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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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    Fears of new jumps in the exchange rate and the decline in the value of the national currency

    Rocky
    Rocky
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    Join date : 2012-12-21

    rate - Fears of new jumps in the exchange rate and the decline in the value of the national currency Empty Fears of new jumps in the exchange rate and the decline in the value of the national currency

    Post by Rocky Thu 06 Jul 2023, 4:14 am

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    [size=52]Fears of new jumps in the exchange rate and the decline in the value of the national currency[/size]

    [size=45]Baghdad / Firas Adnan[/size]
    [size=45]The exchange rates of the dollar are still rising in the local markets, despite government measures, while observers are calling for the absorption of the national currency in the markets to preserve its value in conjunction with the imminent launch of the allocations of the budget law.[/size]
    [size=45]Representative Ali Jabbar Moanes says, "The central bank's tendencies contributed to controlling the exchange rate of the dollar after it reached its peak at the beginning of this year."[/size]
    [size=45]Moanes continued, "The commitments of merchants and banking transactions are among the main reasons for the current rise in the dollar's exchange rate in the parallel market."[/size]
    [size=45]He pointed out, "The prices in the market, although they are higher than the official price, are witnessing a kind of stability at 1460 dinars per dollar."[/size]
    [size=45]However, Moanes called on the government to "make more efforts to bring the price in the market close to the official price approved by the budget at 1,300 dinars per dollar."[/size]
    [size=45]For his part, economic academic Safwan Qusai said, "The Ministry of Finance's survival on the same policies will help the depreciation of the Iraqi dinar."[/size]
    [size=45]Qusai continued, "The dinar that will be released by the ministries after the implementation of the budget law is higher than the previous spending."[/size]
    [size=45]He pointed out, "Iraq is an importing country, and the increase in pumping the dinar into the markets will contribute to increasing the demand for the dollar, whether through the window of selling the currency to meet the consumables or through the parallel market."[/size]
    [size=45]And Qusay demanded, "To work within the detection of cash flows, by observing the path of the Iraqi dinar, where it comes from and where it goes."[/size]
    [size=45]And he noted, "This is happening through an effective electronic collection system at the level of all government units."[/size]
    [size=45]Qusai believes that “pumping the dinar without absorbing it will help in rising inflation and increasing the price of the dollar in the parallel market.”[/size]
    [size=45]And he stressed, “the need to link border crossings, customs, and the spread of technological systems at the level of all government institutions in order for us to have a policy in financing and re-acquiring the dinar at the level of some federal ministries that can obtain it again.”[/size]
    [size=45]And he stated, “The World Bank referred in its recommendations to a set of observations that are not related to the central bank, but are linked to financial and economic policy.”[/size]
    [size=45]Qusai noted, "The recommendations included asking the government to reduce the number of workers in public sector institutions and to increase the level of collection and its activation."[/size]
    [size=45]And he believed that "it is not reasonable for Iraq to spend no less than 109 trillion on salaries and compensation for workers, while the recovery is 17 trillion dinars."[/size]
    [size=45]Qusai stressed that this “difference will go into the pockets of the corrupt and the import, and therefore we need a process of integration between the economies of the provinces and reduce dependence on exports.”[/size]
    [size=45]And he stressed the importance of “activating the role of industry and agriculture to return the Iraqi dinar to the Ministry of Finance, which is the guarantor of ensuring the stability of the exchange rate according to what is officially established by the government.”[/size]
    [size=45]Qusai continued, "The Ministry of Finance has a set of solutions, such as selling part of its property in Iraqi dinars to state departments and not to other parties in order to ensure that the national currency is returned to the public treasury."[/size]
    [size=45]Qusai went on to say that “the injection of money without a recovery process, means that we are facing an increase in inflation rates, with the exacerbation of the waste of public money with the rise in the price of the dollar in the parallel market.”[/size]
    [size=45]For his part, economic specialist Abd al-Rahman al-Sheikhly described, “the variables of the exchange rate of the dollar in the parallel market as a game of cat and mouse.”[/size]
    [size=45]Al-Sheikhly continued, that as for "Iraq's continued dependence on oil rents as it is now, the turmoil in the exchange rate will continue."[/size]
    [size=45]He agrees with Qusai, with “the need to look for other sources to finance the budget and reduce dependence on foreign imports, by activating the industrial and agricultural sectors.”[/size]
    [size=45]Al-Sheikhly concluded, "Iraq has fully developed a consumption budget based on the operational side, and this helps demand the dollar and its high prices in the market."[/size]
    [size=45]It is noteworthy that the exchange rate witnessed an unprecedented rise since the end of last year, in conjunction with the launch of the electronic platform that requires private banks to participate in it in exchange for obtaining their share in the currency auction, and the refusal of some of those banks to participate in the platform led to a deficit in dollar sales in Markets in conjunction with increased demand.[/size]
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