The Iraqi government justifies the reasons for adopting a new exchange rate for the dollar
Shafaq News/ Today, Sunday, the Iraqi Ministry of Finance clarified the reasons for adopting a new exchange rate for the US dollar against the local currency, noting that this came to supplement national production, protect the central bank’s reserves and support the budget.
In a statement received by Shafaq News Agency, the Ministry of Finance said that, during the past three years, it has borne the burden of a stifling financial crisis that threatened the state’s ability to fulfill its obligations that were already burdened by a large legacy represented by the inflation rate of public spending and the rise in the wage bill, which threatened to secure the salaries of its employees, in light of the low Sharp global oil prices and a dangerous health situation due to the consequences of the Corona pandemic on the national economy and its repercussions on the economic reality and the social fabric.
The Ministry of Finance indicated that the general budget continues between the need for a wise public financial management with its obligations to ensure the protection of the weakest and most needy groups, pointing to the support of the international community for the policies of the Ministry of Finance, as the International Monetary Fund and the World Bank approved public financial management under difficult circumstances. Extremely .
In a previous statement, the Iraqi Ministry of Finance issued, on the fifth of last October, a clarification regarding the exchange rate of the US dollar, noting that changing it worked to “stop the fall of the reserve currency and enhance import capabilities.”
The indicators showed, according to the financial statement, a clear improvement in commercial activity in the past nine months of the current year 2021 in light of the crisis of the spread of the COVID-19 virus, and it also helped to stop the penetration of the Iraqi market and flood it with cheap goods that curb attempts to upgrade local production.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign exchange rate (the US dollar) to be 145,000 dinars for every $100, according to the state’s general budget for the year 2021 approved by the House of Representatives.
Hundreds of demonstrators close Baghdad’s Green Zone
Hundreds of Iraqi demonstrators protesting the results of the parliamentary elections have closed one of the three gates of the Green Zone in Baghdad, following failed attempts to storm the heavily-guarded area, Anadolu Agency reported on Friday.
Iraqi security forces ramped up reinforcements at the gate near the Ministry of Planning as a precautionary measure.
The demonstrators erected tents following their attempt to burst into the Green Zone, which includes government and ministries’ headquarters, as well as foreign missions and officials’ residences.
Iraqi media said that the protesters see the pro-Iran militias as the biggest losers in the parliamentary elections.
There were reports of an exchange of fire erupting after dark on Friday, following a day of tense rallies and scuffles between Iraqi forces and protesters who have been outside the Green Zone for over three weeks. link
Al-Fateh Warns Of American Moves To Assassinate Military And Political Leaders
On Saturday, the Al-Fateh Alliance expressed its astonishment at the procrastination in revealing the facts regarding the bombing of the home of Prime Minister Mustafa Al-Kazemi, warning against American moves to assassinate Iraqi military and political leaders.
A member of the coalition, Muhammad al-Baldawi, said in a statement to the “Information” agency, that “it is shameful that the government accuses Iraqi parties who have proven their loyalty to the country in the ISIS war, and leaves the real accused taking advantage of the circumstances to shuffle the papers.”
He pointed out that “it is assumed that the green atmosphere is secured by the American CERAM system, in addition to their continuous flight in Iraqi airspace day and night, and therefore the US forces are the first and last suspect.”
He pointed out that “all the military and political leaders are exposed to the American forces, which poses an imminent danger to them and the possibility of targeting their lives and throwing charges against the factions and the popular crowd.” link
Source: Dinar Recaps
So, has a possible window tightened from Friday since we’re now interested in what the markets look like today when they open?
Jambie, Same window…by Thanksgiving. It will be awesome if the US Treasury follows through!!!
Treasury said by Thanksgiving. Others said before Thanksgiving.
rvalready, with the 10 day window given last week, banks having to arrange the schedules of employees to work 5-7 days 7am-11pm, and my understanding we, the internet people, done by Thanksgiving, I’m expecting this week starting Monday into Tuesday
Economist: Iraq Needs The Oil Price To Stay At $85 For This Reason
The economist, Ali Al-Afandi, stressed, on Sunday, that achieving balance in the Iraqi economy needs to stabilize the oil price at 85 dollars per barrel.
Al-Affandi said, in a statement to the “Information” agency, that “the fact that prices remain at this point and that they do not decrease or rise will enable the government to restore recovery to its treasury, and thus it is possible to dispense with external borrowing, develop internal industries, and pay its internal loans.”
He pointed out that “the rise in the price of oil to $90 or $100 will greatly harm oil prices because it will activate the production of American shale oil, which may be competitive with Arab oil, and therefore Iraq will be the first affected by this matter, because its share will be reduced to less than one and a half million barrels per day.”
He pointed out that “the rise in prices to this level must be invested, especially with the great oil discovery in Dhi Qar, in which more than one oil well appeared until last night,” noting that “the Ministry of Oil has to demand “OPEC” to raise Iraq’s percentage in the quantities of exported oil, taking into account due to his economic conditions.” link
Source: Dinar Recaps
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