well, I like the title of the article …
Parliamentary Finance: Al-Kazemi’s government seeks to enhance the purchasing power of the dinar in the market
The Parliamentary Finance Committee expected, on Sunday, August 15, 2021, that the exchange rate would remain at its current .status, while indicating that raising the exchange rate aims to achieve three main factors
Committee member Naji al-Saidi said in a statement received by “The Obelisk” that the exchange rate will maintain its position during the next period for the next five years, on the description that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar in addition .to the purchasing power of the Iraqi dinar and the resulting net goods and services during a certain period
Al-Kazemi’s government is working to reduce the deficit in the general budget and increase cash reserves, while plans are employed to support local .products in front of imported goods from countries
He pointed out that decreasing the value of the dinar increased the competitiveness of the Iraqi price, describing that goods that come from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar against the dollar because the dollar currency is a .global currency, and when the dollar exchange rate is raised, the competitiveness of goods will rise and fall because it is less Iraqi exports from abroad
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is .1470 dinars per dollar .
Poverty indicators in the country increased to 27 percent due to the increase in price hikes, according to the Ministry of Planning .
The prices of goods, especially foodstuffs, rose due to the rise in the exchange rate of the dollar
The main reason for the continued rise in the dollar exchange rate is the lack of real government control over the Iraqi market, as well as the work of .private banks and exchanges, which manipulate prices according to their interest without any oversight or accountability
Observers believe that the currency auction did not decrease in its sales, nor did the poor class improve its living conditions, and most importantly, it left .an important segment of society under the burden of poverty, namely the employees and retirees
The monthly income of employees and retirees declined as a result of the change in the exchange rate on the one hand, and on the other hand, the .increase in the prices of goods, medicines and basic commodities in the local markets link
The region receives 200 billion dinars as part of its share according to the budget law
The Kurdistan Regional Government revealed, on Saturday, August 14, 2021, the issuance of a decision by the federal government to .send 200 billion dinars to the region, as part of its share under the 2021 budget
The representative of the Kurdistan government in Baghdad, Faris Issa, said, “The federal government decided to send 200 billion dinars to the Kurdistan government this month, as a government letter was issued to the Federal Ministry of Finance for the purpose of disbursing the amount and transferring “.it to the region “. link
The Ministry of Planning announced, Saturday, August 14, 2021, the reasons for the high rate of inflation in the country
The Ministry of Planning announced, Saturday, August 14, 2021, the reasons for the high rate of inflation in the country, revealing its natural limits.
Ministry spokesman Abdul-Zahra Al-Hindawi said in a statement to “The Obelisk” that inflation rates are rising in all countries and varying between one country and another, subject to the development reality of countries.
He added that in Iraq, after the change in the exchange rate of the dollar, inflation rates increased more than it was before the change in the exchange rate, noting that the rates began to witness stability during the recent period and there is a cumulative rise between half to 1 percent.
He went on to say that the inflation rate rose to 8%, which is an average for a country like Iraq that is living in these conditions that are not alarming. He pointed out that if the rate rises to 10 or 12 percent, it is within the natural rates of rising inflation and is not unbridled, but is called a controlled natural rise that does not raise fears.
A group of unions and federations had announced earlier, the launch of a national campaign to support the national currency and the economy and increase the citizen’s confidence in the Iraqi dinar.
Six unions said in a statement received by Al-Masala, in which it announced the launch of a national campaign sponsored by the Central Bank of Iraq to raise awareness to support the national currency and the Iraqi economy. A large segment of Iraqi society.
This campaign aims to shed light on the importance of dealing with the national currency and increasing the citizen’s confidence in it, for the contribution of all sectors to maintaining the exchange rate and keeping inflation at low rates, and reducing poverty and unemployment rates through the entry of Iraqi and foreign investors to work inside the country, which will lead to Increasing the services provided to citizens and this is fully reflected positively on the economy.
Poverty indicators in the country increased to 27 percent due to the increase in price hikes, according to the Ministry of Planning.
The prices of goods, especially foodstuffs, rose due to the high exchange rate of the dollar.
Al-Nusairi: The summit of leaders of neighboring countries is an important step for Iraq’s return to its desired economic position.
The economic and banking advisor to the Association of Iraqi Private Banks, Samir Al-Nusairi, confirmed that the Baghdad summit is an important step for Iraq’s return to its economic position in the region that has witnessed economic conflicts and wars for years.
Al-Nusairi said, in his speech to “Al-Iqtisad News”, that “Iraq’s invitation to the leaders of the Arab and regional neighboring countries to attend the meetings of the upcoming conference in Baghdad in the coming days is an important step for Iraq’s return to its political and economic position in the region that has witnessed regional political and security conflicts and economic wars for several years.” And Iraq’s attempt to open up to build balanced political, economic and security relations with brotherly and friendly countries, and in particular with the countries of the geographical region, in which the Arab depth of Iraq constitutes the basis and essence .
He added that Iraq’s invitation to the leaders and the preparation and preparation for the conference on an exceptional basis, whose upcoming convening comes shortly before the legislative elections, is a sure evidence of the new foreign relations strategy adopted by Iraq several years ago.
The Iraqi Finance Ministry to set the executive procedures for implementing the memoranda of understanding between the two brotherly countries, as well as the continuation of the successive meetings between the leaders and representatives of the countries of Iraq, Egypt and Jordan, and reaching important agreements on the economic level .
Al-Nusairi explained that strengthening balanced Iraqi-Arab and regional relations in all political, security and economic fields, in particular cooperation, communication, strengthening and activating banking relations among them, especially in foreign banking transactions, and stimulating and encouraging investment companies to invest in Iraq will lead to strengthening the financing and investment fields, especially reconstruction projects. liberated cities .
Al-Nusairi pointed out that the Iraqi economy is currently going through an important transitional stage, which is the strategy of leaving the crisis stage to the stage of economic stability after the elections and achieving the goal of radical and comprehensive reform and reform in all fields, after achieving a wide participation of the people in it.
Especially after the wide international, regional and Arab openness to Iraq and the beginning of building new strategic relations, and that what concerns us here is the future of international economic, financial and banking relations in general and with the countries of the geographical region in particular and some Arab countries with influential economic depth and building bridges of relationship together to serve the opening of promising horizons for communication, exchange of benefits and encouragement Investing in Iraq, developing infrastructure and banking technology, increasing inter-banking transactions, and finding new ways to cooperate with the sober correspondent banks in those countries..
Al-Nusairi hinted that the recent bilateral meetings between the Central Bank of Iraq, Arab and foreign banks and representatives of the World Bank had actually yielded, which helped draw a road map for joint communication and coordination for the purpose of actually directing the implementation of the outlines reached for building and restoring economic and financial relations, as it was agreed to develop and open horizons Extensive cooperation in the economic and banking fields, correcting tracks and overcoming all obstacles that stand in the way of building sound and solid banking relations .
Al-Nusairi expected that the conference would come out with important recommendations and decisions that have a clear impact on political, economic and security stability in the region and building balanced sovereign relations between Iraq and neighboring countries that will reflect positively on everyone link
Source: Dinar Recaps
Finance Committee: The dollar exchange rate will not change before five years
On Sunday, the Parliament’s Finance Committee suggested that the exchange rate would remain at its current position for five years, while indicating that raising the exchange rate aims to achieve three main factors.
Committee member Naji al-Saidi said in a statement to the official agency, followed by “Nass”, (August 15, 2021), that “the exchange rate will remain in its position during the next period for the next five years, on the description that the real value of the Iraqi dinar is determined through the exchange of the dollar against the dinar in addition to strength.” Purchasing the Iraqi dinar and the net goods and services produced during a certain period.
He added that “the government is firm in achieving its goal by defining three main goals, the first is financial: which is to reduce the deficit in the public budget, the second goal is a monetary goal by increasing reserves, and the third goal is to increase the competitiveness currently produced within the country towards other goods exported from Neighboring countries, and this is the main goal that the government seeks by filling the budget deficit.”
He pointed out that “the devaluation of the dinar has increased the competitiveness of the Iraqi price, describing that goods that come from abroad, especially Turkey, Iran, Syria, Saudi Arabia and Jordan, benefit from the strength of the Iraqi dinar against the dollar because the dollar is a global currency, and when the dollar exchange rate is raised, the competitiveness of goods will rise and fall.” Because it reduces Iraqi exports from abroad.”
And the Central Bank of Iraq decided earlier to adjust the exchange rate of the dollar against the Iraqi dinar, as the purchase price of the dollar from the Ministry of Finance amounted to 1450 dinars, and the price of selling it to banks was set at 1460 dinars per dollar, while the selling price to the citizen is 1470 dinars per dollar. link
KUWAIT PUT A FULL AD IN THE NEWS SAYING NO REVALUATION AND BOOM…SO, STAY TUNED!!!
Vinterv you are correct! Kuwait sure did do that.
Iraq posted this about devaluation of their currency. Kuwait did the same thing and RV’d days later. https://www.rudaw.net/english/middleeast/iraq/150820212
It makes me wonder how much miss direction and confusion are they going to do. The Minister of finance does an interview about changing the rate and that interview is repeated over and over on Iraqi television. In this article about how Iraq will not change the rate for five years?It’s confusing and frustrating and leaves me not knowing which way to look.
This guy is not the finance minister. He is a parliament member who has no say in the RV.
Propaganda, oldest trick in the book, used by all countries, they call it spin now
Source: Dinar Recaps
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