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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


    $63.8 billion foreign exchange reserves in Iraq

    Rocky
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    • Post n°1

    $63.8 billion foreign exchange reserves in Iraq Empty $63.8 billion foreign exchange reserves in Iraq

    Post by Rocky Wed 15 Dec 2021, 7:47 am

    $63.8 billion foreign exchange reserves in Iraq
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    Central Bank of Iraq
     December 15, 2021 01:59 PM
     Mubasher: The Central Bank of Iraq announced that it had prepared a draft currency structure study, while defining the negative effects when the dollar was re-exchanged to 1200 dinars.
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    The central bank said in a statement that "the bank has completed the preparation of a draft currency structure study," noting that "the timing of the implementation of the project depends on the bank's policy and the political and economic conditions of the country."
    He added, "The bank has no intention of issuing new denominations of the currency," noting that "continuing to provide new banknotes to compensate for the damaged banknotes."
    And about the negative effects caused by re-exchange of the dollar to 1200 dinars in the event that the next House of Representatives issued a decision to that effect.
    The bank stressed that "this will negatively affect the exchange rate in the parallel (local) market, and consequently, sharp fluctuations in the exchange rate will lead to harm to the interests of citizens and projects."
    He pointed out that "this will cause a destabilization of confidence in the stability of the financial system in Iraq, and such a decision will lead to the exit of local investment and production projects from competition, and thus exacerbate the unemployment crisis as a result of these projects stopping work."
    He added, "The increase in the exchange rate led to an increase in the competitiveness of the local product and thus an increase in its market share, as well as a reduction in expenditure pressure on the Ministry of Finance by 23%, which enabled the Ministry of Finance to overcome the crisis resulting from the drop in global oil prices during 2020 and the first months of 2021." , explaining that "this also led to an increase in the flexibility of public finances to carry out the necessary structural reforms to achieve financial sustainability in Iraq."
    And on the central bank’s foreign currency reserves, the bank stated that “the volume of the total foreign reserves during the month of December 2021 amounted to 63.793 billion dollars,” noting that “the volume of net foreign reserves during the current month amounted to 59.980 billion dollars.”
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