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Entry Submitted by David Harkness at 5:53 PM ET on January 22, 2023
NEER is a measure of the value of a currency against a weighted average of several foreign currencies.
An increase in NEER indicates an appreciation of the local currency against the weighted basket of currencies of its trading partners.
Representative Exchange Rates for Selected Currencies
www.imf.org/external/np/fin/data/rms_rep.aspx
The IMF did not publish rates on the 20 January 2023 for any of the Middle East Currencies marked in yellow.
What IMF is pushing for is NEER for Iraq which would equal.0.14742 c USD being 60% of the basket of the Middle East currencies as at 19 January 2023.
It’s very possible CBI may finally reach agreement with IMF over coming days as they are all Petro dollar currencies and pegged to USD
See the Middle Eastern currencies marked in yellow from the IMF currency chart published daily on business banking days only . Never the weekend
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The IMF did not publish rates on the 20 January 2023 for any of the Middle East Currencies marked in yellow .
What IMF is pushing for is NEER for Iraq which would equal.0.14742 c USD being 60% of the basket of the Middle East currencies as at 19 January 2023.
It’s very possible CBI may finally reach agreement with IMF over coming days as they are all Petro dollar currencies and pegged to USD
The other suggested options for Iraq are to Re Instate to 1190 and RV at 1 USD to 11.90 which is 0.084c USD or no re instatement and RV at 1460 to 4.60 which is 0.2173c USD .
The carrying value of the Iraq Dinar at Federal Treasury under EME classification seems to be 0.1484c USD as at 16 January 2023 would suggest that the NEER principal will be adopted under a RV
We can only wait and see what actually eventuates by the 30 January 2023 when the UN are expected to publish the new rates for Vietnam and Indonesia at the same time.
Kind regards,
David Harkness
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