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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Expert: The import of goods decreased by 75% due to the decline in dollar sales from the bank

    Rocky
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    • Post n°1

    Expert: The import of goods decreased by 75% due to the decline in dollar sales from the bank Empty Expert: The import of goods decreased by 75% due to the decline in dollar sales from the bank

    Post by Rocky Thu Feb 09, 2023 5:42 pm

    [size=30]Expert: The import of goods decreased by 75% due to the decline in dollar sales from the bank
    [ltr]2023.02.09 - 22:12[/ltr]
    [/size]
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    Baghdad - people  
    On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, revealed that the import of goods decreased by 75% due to the decline in dollar sales from the Central Bank of Iraq.  
      
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    Al-Marsoumi said in a post followed by “NAS” (February 9, 2023), “The decline in the monthly average of the Central Bank of Iraq’s sales from $4 billion in 2022 to $2 billion last month led to a decline in commodity imports by 75%, and the withdrawal of strategic stocks for merchants.” ".  
      
    He explained, "Which may later lead to a lack of commodity supply in the Iraqi markets and an increase in their prices in the near future if the import dollar crisis associated with compliance rules on the electronic platform is not resolved."  
      
    Al-Marsoumi added, "Knowing that Iraq's annual imports, according to international data of the exporting countries to Iraq, amount to about $50 billion annually."  
      
    Earlier, the Kurdistan Investors Union warned of the collapse of the market in the region and bankruptcy, due to the fluctuation of exchange rates.  
      
    Union spokesman Mulla Yassin said in statements followed by "NAS" (February 9, 2023), "If the value of the dinar does not return to its place in the short term, thousands of people will become unemployed in the markets and lose their capital."    
      
    He added, "I am now the agent of a Turkish company with branches in 80 countries, but my sales decreased by 70 percent in the past month. I sold the equivalent of $150,000 per month, but this month I sold only $30,000 because those who have dollars do not want or They are afraid to spend their dollars, those who have dinars lose and do not want to spend their money, and this will disrupt the movement of business."    
      
    Mulla Yassin said: "Currently, in the Kurdistan region, about 8 billion dollars are in the hands of people, and they do not bring it to the market and do not deposit it in banks."    
      
    And the Parliamentary Finance Committee called, earlier, to take into account the issue of changing the exchange rate of the dollar in the budget, while indicating that it would make a big difference because Iraq sells oil in dollars.  
      
    Committee member Mustafa Al-Karawi said in a statement to the official newspaper, followed by “Nass” (February 9, 2023), that “it is necessary for the government to take into account this point regarding the difference in exchange rates,” pointing to “the need to take into account the issue of activating other sectors and non-oil imports.”      
      
    And between, "Iraq sells oil in dollars, and the expenditures are in Iraqi dinars, which will make a big difference in the budget, so this must be taken into account."      
      
    And he added, “The budget was supposed to be sent within the next 10 days, but after the decision to change the exchange rate, you will need more time and a review of all investment or operational budgets, so there must be an assessment of the costs in the budget before it is sent, which indicates a delay.” its approval.”      
      
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    Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke earlier about the consequences of what he described as the "political reduction" of the dollar's exchange rate, on approving the budget.  
      
    Al-Marsoumi said in a post followed by “NAS” (February 6, 2023), that “the expected political reduction of the official exchange rate of the dollar against the dinar to 1,350 dinars per dollar will complicate the approval of the budget, confuse its vocabulary, and deepen the budget deficit, as it will keep the exchange rate of the dollar in the market.” The parallel is close to its current price, because it is a matter of supply and demand, and as we advance, the gap increases and demand increases.        
      
    He added, "Therefore, the reduction will be useless to the market and the citizen, and exchange companies, brokers and speculators will benefit, and even if the dinar exchange rate rose temporarily, it will decline again."        
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