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2022-10-26 05:15
Shafaq News/ The Iraqi financial and economic expert, Hilal Al-Taan, provided, on Wednesday, advice to decision makers regarding the possibility of reducing the price of the US dollar against the dinar during the coming period.
Al-Taan told Shafaq News Agency, "The rise in the price of the dollar during the 2021 budget came as a result of the drop in oil prices and imports became insufficient to pay salaries and operating expenses, and therefore the state became obliged to raise the exchange rate for the purpose of covering salaries and other expenses," noting that "with the rise in prices of Oil and financial abundance and the increase in the central bank’s reserves to 87 billion dollars, it is now possible to consider reducing the exchange rate of the dollar.”
Al-Taan added that “the dollar’s exchange rate in the event of a reduction cannot be returned to what it was, which is 120 thousand dinars for 100 dollars, but to reduce it in an orderly manner, the reduction would reach 135,000 dinars, so that there is no major shock in the market, as happened previously when The central bank raised the dollar exchange rate from 120 thousand to 145 thousand dinars for 100 dollars, which confused the market and harmed the poor classes.
Al-Taan pointed out that "reducing the exchange rate of the dollar is not through the statements of members of the House of Representatives and non-specialists, and it cannot be manipulated, but rather proves the exchange rate within the general budget for 2023."
Earlier, a number of members of the Iraqi Council of Representatives demanded the inclusion of a vote on restoring the exchange rate of the US dollar against the Iraqi dinar to its previous official rate.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign currency exchange rate (the US dollar) to be 1450 dinars, instead of 1200 dinars, for every 100 dollars, according to the state’s general budget for the year 2021 approved by the House of Representatives. .
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Advice from an expert to the “dollar depreciation” decision makers: hold it and do not confuse the market
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2022-10-26 05:15
Shafaq News/ The Iraqi financial and economic expert, Hilal Al-Taan, provided, on Wednesday, advice to decision makers regarding the possibility of reducing the price of the US dollar against the dinar during the coming period.
Al-Taan told Shafaq News Agency, "The rise in the price of the dollar during the 2021 budget came as a result of the drop in oil prices and imports became insufficient to pay salaries and operating expenses, and therefore the state became obliged to raise the exchange rate for the purpose of covering salaries and other expenses," noting that "with the rise in prices of Oil and financial abundance and the increase in the central bank’s reserves to 87 billion dollars, it is now possible to consider reducing the exchange rate of the dollar.”
Al-Taan added that “the dollar’s exchange rate in the event of a reduction cannot be returned to what it was, which is 120 thousand dinars for 100 dollars, but to reduce it in an orderly manner, the reduction would reach 135,000 dinars, so that there is no major shock in the market, as happened previously when The central bank raised the dollar exchange rate from 120 thousand to 145 thousand dinars for 100 dollars, which confused the market and harmed the poor classes.
Al-Taan pointed out that "reducing the exchange rate of the dollar is not through the statements of members of the House of Representatives and non-specialists, and it cannot be manipulated, but rather proves the exchange rate within the general budget for 2023."
Earlier, a number of members of the Iraqi Council of Representatives demanded the inclusion of a vote on restoring the exchange rate of the US dollar against the Iraqi dinar to its previous official rate.
It is noteworthy that the Central Bank of Iraq, on December 19, 2020, officially announced the amendment of the foreign currency exchange rate (the US dollar) to be 1450 dinars, instead of 1200 dinars, for every 100 dollars, according to the state’s general budget for the year 2021 approved by the House of Representatives. .
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