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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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    Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times hig

    Rocky
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    • Post n°1

    Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times hig Empty Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times hig

    Post by Rocky Thu 09 Nov 2023, 3:17 pm

    Economist: It is not possible to mint an Iraqi coin currently, and inflation is a thousand times high
    • Time: 11/09/2023 22:35:26
       
    • Read: 546 times

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    {Economic: Al-Furat News} The economic expert, Abdul Rahman Al-Sheikhli, ruled out minting an Iraqi coin at the present time due to the high inflation of the dinar by 1,000 digits.
    A useful summary of important news can be found on the Al-Furat News channel on Telegram. [You must be registered and logged in to see this link.]
    Al-Sheikhli said: For the program {Free Speech} broadcast by Al-Furat satellite channel this evening, it was said: “The issue of importing the dollar is not new. It was approved in 2010 by a measure by the Central Bank, and the new decision came at the request of merchants to cover the needs of the local market.”
    He added, "The dollar in banking offices is either legitimate or through acquisition, and cash is sold to travelers, students, and patients abroad. The reality of the situation requires the presence of another source to provide the currency, and the Central Bank has obliged the import of the dollar exclusively through airports."
    Al-Sheikhly stressed that "the central bank will not be an intermediary in importing the dollar, but rather the banks that have relations with foreign banks and rely on their stock of the dollar."
    He also stated, “The political influence is very great on the economic process, which hinders its flexibility, and the entry of the imported dollar will be a competitive factor in the Iraqi street for the black and will have a very significant impact on reducing the price of the currency.”
    Al-Sheikhli pointed out, “The most important factor in the fluctuation of the dollar is supply and demand, and the rise of the dollar and oil on balance contributed to raising the currency in the local market,” adding, “The US Federal Reserve does not delay remittances, but it audits them, and international standards for money laundering and supporting terrorism delay some attempts.”
    He added, "Some banks operate in unprofessional ways, which led citizens to hoard currency and the need to restore confidence between the citizen and the banking system. The Prime Minister agreed with the Minister of Commerce to import materials at the official price and sell them at a discount."
    Al-Sheikhli added, "Iraq has inflation in the dinar, which is more than 1,000 and it is not possible to print coins at the present time. The Iraqi citizen must be educated to use the Visa card in his transactions."
    While he noted that “the Ministry of Finance’s intervention in raising the price of the dollar created a major problem,” calling on the Central Bank to “use its full independence and powers to control the price of the dollar, as the Central Bank is still deficient in resolving some of the existing problems,” concluding, “The American Federal Reserve has no authority over the Central Bank of Iraq.” Rather, it issues recommendations regarding violations.” 
    Wafaa Al-Fatlawi
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