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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

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The Central Bank of Iraq reveals the country's financial policy: No change to the exchange rate

rocky
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The Central Bank of Iraq reveals the country's financial policy: No change to the exchange rate Empty The Central Bank of Iraq reveals the country's financial policy: No change to the exchange rate

Post by rocky Tue 27 Sep 2022, 7:03 am

[size=47]The Central Bank of Iraq reveals the country's financial policy: No change to the exchange rate[/size]


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Baghdad

Mohamed Ali

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September 27 2022

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The Iraqi Central Building in Baghdad (Getty)
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Today, Tuesday, the Central Bank of Iraq announced its intention to issue a new category of Iraqi currency worth 20 thousand dinars (about 15 dollars), stressing that there is no intention to change the exchange rate of the dollar, after days of widespread controversy over the possibility of the next government returning the dollar exchange rate. Against the Iraqi dinar until before 2020, when it was set at 1200 dinars per dollar.
The Governor of the Central Bank, Mustafa Mikhaif, said, during an interview with the "Al-Rafidain Dialogue Forum", hosted by the capital, Baghdad, that "the Central Bank has no intention to reduce or change the exchange rate of the dollar. Iraq is still in the early stages of reaping the positive effects of the change in the exchange rate, and there Some [You must be registered and logged in to see this link.] are being addressed in the coming period."

[You must be registered and logged in to see this link.] must be available to accept such modifications," noting that "the central bank presented earlier a project on the process of deleting zeros."
He pointed out that “the Central Bank is working to complete a new category of 20 thousand dinars based on a study and research compared with neighboring countries, and is working to complete the form of the paper and in the coming days it will be announced,” noting that “the Central Bank has reduced the interest rate on loans.” provided [You must be registered and logged in to see this link.] , and that the initiatives largely targeted the housing sector, which occupies more than 30% of the various other sectors.” 

Banking plan

He explained that "the central bank has a plan and strategy for five years, and implementation may be delayed due to what the country is facing in several areas," noting that "the central bank has taken several steps to develop the banking and financial sectors, including canceling interest and setting simple fees for the development of industrial, residential and agricultural projects."
He pointed out that "there are several measures taken in the field of the private banking sector, and they can be classified into three categories: very good banks that have good relations and transactions, and there are good banks, and emerging banks," stressing that "there was a previous decision to convert banking companies into banks, and this affected the banks".
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[size=12]Arab economy

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He continued, "All sectors are affected by the general situation in the country, especially the banking sector, whether political or security, and despite that the banking sector had a role in moving the wheel of the economy, especially in the housing sector," stressing that "the Central Bank took the initiative to develop the banking sector and strengthen relations. with Arab and international banks.

Pressure to change the exchange rate

Weeks ago, political forces in Iraq renewed their call to change the exchange rate of the dinar against the dollar, by returning the old value to it before December 2020, which amounted to 1200 dinars per dollar, instead of the current value of 1458 dinars per dollar.
The government of Iraqi Prime Minister Mustafa Al-Kazemi was forced to take a number of urgent measures to confront the financial crisis during the Corona pandemic and the decline in oil prices, which threatened the government with an inability to pay the monthly dues and salaries of employees and retirees, amounting to about 6 billion dollars per month, including reducing the value of the Iraqi dinar against the dollar by about 30 percent so that the government can benefit from the foreign currency difference on the sale of oil.
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[size=12]people's economy

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And a member of the Iraqi parliament, Ahmed Al-Rubaie, revealed earlier to Al-Araby Al-Jadeed, the existence of what he described as “a broad movement of political forces towards changing the exchange rate by raising the value of the Iraqi dinar and reducing the price of the dollar and returning it to what it was or close to the previous figure.” In order for citizens to feel the positive impact of this, and to ease the burdens of high prices resulting from the crises and wars that a number of countries are witnessing.
Al-Rubaie indicated that the financial abundance resulting from the rise in the price of oil globally and the increase in production and export quantities in Iraq should reflect positively on society, expecting that this movement will yield remarkable results after putting pressure on the Ministry of Finance and the Central Bank of Iraq.
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