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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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    A former general manager at the Central Bank explains the reasons for the continued rise in exchange

    Rocky
    Rocky
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    A former general manager at the Central Bank explains the reasons for the continued rise in exchange Empty A former general manager at the Central Bank explains the reasons for the continued rise in exchange

    Post by Rocky Sun 09 Jul 2023, 8:45 am

    [size=45][size=41]A former general manager at the Central Bank explains the reasons for the continued rise in exchange rates[/size]
     21 hours ago
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    The former Director General of Debt at the Central Bank of Iraq, Mahmoud Dagher, revealed the reasons for the continued rise in exchange rates in light of the procedures and policy followed by the government and the Central Bank.
    Dagher said in a press interview seen by “Takadum”, that “whoever thinks that monetary policy in Iraq can work alone is mistaken, but rather it must work in consistency with financial and trade policy, so that the economic policy model for Iraq is valid.”
    And Mahmoud Dagher added, “Exchange rates are the core of monetary policy in Iraq, because we import everything and do not manufacture or cultivate, and therefore trade policy is in direct contact with monetary policy and appoints it to reach good results,” noting that “commercial policy is responsible for the entry of goods.” From countries with which Iraq does not have banking transactions, and for which you pay prices in black dollars, in addition to the presence of unofficial outlets and the entry of goods without customs.
    The former Director General of Debt at the Central Bank explained, “This process creates additional demand for the dollar outside the platform approved by the Central Bank and outside the monetary policy of Iraq, which leads to a rise in exchange rates,” stressing that “the only solution is to link all countries’ dealings with the system.” Banking, control of ports and entry of goods.
    The exchange rates stabilized on the rise a week ago, as the selling price of 100 US dollars reached 149,000 thousand dinars, while the purchase price reached 147,000 thousand dinars for every 100 dollars.
    And the Central Bank of Iraq decided, last Thursday, to increase the monthly share of the dollar for citizens wishing to travel from the dollar, as well as the weekly share for exchange companies, in an attempt to control exchange rates in the parallel markets.
    The Central Bank, in cooperation with the US Federal Bank, opened an electronic platform for money transfers to control the currency smuggling operations from Iraq, but this did not affect the markets, but rather increased the monopoly of traders on the currency despite the strict security measures.
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