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Neno's Place Established in 2006 as a Community of Reality


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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


    Al-Sudani's advisor: The Central Bank of Iraq will address the rise in the dollar... What about the

    Rocky
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    advisor - Al-Sudani's advisor: The Central Bank of Iraq will address the rise in the dollar... What about the Empty Al-Sudani's advisor: The Central Bank of Iraq will address the rise in the dollar... What about the

    Post by Rocky Mon 08 Jul 2024, 6:50 am

    Al-Sudani's advisor: The Central Bank of Iraq will address the rise in the dollar... What about the inflation rate?

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    Economy News - Baghdad
    [rtl]The Prime Minister's Advisor for Economic Affairs, Mazhar Mohammed Salih, said that the Central Bank of Iraq will address the recent rise in the dollar exchange rate, noting that annual inflation in the country does not exceed 3%.[/rtl]
    [rtl]In an attempt to control dollar smuggling, the Central Bank had previously issued a series of measures aimed at contributing to raising the value of the dinar or limiting the high demand for the dollar.[/rtl]
    [rtl]The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market continues to encourage dollar smuggling networks to increase their activity to achieve profits, in addition to the impact of this on the daily life of the Iraqi citizen.[/rtl]
    [rtl]Recently, the exchange rate of the US dollar against the Iraqi dinar rose to about 1495 dinars.[/rtl]
    [rtl]"Highest international reserve base"[/rtl]
    [rtl]Mazhar Mohammed Saleh said, "The fixed exchange rate system in Iraq is based on the highest international reserves in the history of Iraq and its monetary policy, and foreign currency covers more than 100% of the total currency currently issued."[/rtl]
    [rtl]He explained that "in light of the strength of the official central exchange market, the exchange rate of the dollar to the dinar in the parallel market today in our country does not constitute any relative importance in influencing the stability of the general price level, which has become stable in its components and trends due to the influence of the official exchange rate factor currently dominating the financing of foreign trade (imports) and amounting to 1320 dinars per dollar."[/rtl]
    [rtl]Saleh pointed out to "the stable trend of the exchange rate and the stable external value of the dinar revolves around it, which is embodied by the state of stability in the relative prices of goods and services to a large extent, as annual inflation in our country does not exceed 3%."[/rtl]
    [rtl]The Prime Minister's Advisor for Economic Affairs noted that "in light of the strength of the foreign reserves supporting the Iraqi dinar, the value of which as liquid foreign assets exceeds $100 billion, the official exchange market, as a general trend, will remain dominant in containing any colored noise or ambiguous information that affects the parallel exchange market in short periods, due to urgent international or regional political events here and there or in adapting some instructions regulating the monetary market."[/rtl]
    [rtl]"The decline of the dollarization phenomenon"[/rtl]
    [rtl]Saleh stressed that "after the decline of the dollarization phenomenon in domestic transactions, especially in contracts, obligations and payments inside the country since last year and its legal prohibition, the parallel exchange market has become such that its general effects today only form a narrow economic scope of prohibited transactions, practiced by informal markets and at a rate of 10% of the total supply and demand transactions for the currency."[/rtl]
    [rtl]He explained that "the stability of the exchange rate of the dinar to the dollar that the country is witnessing, even in the secondary markets above, is a real and solid stability. Rather, it is derived from the strength of the impact of the price and quantity factors of the monetary and financial policies, and their integration in imposing overall price stability in the country, and containing the inflationary expectations that were caused by the forces of the parallel exchange market during the past years."[/rtl]
    [rtl]The Prime Minister's Advisor for Economic Affairs pointed out that "the irregular secondary market, due to the freedom of external transfer, is under the influence of the official exchange market rate, whose operations are constantly expanding in favor of dealing at the fixed official exchange rate."[/rtl]


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