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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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    The euro is the key to resolving the dollar crisis in Iraq

    Rocky
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    • Post n°1

    The euro is the key to resolving the dollar crisis in Iraq Empty The euro is the key to resolving the dollar crisis in Iraq

    Post by Rocky Sun 08 Oct 2023, 6:50 am

    The euro is the key to resolving the dollar crisis in Iraq

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    Evan Shaker Aldobardani
    The euro is ranked second in the world after the US dollar, as it is considered one of the strong currencies in international trade. The euro is also the second most traded currency in the world after the US dollar, and the British pound is ranked fourth. The Central Bank of Iraq is supposed to take the first step by diversifying its financial assets, and increasing the share of the euro, in addition to the pound sterling, at the expense of the US dollar, as the Central Bank of Iraq’s foreign currency reserves are estimated at approximately 113 billion dollars.
    The Central Bank of Iraq keeping a portion of its reserves in euros will not have any negative impact on the value of the Iraqi dinar, but it will preserve its value. An example of this is the Kuwaiti dinar, which is denominated against a basket of foreign currencies such as the dollar, euro, and pound sterling. The Central Bank of Iraq could have pumped the euro currency into the currency sale window auction, after the strict measures imposed by the US Federal Reserve Bank and the US Department of the Treasury on the Central Bank of Iraq by selling the US dollar currency, with the aim of preventing the smuggling of the dollar into Iran, and therefore The goal of selling the euro in the currency selling window is to avoid the restrictions imposed on the Central Bank of Iraq by the US Treasury, and also to reduce the demand for the US dollar with the aim of reducing the gap between the official rate and the exchange rate in the parallel market.
    The Central Bank of Iraq was supposed to establish its own platform, as this platform specializes in selling the euro and the pound sterling, and it can also be sold to citizens in cash, just as the euro is a global currency that the Iraqi merchant can deal with normally and smoothly in any country. It excluded Iran, so some foreign imports could be covered through euros instead of dollars. Although I am against the idea of ​​giving each citizen 3,000 US dollars to travel and smuggling hard currency out of the country, but at the same time, if the Central Bank of Iraq continues this policy, I suggest giving citizens the euro as well to travel outside the country in order to reduce the demand for the dollar. American. Hoarded money: Iraqi economy. The euro is an investment currency: The euro is considered an investment currency because it generally moves in an upward direction in the long term, and it rose from the end of last year from levels of 0.96 cents to 1.12 US dollars two months ago, meaning an increase of approximately more than 15%, and the euro currency is currently in the process of A deep correction, as it fell to a level of approximately 1.04 US dollars several days ago, and now it is reeling at the levels of 1.05 US dollars, and perhaps the rise will resume or the correction will be completed to levels close to the parity point with the dollar, and this in itself is an appropriate opportunity for the Central Bank of Iraq to buy a currency. The euro is worth at least 10 billion euros, and I personally saved part of my money in the euro currency, and it is expected that the euro currency will target levels of 1.15 US dollars and more during the first quarter of next year.
    In the event that the Central Bank of Iraq sold part of the currency sale window auction in the euro currency, a month worth two billion euros, that is, selling 100. Let us assume that the Central Bank of Iraq pumped the euro currency into the markets when it was at a price of 0.96 cents at the end of last year, at a time when the dollar crisis began in Iraq. As a result, the gap between the official price and the exchange rate in the parallel market was greatly reduced, and at the same time, citizens who bought the euro currency at the time achieved profits of an estimated 15%. Also, at the same time, the Central Bank of Iraq could have invested in the euro currency if it had kept part of its reserves of the euro currency, assuming 10 billion euros and sold it when it reached 1.12 dollars. Also, it would have achieved profits of an estimated 15%, that is, about 1 billion and 500. The question here is: Is the Central Bank of Iraq capable? To convert part of his assets from the US dollar to the euro currency? Or will he be a prisoner of the directions of the US Treasury and the policy of the US Federal Reserve? 


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