Latest topics
Iraqi Cabinet approves currency revaluation amid unstable exchange rate 2/7/23
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Iraqi Cabinet approves currency revaluation amid unstable exchange rate 2/7/23
Iraqi Cabinet approves currency revaluation amid unstable exchange rate
Citizens exchange US dollars in Shurja market in central Baghdad. AP
Sinan Mahmoud
Feb 07, 2023
Beta V.1.0 - Powered by automated translation
The Iraqi government approved a currency revaluation on Tuesday to strengthen the dinar against the dollar.
During its weekly meeting, the Cabinet set the official exchange rate at 1,300 Iraqi dinar per US dollar. The previous rate was at 1,460 Iraqi dinar to the dollar.
The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran.
In a brief statement, the CBI said it “submitted the outcomes of its study regarding changing the official exchange rate to the cabinet.” It didn’t give more details.
Shortly after the statement, Dhia Al Nasiri, an adviser to the Prime Minister, said the exchange rate “will be changed based on the Central Bank of Iraq suggestion”, but gave no further details.
Russia’s Sergey Lavrov visits Iraq for talks on energy and regional issues
For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.
Amid a liquidity crisis due to plummeting oil prices on the international market, Iraq’s Central Bank devalued the dinar in December 2020 to 1,460 dinars per dollar for banks and 1,470 dinars for individuals.
But since December, the Iraqi dinar has wavered against the dollar as the Federal Reserve Bank of New York introduced measures to stop the flow of dollars to sanctioned countries through a state-run currency auction.
The currency auction has been mired in accusations of corruption, money laundering and the channelling of dollars to Iraq’s neighbours including Iran, Syria and Lebanon, using forged bills.
Iran and Syria are under US sanctions.
The US has blacklisted several Iraqi banks for their suspicious foreign transactions, while the new scrutiny measures have been brought in to scrutinise the process of releasing money from the US to cover the imports and other needs.
That has pushed the dinar exchange rate in the black market to more than 1,600 to the dollar, fuelling public anger over soaring goods prices.
On Monday, the exchange rate on the street hovered around 1,630 dinars to the dollar.
LINK
The dinar has lost nearly 20 per cent of its value following US moves to stop the flow of dollars to sanctioned countries
Citizens exchange US dollars in Shurja market in central Baghdad. AP
Sinan Mahmoud
Feb 07, 2023
Beta V.1.0 - Powered by automated translation
The Iraqi government approved a currency revaluation on Tuesday to strengthen the dinar against the dollar.
During its weekly meeting, the Cabinet set the official exchange rate at 1,300 Iraqi dinar per US dollar. The previous rate was at 1,460 Iraqi dinar to the dollar.
The revaluation plan was submitted by the Central Bank of Iraq on Monday as the Iraqi dinar has lost more than 10 per cent of its value in recent months amid pressure from the US to stop the flow of dollars to countries under US sanctions, mainly Iran.
In a brief statement, the CBI said it “submitted the outcomes of its study regarding changing the official exchange rate to the cabinet.” It didn’t give more details.
Shortly after the statement, Dhia Al Nasiri, an adviser to the Prime Minister, said the exchange rate “will be changed based on the Central Bank of Iraq suggestion”, but gave no further details.
Russia’s Sergey Lavrov visits Iraq for talks on energy and regional issues
For years, the official rate for banks and exchange companies was 1,182 dinars, while the rate on the street was around 1,200 dinars.
Amid a liquidity crisis due to plummeting oil prices on the international market, Iraq’s Central Bank devalued the dinar in December 2020 to 1,460 dinars per dollar for banks and 1,470 dinars for individuals.
But since December, the Iraqi dinar has wavered against the dollar as the Federal Reserve Bank of New York introduced measures to stop the flow of dollars to sanctioned countries through a state-run currency auction.
The currency auction has been mired in accusations of corruption, money laundering and the channelling of dollars to Iraq’s neighbours including Iran, Syria and Lebanon, using forged bills.
Iran and Syria are under US sanctions.
The US has blacklisted several Iraqi banks for their suspicious foreign transactions, while the new scrutiny measures have been brought in to scrutinise the process of releasing money from the US to cover the imports and other needs.
That has pushed the dinar exchange rate in the black market to more than 1,600 to the dollar, fuelling public anger over soaring goods prices.
On Monday, the exchange rate on the street hovered around 1,630 dinars to the dollar.
LINK
*****************
>>>TNTBS's YouTube Channel<<<
Ssmith- GURU HUNTER
- Posts : 20495
Join date : 2012-04-10
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej
» The second American Revolution has begun, God Bless Texas
Mon Jan 29, 2024 6:13 pm by kenlej