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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    The dinar is a victim of the Iraqis' high appetite for the dollar

    Rocky
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    • Post n°1

    The dinar is a victim of the Iraqis' high appetite for the dollar Empty The dinar is a victim of the Iraqis' high appetite for the dollar

    Post by Rocky Sat 01 Jun 2024, 10:36 am

    [size=38]The dinar is a victim of the Iraqis' high appetite for the dollar[/size]


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    June 1, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: Last May witnessed a noticeable increase in the Iraqi Central Bank’s sales of the US dollar, reaching $5.8 billion, a huge number that raised concerns among economic analysts. According to economic analyst Nabil Al-Marsoumi, 70% of Iraq's oil revenues are used to cover private sector imports and citizens' travel.
    The Central Bank of Iraq plays a major role in managing the exchange rate by buying and selling dollars in the open market.
    In addition, hard currency is used to pay government imports, oil licensing company expenses, and the government's external obligations, including external debt installments.
    Iraq also suffers from a large trade deficit, which means that it imports more than it exports.
    This rise in dollar sales raises concerns about the diminishing foreign currency reserves of the Central Bank of Iraq, which could pose a risk to the Iraqi economy if external debt increases, import rates rise, or oil prices decline.
    Iraq relies on a fixed exchange rate system, where the Iraqi dinar is linked to the US dollar at a variable exchange rate.
    The value of the Iraqi dinar depends greatly on oil prices, as Iraq is a major exporter of oil.
    Iraq faces many challenges regarding currency stability, including:
    Oil revenues are the main source of foreign currency in Iraq, making it vulnerable to fluctuations in global oil prices.
    The shortage of foreign currency leads to a decline in the value of the Iraqi dinar against the US dollar, and the decline in the value of the currency leads to an increase in the prices of goods and services, which may lead to increased inflation rates.
    Iraq faces difficulty financing its basic imports, such as food and medicine, if foreign currency reserves continue to decrease.
    The reasons for the increased demand for the dollar are the weak confidence in the Iraqi dinar, and this is due to Iraq’s history of inflation and the depreciation of the currency, which led many Iraqis to search for a safe haven for their savings, and the dollar is the preferred option.
    Many Iraqis travel abroad and need the dollar to cover their expenses. Some Iraqis also prefer to invest in the US dollar, because they believe it is safer than the Iraqi dinar.
    Obelisk - follow-up - agencies
    The text that includes the name of the writer, party, or agency does not necessarily express Al-Masala’s point of view, and the source is responsible for the content. The Obelisk’s responsibility is to report news impartially and defend freedom of opinion at its highest levels.
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