Among them is an Arab currency. Worst performing currencies in 2022
Baghdad – Iraq Today:
Foreign exchange markets faced a difficult year in 2022 as geopolitical pressures and high inflation pushed central banks in Western countries to tighten monetary policy.
Many emerging market currencies have come under pressure as the greenback appreciates throughout 2022 as investors flock to the dollar, traditionally a safe haven.
At the end of 2022, on December 30, the dollar index, which measures the value of the US currency against a basket of currencies, reached the level of 103.522 points, up from 95.67 points on December 31, 2021.
Economist Alexander Nazarov published on his Telegram channel a list of the worst and best-performing currencies in the past year 2022, and topped the list of the worst performing currencies The Argentine peso, which fell against the dollar more than 40%.
The Argentine currency is followed by the Egyptian pound, which fell by about 35%, followed by the Turkish currency, the lira, which fell below 30% in 2022, and then the Ukrainian hryvnia (27%).
In terms of the best-performing currencies, the Brazilian real, then the Mexican peso and then the Russian ruble topped the list.
Earlier in 2022, Bloomberg ranked the Russian ruble as the strongest currency in terms of strength against the dollar.
Bloomberg said that the Russian currency was able to strengthen its positions thanks to the measures of the Russian authorities to confront Western sanctions, in particular the imposition of capital controls and obliging exporters in Russia to sell the bulk of foreign currency earnings.
At the end of last year, the Russian currency traded at the level of 74 rubles to the dollar, after it had fallen in the second half of March 2022 to historic levels, exceeding the level of 140 rubles to the dollar.
Iraqi Govt Props Up Value Of Iraqi Dinar
The Iraqi Cabinet has agreed a package of measures aimed at propping up the value of the Iraqi dinar, following continued downward pressure on the currency relative to the dollar:
All government agencies are required to sell all goods and services inside Iraq based on the Central Bank USD exchange rate of 1470 IQD per 1 USD.
What was stated in Paragraph (1) above includes sales of goods and services from the private sector, especially the offices of national and foreign airlines, commercial agencies, telecommunications and Internet companies, and sales of residential investment complexes. It is emphasized that the prices of goods and services are in Iraqi dinars based on the Central Bank exchange rate.
The Central Bank sells dollars to the parties mentioned in Paragraph (2) at a rate set by the Central Bank of 1460 IQD per 1 USD for remittances and 1455 IQD per 1 USD to cover letters of credit after they pledge to sell using Iraqi Dinar. It will be announced on the official websites of the concerned authorities of sales outlets.
The Central Bank of Iraq develops a streamlined mechanism within one week from the date of the decision, through which the private sector mentioned in paragraphs (2 and 3) above can get US dollars at the official exchange rate. The bank also secures private sector transfers outside Iraq at the official exchange rate to cover their obligations.
The decison was made at this week’s cabinet meeting, chaired by Prime Minister Muhammad Shia Al-Sudani.
(Source: Govt of Iraq) link
Parliament calls on the government to expedite the approval of the budget law, and a deputy confirms its completion by the Ministry of Finance
Independent MP, Yasser Al-Husseini announced, on Thursday, the completion of the draft budget law for the year 2023, and it will be discussed in the next cabinet session, while the First Deputy Speaker of Parliament, Mohsen Al-Mandalawi, urged the government to expedite the approval of the budget.
Al-Husseini told Shafaq News agency, “The Ministry of Finance has completed the final draft of the general budget bill for the year 2023, and it is expected to be sent to the General Secretariat of the Council of Ministers next week.”
He added, “Next week’s session of the Council of Ministers will witness a discussion of the budget law, and then a vote on the law and sending it to the House of Representatives.” dollars.”
In turn, the First Deputy Speaker of the House of Representatives, Mohsen Al-Mandalawi, called on the government to expedite the submission of the budget law to the House of Representatives for a vote on it.
Al-Mandalawi’s media office stated, in a statement received by Shafaq News agency, that the latter met with Prime Minister Muhammad Shia’a al-Sudani, to discuss a number of files and priority issues.
Al-Mandalawi stressed the need to expedite the completion of the draft budget law for the current year, and send it to the House of Representatives to include it in the agenda, read it first, and make amendments to it before submitting it to the vote, and stressing the inclusion of contract holders, lecturers, holders of higher degrees, top students, and others from various segments of society within its provisions. link
Awaiting approval of the budget
The representative of the Sadiqoun Bloc, Ali Turki Al-Jamali, confirmed today, Thursday, that the issue of the return of the affiliates whose contracts had been terminated will soon be resolved.
Turki said in an interview with Earth News Agency, “The issue of confirming the canceled contracts has reached advanced stages, and those covered by this issue have been examined and awaiting the approval of the budget so that all the canceled contracts will be listed and return as soon as possible.”
He added, “Today, at the level of the Ministries of Defense and Interior, they are suffering from a shortage of cadres after converting certificate holders into civil servants.”
And he indicated that “during this period and after approving the budget, all those covered will be restored, and their number is estimated at 105,000, including the Ministry of Interior, Defense, the Anti-Terrorism Service and the Popular Mobilization Forces.” ink
Source: Dinar Recaps
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