Is Iraq heading to float the dinar against the dollar?!
Date: 18:34 2016/12/12
[You must be registered and logged in to see this image.]Basil-Abbas
Books / D.basil Abbas Khudair ...
Dozens of articles published about the reasons for the low exchange rate of the dinar against the dollar prices in light of the Iraqi Central Bank to sell billions of dollars each year, some of which pointed to the need to make local and international about suspicions of corruption surrounding the operations of trading in dollars and that proved some of the existence of acts of money laundering and the smuggling of the country's wealth investigations to third parties, and some of them to finance terrorism, and all that has been said on the subject went unheeded because the Central Bank of Iraq is going in the same direction to sell more dollars are far different from the prevailing market price, it is virtually the dollar, which sells bank is 1184 dinars or 1190 dinars, while the exchange rate (the shops) exceeded 1,300 dinars to the dollar, the prevailing market price in represents a departure from the Help currency auction where the central bank set the dollar exchange rate in local markets in 1200 dinars per dollar maximum is supposed to take action regarding the offenders, and the problem true is that the irregularities regarding prices by offices, companies and banks going on since the birth of the auction, which hundreds of billions commissioned since 2004 and until today without anyone except for some cases that do not fit with the large size of the disagreements accounting, these irregularities publicly held day and night markets are dollar visible and do not work secretly.
The decline of the Iraqi dinar exchange rate against the dollar is not a passing issue and it is a real tragedy should devote proper attention to her as it relates to people's livelihood, especially the poor and low-income them. Most what we consume is imported from abroad, traders raise prices whenever the price of the dinar has fallen despite the imports are financed currency auction in the Iraqi Central Bank, and in practice, the dollarization prevailing in most of the transactions, despite the state refuses to dollarization because the local currency is the dinar, prices of airline Iraqi Airways tickets are identified and sold in dollars, as the various goods and services is calculated their prices in dollars and then be transferred to the the dollar, and this duplicity in dealing makes dollar demand high because local merchants need a dollar, and some citizens are forced to keep the dollar for the purpose of payment or reimbursement, the real problem is that the exchange rate we are not subject to supply and demand mechanisms, but for other reasons not related to the concepts and applications economic, Central sales of the dollar goes down, but the dinar exchange rate rises at a time when getting just the opposite, and suggests that exchange rates outside the Iraqi Central Bank's control and the proof is that the main objective of the establishment of the currency auction is the stability of exchange rates to the purchasing capacity is not affected citizens fluctuating prices, the reality of the case (yesterday) indicates that the dinar exchange rate was 1320 dinars per dollar, and the problem that the seller buys the dollar low price and sell my high price of the dollar due to the instability of exchange rates, as is the case in some countries such as Jordan and Lebanon.
And that there are large differences between the selling price in the Central Bank (1190) and the price in the market (in 1320), a difference of 130 dinars mean that there are millions or billions of dinars every day from the pockets of citizens go out to go into the pockets of the gatekeepers in dollar terms, each dinars more than the exchange rates cause an increase in the prices of goods and services needed by the citizen, because more than 95% of the subsistence needs of the citizen to be imported from abroad and is covered by the central bank, which sells dollars to dealers for the purpose of importation, and are investigating Rlaken traders first from the sale of goods dollar rates prevailing in the market and the second is for profit trade capped the dollar, and at the same time, the citizens suffer a range of first losses from buying needs at high prices and the loss of the national currency by as they go for the sake of security exploits currency auction, who are supposed to bring the needs of the citizen exchange rates prevailing at the central bank and not prevailing in the local markets because they are buying the dollar Central and prices, official and not from markets Altdharbah prices, and missing part of the equation can be summed up by asking that: If the trader imports goods from abroad in dollars bought by the central bank and sell them to Iraqi traders in dollars. Where they come in Iraqi dinars, which buy its dollar currency auction ?? , And the related question is whether the import of Iraq as much as the dollar sold where the tax proceeds for the budget for these imports?! .
Some that believe the reason for decline of the dinar rate against the dollar is to reduce the central sales of the dollar, which is not true belief, because the CBI did not stop selling the dollar or selling prices change even when lower prices for a barrel of oil to $ 20, the dollar has lost sales reached yesterday ( Monday, 12/13/2016) increased by $ 154 million were sold by $ 148 million to 32 banks and $ 6 million to 10 corporate banking, noting that the Iraqi Central Bank sales of the dollar has reached $ 31 billion for the period from the beginning of this year up to yesterday, and that the quantities sold included the living and the dead because the Warka Bank Ahli (for example) that has stopped working since 2010 and closed its branch does not exercise any acts or at its headquarters located in Khilani Square enters the Iraqi Central Bank auction and buy up to $ 5 million a day, while banks and companies and offices banking that share a long dollar a day, they are the same that are repeated their names and its activities since 2004 and until today, all dollar sells off set by the CBI prices, the price reached yesterday more than 1,300 dinars per dollar, although the exact price should not be more than 1200 dinars per dollar by the central instructions, comes high prices of the dollar despite the current rise in global oil prices after Brent crude oil reached more than $ 50 a barrel and the oil Marketing company (SOMO) the implementation of futures contracts for oil for the month of next January 2017 prices close to 50 dollars .
There are those who ask, if the dollar sales going on and oil prices in the case of high why the dollar prices rise and fall of the dinar prices, even though we are duty all important aspect of this question in the emergence of (layer) controls the dollar but there is another cause and respect the belief by some that Iraq will resort because its reserves from the dollar's decline to float its currency along the lines of what happened in Egypt and Syria, Vtaoam currency achieves many returns to Mdechri dollar having seen the Egyptian pound exchange rate decrease of more than 18 pounds against the dollar after it was nearly 6 pounds per dollar, and dropped the lira Syrian to 52 pounds against the dollar after it was five against the dollar, and these expectations (float Iraqi dinar) does not have any credibility at all and can not be done during the current year (despite the economic benefits), and the reasons for not float the currency back to the nature of the local economy being a rentier which means that he relies on oil exports, and that this is linked to monetary factors, including the large monetary mass of the size and other reasons we do not want to go into details now, and it is almost certain that the currency was floated far from the guidelines, which means that adjusting the exchange rate back to its tracks natural commensurate with the Iraqi Central Bank instructions, you need to impose real control on companies and banking offices, combined with punitive measures for offenders, with the need to expand and facilitate the conduct of the dollar outlets for citizens to meet their needs and that of their legitimate rights and not to make it a breeding ground for corruption and stockbrokers and connotations.
[You must be registered and logged in to see this link.]
Today at 4:58 am by Rocky
» Oil resources and political conflicts: the parties’ race to control Kirkuk’s wealth
Today at 4:54 am by Rocky
» Obelisk Clock: Waste in ports exceeds “theft of the century”
Today at 4:53 am by Rocky
» Al-Hakim: The countries of the region want to invest in Iraq
Today at 4:51 am by Rocky
» Electricity fees exhaust farmers and drain 20% of their production costs
Today at 4:49 am by Rocky
» The Ministry of Interior warns against harboring and employing violators of the foreigners’ residenc
Today at 4:48 am by Rocky
» The National Bank of Iraq building was attacked by a bomb east of Baghdad
Today at 4:46 am by Rocky
» It enters illegally and increases the unemployment rate.. Warnings about “foreign workers” in Iraq
Today at 4:44 am by Rocky
» A parliamentary committee reveals two reasons preventing the resumption of oil exports to Türkiye
Today at 4:43 am by Rocky
» A representative considered it a “scandal”... Sudanese agreed to supply Kurdistan with 720 tons of g
Today at 4:42 am by Rocky
» Parliamentary Resources: Difficulty in resuming oil exports through Türkiye
Today at 4:40 am by Rocky
» The position of Speaker of Parliament raises political division
Today at 4:38 am by Rocky
» Soon.. voting on amending the law on the foundations of equivalency of certificates
Today at 4:37 am by Rocky
» Iraqi workers celebrate their International Day
Today at 4:35 am by Rocky
» Iraq exports to America more than 4 million barrels of oil
Today at 4:34 am by Rocky
» “Quadruple Summit” regarding the “Development Road” project
Today at 4:33 am by Rocky
» Oil and white products
Today at 4:32 am by Rocky
» Specialists call for monitoring and regulating the entry of foreign workers
Today at 4:31 am by Rocky
» Al-Sudani: Iraq will witness a revolution of projects to invest in water wealth
Today at 4:30 am by Rocky
» Launching funding for the salaries of civilian and military retirees for the month of May
Today at 4:27 am by Rocky
» Parliament reveals Erdogan's position on Iraq's water shares: He did not give clear approval
Today at 4:25 am by Rocky
» Finance launches funding for the salaries of civil and military retirees for the month of May
Today at 4:24 am by Rocky
» It may lead to "dividing the region"... revealing an imminent announcement to postpone the Kurdistan
Today at 4:22 am by Rocky
» The Kurdish opposition addresses Baghdad: Do not respond to the request of the Kurdistan government,
Today at 4:20 am by Rocky
» Sudanese sends gas to Kurdistan after the electricity collapse and the bombing of Kormor
Today at 4:18 am by Rocky
» Al-Sudani makes a quick visit to the Interior Ministry and meets with senior officers: Be ready and
Today at 4:16 am by Rocky
» On their International Day.. Iraqi workers: Our rights are absent and our economy is fragile
Today at 4:14 am by Rocky
» Government official: Iraq has become a center for drug trade and smuggling
Today at 4:12 am by Rocky
» Cabinet decisions do not include votes on budget schedules, and Parliament criticizes the delay
Today at 4:10 am by Rocky
» Retired workers complain of poor living conditions
Today at 4:08 am by Rocky
» Al-Issawi renews his commitment to running for parliament: I will submit only to God
Today at 4:06 am by Rocky
» A Kurdish party refuses to settle the salaries of employees in the region's banks and files an accus
Today at 4:05 am by Rocky
» Al-Hakim: Sectarianism in Iraq is not social but political
Today at 4:03 am by Rocky
» Al-Sudani chairs the seventh meeting of the Supreme Committee of the Strategic Development Road Proj
Today at 4:01 am by Rocky
» Al-Sudani chairs the seventh meeting of the Supreme Committee of the Strategic Development Road Proj
Today at 3:59 am by Rocky
» Finance announces the launch of financing retirees’ salaries
Today at 3:56 am by Rocky
» In just two weeks, the Sudanese is awaiting an action plan from the relevant ministries in agreement
Yesterday at 3:35 pm by Rocky
» A thousand dinars every month.. An expert predicts the shape of the final journey of dollar prices
Yesterday at 3:32 pm by Rocky
» Parliamentary Oil: The budget deficit is under control
Yesterday at 3:28 pm by Rocky
» Parliamentary proposals to impose an economic blockade on Iraq
Yesterday at 3:18 pm by Rocky
» His advisor: Al-Sudani succeeded in digital transfer in banks
Yesterday at 3:12 pm by Rocky
» Economist reassures: Financial liquidity is available and there are no risks to the Iraqi dinar
Yesterday at 3:10 pm by Rocky
» Iraq is preparing to bid farewell to the blonde old woman and end the UNAMI mission
Yesterday at 2:46 pm by Bama Diva
» utube MM&C 4/30/24 Projects - Confidence Building - National Bank of Iraq
Yesterday at 7:24 am by Rocky
» Al-Sudani: The government is serious about moving to a diversified economy and supporting the indust
Yesterday at 7:18 am by Rocky
» Deputy: The dollar exchange rate is still high
Yesterday at 7:12 am by Rocky
» The Finance Committee reveals the total transfers today in Iraq
Yesterday at 7:08 am by Rocky
» Minister of Industry: Iraq does not have iron ores suitable for production and we depend on imports
Yesterday at 7:06 am by Rocky
» “The Dilemma of Economic Decisions”... Implementing a gasoline price increase despite opposition fro
Yesterday at 7:03 am by Rocky
» Ukrainian trade explodes with a “surprise”: Iraq has contracted with a “fake” Ukrainian company to d
Yesterday at 6:55 am by Rocky
» Iraq is preparing to invest in the largest gas field
Yesterday at 6:49 am by Rocky
» An economic expert for Nina: The World Bank’s expectations that Iraq will achieve a high growth rate
Yesterday at 6:43 am by Rocky
» The UAE buys cheaper Iraqi oil to increase its exports of “more expensive crude”
Yesterday at 6:40 am by Rocky
» The largest gas field in Iraq is close to seeing the light: a wealth that will reduce the import bil
Yesterday at 6:39 am by Rocky
» Minister of Resources: Water storage in dams is at its best
Yesterday at 6:37 am by Rocky
» Sadiqoun demands that Taqadum give up all positions in exchange for the presidency of Parliament
Yesterday at 6:33 am by Rocky
» Al-Sudani inaugurates the continuous casting factory at the General Company for Steel Industries in
Yesterday at 5:28 am by Rocky
» Iraq exports to America more than 4 million barrels of crude oil and its derivatives in a month
Yesterday at 5:26 am by Rocky
» Al-Sudani: We are committed to workers’ rights and reconstruction projects will not stop
Yesterday at 5:21 am by Rocky
» The Parliamentary Development Institute organizes a workshop on the right to information law
Yesterday at 5:15 am by Rocky
» Parliamentary Integrity: The judiciary is making a great effort to resolve the theft of the century
Yesterday at 5:11 am by Rocky
» Parliamentary Finance: The government holds responsible for the delay in sending the budget schedule
Yesterday at 5:07 am by Rocky
» Economist: Iraq faces a shortage of 3.5 million housing units
Yesterday at 5:06 am by Rocky
» Obelisk Hour: Sudanese’s visit to Washington did not address the “American exit”
Yesterday at 5:04 am by Rocky
» Planning clarifies the position on contracts and wages from the job number platform
Yesterday at 5:01 am by Rocky
» New country legalizes cryptocurrencies
Yesterday at 4:57 am by Rocky
» The UAE's Dana Gas announces the resumption of work in the "Kormor" field
Yesterday at 4:55 am by Rocky
» The International Comprehensive Shopping Festival kicks off in an Iraqi governorate
Yesterday at 4:54 am by Rocky
» The Minister of Labor gives good news to the workers: Wait for next week
Yesterday at 4:52 am by Rocky
» Iraq's water storage is at its best... Will it address the agricultural situation?
Yesterday at 4:51 am by Rocky
» The government takes a number of new decisions
Yesterday at 4:49 am by Rocky
» The Minister of Labor announces an increase in the salary of retired workers by 100 thousand dinars
Yesterday at 4:46 am by Rocky
» Al-Sudani: Service projects in Iraq “will not stop”
Yesterday at 4:44 am by Rocky
» 90 percent of it comes from across the border. Parliament unveils a new strategy to limit currency s
Yesterday at 4:39 am by Rocky
» Iraq is implementing a "modern strategy" to get rid of a "Sumerian custom" that depleted the waters
Yesterday at 4:37 am by Rocky
» The Minister of Transport announces the opening of 48 collective lines in six governorates
Yesterday at 4:35 am by Rocky
» The Federal Integrity Commission announced the arrest of waste of public money, violations and manip
Yesterday at 4:34 am by Rocky
» Government Media: 3 million citizens have registered so far on the Ur electronic portal
Yesterday at 4:33 am by Rocky
» Labor Day in Iraq.. 6 million workers with an unknown future and stolen rights, and 90% of them “wit
Yesterday at 4:31 am by Rocky
» Iranian Chamber of Commerce: Iraq's investment budget is 150 billion dollars, and our share in it mu
Yesterday at 4:25 am by Rocky
» On International Workers’ Day... The President of the Republic: We stress the necessity of working t
Yesterday at 4:23 am by Rocky
» Prime Minister: We affirm our commitment to all Iraqi workers, men and women, to provide a work envi
Yesterday at 4:22 am by Rocky
» Progress threatens to withdraw from the political process in the event of infringement on its quota
Yesterday at 4:20 am by Rocky
» Bloomberg: Iraq violated its oil export quota and did not adhere to OPEC+ decisions
Tue 30 Apr 2024, 6:23 pm by Rocky
» Al-Sudani stresses the importance of following up on the understandings reached between Iraq and Ame
Tue 30 Apr 2024, 3:56 pm by Rocky
» From "everything is imported" to "food made by one's own hands"... Parliamentary reference to Iraq's
Tue 30 Apr 2024, 3:51 pm by Rocky
» The government hires an external auditor for the Trade Bank of Iraq
Tue 30 Apr 2024, 3:45 pm by Rocky
» Among them relates to the path of development...the full decisions of the Council of Ministers sessi
Tue 30 Apr 2024, 3:37 pm by Rocky
» Al-Maliki warns of the Washington Embassy's plans to threaten Iraqi society
Tue 30 Apr 2024, 11:51 am by wciappetta
» utube MM&C 4/28/24 Iraq Dinar - IQD - Banks - Merge Regionally - Water - Labor -Jobs - Dinar Value
Tue 30 Apr 2024, 10:44 am by Rocky
» Iraqi Business: There are no financial fears in Iraq for three years, and fear regarding the path of
Tue 30 Apr 2024, 10:34 am by Rocky
» Parliament is discussing with the Finance and Retirement Law amending the Landlords Law
Tue 30 Apr 2024, 10:27 am by Rocky
» Customs and taxes... Parliamentary Finance talks about huge sums of money that do not enter the stat
Tue 30 Apr 2024, 10:23 am by Rocky
» Parliamentary Oil threatens to sue the Ministry of Oil over raising gasoline prices
Tue 30 Apr 2024, 10:21 am by Rocky
» Iraq begins installing radiation screening gates at border crossings
Tue 30 Apr 2024, 10:17 am by Rocky
» Hong Kong launches Asia's first Bitcoin and Ether ETFs
Tue 30 Apr 2024, 10:11 am by Rocky
» Al-Mandalawi discusses with the delegation of the Jordanian Senate the achievement of economic integ
Tue 30 Apr 2024, 10:07 am by Rocky
» Parliament draws attention to the work of security companies in Iraq and identifies the party concer
Tue 30 Apr 2024, 9:59 am by Rocky
» How does a Sudanese choose the countries he visits and what are his messages?
Tue 30 Apr 2024, 9:54 am by Rocky