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[size=52]After "changing" the exchange rate... Speculators empty Iraqis' pockets in hours[/size]
[size=45]In a short period not exceeding 48 hours only, currency speculators made millions of dollars, after they spread and exaggerated rumors about the government’s efforts to change the dollar exchange rate in the current year 2022 budget to start large dollar purchases from citizens who were saving some of them to sell for fear of loss, For prices to rise again after the bank denied any change in the exchange rate.[/size]
[size=45]On December 19, 2020, the Central Bank of Iraq officially announced the amendment of the foreign exchange rate (the US dollar) to 145,000 dinars for every $100, according to the state's general budget for the year 2021 approved by the House of Representatives.[/size]
[size=45]As a result, according to specialists, the annual inflation in Iraq rose significantly, so that the prices of all materials and commodities in the Iraqi market rose significantly, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.[/size]
[size=45]Kick the start: Al-Sadr's call and Allawi's rejection[/size]
[size=45]Economist Dergham Muhammad Ali says, “The tweets of the leader of the Sadrist movement, Muqtada al-Sadr, and his bloc’s insistence on hosting the Minister of Finance and the Governor of the Central Bank created a feeling that the exchange rate change will take place within hours, so the majority went to sell with the absence of buyers, which contributed to reducing the purchase price of the dollar compared to the price of the day before. “.[/size]
[size=45]Ali adds that "the statements of the Governor of the Central Bank, who confirmed that there was no change in the exchange rate led to the rise of the dollar's value once again," stressing that "the issue is an issue of supply and demand that speculators exploited to make profits from this game."[/size]
[size=45]Al-Sadr had made it clear in a tweet to him, on February 16, 2022, that “after the rise in the exchange rates of the dollar and its benefits and harms, its rise should not be an increase in market prices, especially with regard to the important commodities that the people need in their daily life on the whole. Absolutely.”[/size]
[size=45]The Presidency of Parliament also decided, on February 17, 2022, to summon the Minister of Finance and the Governor of the Central Bank, in the dome of the House of Representatives immediately to talk about the dollar price file and the management of financial policy in Iraq, which was rejected by Finance Minister Ali Abdul Amir Allawi, and announced that he would request a vote of confidence in him. .[/size]
[size=45]The situation escalated rapidly after the minister considered the summons as a result of the tweet of the leader of the Sadrist movement, to which the deputy speaker belongs, and that the entire process is unacceptable and should not be tolerated, which called on the first deputy speaker of the House of Representatives, Hakim Al-Zamili, to issue a request for the Public Prosecution to prevent travel against the right. The Minister of Finance, Ali Abdul-Amir Allawi, until he completes the requirements for his attendance at the House of Representatives to answer questions after that, he has the right to resign or stay.[/size]
[size=45]Al-Zamili accused the Minister of Finance of transferring his losing experiences to the companies he managed abroad to Iraq, and he did not provide anything to the country, and contributed to the rise of Iraq's debts to 27 trillion dinars in just one year.[/size]
[size=45]In light of this government-parliamentary escalation, the dollar’s prices fell in the local markets, accompanied by rumors indicating the government’s intention to reduce the price of the dollar, which led to citizens selling the dollars they had in their possession at prices that reached less than 141 thousand dinars for 100 dollars, after it was 148 thousand dinars for 100 dollar.[/size]
[size=45]“Government’s inability to address the situation”[/size]
[size=45]For his part, financial expert Hilal Al-Tahhan says, “The government did not properly address the results of the dollar price hike and left the citizen vulnerable to the price hike while it was reaping the positives of this rise, which created negative reactions from the citizens,” noting that “the government used the shock method. in dealing with the conditions of the Iraqi economy.”[/size]
[size=45]Al-Tahhan points out that “what happened during the past week about reducing the dollar’s prices has been exaggerated by currency traders in their favor in order to obtain gains as a result of reducing the dollar’s prices and then benefiting from the financial differences when they rise.”[/size]
[size=45]Summoning is born fear[/size]
[size=45]For his part, the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, confirms that "the Iraqi market is unstable, and there is no system and law that limits the merchant and the one who works in currency from selling the currency at a certain number."[/size]
[size=45]Al-Hamdani adds that “the confusion that occurred is represented in the request to summon the governor of the bank and the Minister of Finance, and the latter’s failure to attend, which generated some merchants and companies with real fear of a drop in the price of the dollar.”[/size]
[size=45]Al-Hamdani points out that “those who understand the Iraqi economy and the budget know that the dinar is priced in the 2021 budget and approved by the House of Representatives and the government, and therefore there will be no new exchange rate and it will come down in the sense that the citizen fears.”[/size]
[size=45]No intention to change the exchange rate[/size]
[size=45]For his part, an authorized source in the Central Bank of Iraq confirmed on February 20, after a series of declines in the dollar exchange rate that the Iraqi market witnessed, that there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period.[/size]
[size=45]The source confirmed that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation." The price change and that the central bank possesses sufficient foreign reserves to stabilize the current exchange rate.”[/size]
[size=45]Throwing the ball in the merchant's court[/size]
[size=45]At a time when Finance Minister Muhammad Allawi refused to host him in the House of Representatives, the Ministry of Finance issued self-defense explanations about the exchange rate, indicating that the rise in dollar prices was not the reason for the rise in commodity prices in the country.[/size]
[size=45]It indicated that the inflation in prices that occurred due to inflation is a global phenomenon that is not linked to the devaluation of the currency, as well as the exploitation of some importers and traders by imposing additional prices for the purposes of competition and making gains.[/size]
[size=45]Prices under control[/size]
[size=45]The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirms that “the monetary policy of the Iraqi state does not suffer from great price pressures, despite the low exchange rate of the Iraqi dinar,” noting that “prices are under control and inflation is still less than a decimal place.”[/size]
[size=45]Saleh explains that “the function of the central bank is to fight the sharp and strong inflationary parties,” noting that “the bank builds good reserves and achieves some stability within the economy.”[/size]
[size=45]Dollar prices remain captive to specialists and those in the central bank in assessing the country's financial condition, as long as the dollar is not subject to flotation.[/size]
[size=45][You must be registered and logged in to see this link.]
[size=52]After "changing" the exchange rate... Speculators empty Iraqis' pockets in hours[/size]
[You must be registered and logged in to see this image.]
[size=45]In a short period not exceeding 48 hours only, currency speculators made millions of dollars, after they spread and exaggerated rumors about the government’s efforts to change the dollar exchange rate in the current year 2022 budget to start large dollar purchases from citizens who were saving some of them to sell for fear of loss, For prices to rise again after the bank denied any change in the exchange rate.[/size]
[size=45]On December 19, 2020, the Central Bank of Iraq officially announced the amendment of the foreign exchange rate (the US dollar) to 145,000 dinars for every $100, according to the state's general budget for the year 2021 approved by the House of Representatives.[/size]
[size=45]As a result, according to specialists, the annual inflation in Iraq rose significantly, so that the prices of all materials and commodities in the Iraqi market rose significantly, which sparked a wave of strong resentment among the popular circles, as well as the objections of some interested in economic affairs.[/size]
[size=45]Kick the start: Al-Sadr's call and Allawi's rejection[/size]
[size=45]Economist Dergham Muhammad Ali says, “The tweets of the leader of the Sadrist movement, Muqtada al-Sadr, and his bloc’s insistence on hosting the Minister of Finance and the Governor of the Central Bank created a feeling that the exchange rate change will take place within hours, so the majority went to sell with the absence of buyers, which contributed to reducing the purchase price of the dollar compared to the price of the day before. “.[/size]
[size=45]Ali adds that "the statements of the Governor of the Central Bank, who confirmed that there was no change in the exchange rate led to the rise of the dollar's value once again," stressing that "the issue is an issue of supply and demand that speculators exploited to make profits from this game."[/size]
[size=45]Al-Sadr had made it clear in a tweet to him, on February 16, 2022, that “after the rise in the exchange rates of the dollar and its benefits and harms, its rise should not be an increase in market prices, especially with regard to the important commodities that the people need in their daily life on the whole. Absolutely.”[/size]
[size=45]The Presidency of Parliament also decided, on February 17, 2022, to summon the Minister of Finance and the Governor of the Central Bank, in the dome of the House of Representatives immediately to talk about the dollar price file and the management of financial policy in Iraq, which was rejected by Finance Minister Ali Abdul Amir Allawi, and announced that he would request a vote of confidence in him. .[/size]
[size=45]The situation escalated rapidly after the minister considered the summons as a result of the tweet of the leader of the Sadrist movement, to which the deputy speaker belongs, and that the entire process is unacceptable and should not be tolerated, which called on the first deputy speaker of the House of Representatives, Hakim Al-Zamili, to issue a request for the Public Prosecution to prevent travel against the right. The Minister of Finance, Ali Abdul-Amir Allawi, until he completes the requirements for his attendance at the House of Representatives to answer questions after that, he has the right to resign or stay.[/size]
[size=45]Al-Zamili accused the Minister of Finance of transferring his losing experiences to the companies he managed abroad to Iraq, and he did not provide anything to the country, and contributed to the rise of Iraq's debts to 27 trillion dinars in just one year.[/size]
[size=45]In light of this government-parliamentary escalation, the dollar’s prices fell in the local markets, accompanied by rumors indicating the government’s intention to reduce the price of the dollar, which led to citizens selling the dollars they had in their possession at prices that reached less than 141 thousand dinars for 100 dollars, after it was 148 thousand dinars for 100 dollar.[/size]
[size=45]“Government’s inability to address the situation”[/size]
[size=45]For his part, financial expert Hilal Al-Tahhan says, “The government did not properly address the results of the dollar price hike and left the citizen vulnerable to the price hike while it was reaping the positives of this rise, which created negative reactions from the citizens,” noting that “the government used the shock method. in dealing with the conditions of the Iraqi economy.”[/size]
[size=45]Al-Tahhan points out that “what happened during the past week about reducing the dollar’s prices has been exaggerated by currency traders in their favor in order to obtain gains as a result of reducing the dollar’s prices and then benefiting from the financial differences when they rise.”[/size]
[size=45]Summoning is born fear[/size]
[size=45]For his part, the head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, confirms that "the Iraqi market is unstable, and there is no system and law that limits the merchant and the one who works in currency from selling the currency at a certain number."[/size]
[size=45]Al-Hamdani adds that “the confusion that occurred is represented in the request to summon the governor of the bank and the Minister of Finance, and the latter’s failure to attend, which generated some merchants and companies with real fear of a drop in the price of the dollar.”[/size]
[size=45]Al-Hamdani points out that “those who understand the Iraqi economy and the budget know that the dinar is priced in the 2021 budget and approved by the House of Representatives and the government, and therefore there will be no new exchange rate and it will come down in the sense that the citizen fears.”[/size]
[size=45]No intention to change the exchange rate[/size]
[size=45]For his part, an authorized source in the Central Bank of Iraq confirmed on February 20, after a series of declines in the dollar exchange rate that the Iraqi market witnessed, that there are no intentions to change the current exchange rate, especially after the positive results it achieved during the past period.[/size]
[size=45]The source confirmed that "the discussions that took place during the hosting of the Governor of the Central Bank of Iraq in the House of Representatives emphasized the need for concerted efforts by all government institutions to improve the economic and living standards of the poor classes that were affected by the high rate of inflation." The price change and that the central bank possesses sufficient foreign reserves to stabilize the current exchange rate.”[/size]
[size=45]Throwing the ball in the merchant's court[/size]
[size=45]At a time when Finance Minister Muhammad Allawi refused to host him in the House of Representatives, the Ministry of Finance issued self-defense explanations about the exchange rate, indicating that the rise in dollar prices was not the reason for the rise in commodity prices in the country.[/size]
[size=45]It indicated that the inflation in prices that occurred due to inflation is a global phenomenon that is not linked to the devaluation of the currency, as well as the exploitation of some importers and traders by imposing additional prices for the purposes of competition and making gains.[/size]
[size=45]Prices under control[/size]
[size=45]The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirms that “the monetary policy of the Iraqi state does not suffer from great price pressures, despite the low exchange rate of the Iraqi dinar,” noting that “prices are under control and inflation is still less than a decimal place.”[/size]
[size=45]Saleh explains that “the function of the central bank is to fight the sharp and strong inflationary parties,” noting that “the bank builds good reserves and achieves some stability within the economy.”[/size]
[size=45]Dollar prices remain captive to specialists and those in the central bank in assessing the country's financial condition, as long as the dollar is not subject to flotation.[/size]
[size=45][You must be registered and logged in to see this link.]
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