it. Take care and enjoy the Super weekend.... CL 4 Quote Link to comment Share on other sites More sharing options...
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