Iraq's Finance Ministry: devaluation had a little impact on commodity prices
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Iraq's Finance Ministry: devaluation had a little impact on commodity prices
by RamblerNash Mon Feb 21, 2022 9:46 pm
2022-02-21 09:25
Shafaq News/ Iraq's Ministry of Finance downplayed the impact of the national currency devaluation on the foodstuff and basic commodity prices in the Iraqi markets, hinting at a greater role for other factors that are often overlooked.
An infograph shared by the ministry said that logistic and transportation costs, in addition to the rise of metals and primary material prices, contributed to the prices surge.
The ministry said that the rise of foodstuff in the global market drove its prices in the domestic market up.
In December 2020, the Central Bank of Iraq set the new rate for the dinar, which is pegged to the U.S. dollar (USD), at 1,450 Iraqi dinars (IQD) when selling to the Iraqi Finance Ministry. The dinar will be sold to the public at 1,470 IQD and to other banks at 1,460 IQD.
The new rates represented a dramatic reduction from the previous official rate of 1,182 IQD. It is the first reduction in exchange rates that the Iraqi government has made in decades.
The exchange rate of the USD against the IQD has been nosediving over the past few days. The drop is fueled by the demands to reconsider the new rate amid the recovery of oil prices, which constitute the largest bulk of Iraq's income.
https://shafaq.com/en/Iraq-News/Iraq-s-Finance-Ministry-devaluation-had-a-little-impact-on-commodity-prices
RamblerNash- GURU HUNTER
- Posts : 24025
Join date : 2015-02-19 
Similar topics» The Ministry of Finance: Inflation in prices is a global phenomenon that is not linked to the devaluation of the currency
» Representative economy: The rise in oil prices must be matched by the devaluation of the dollar against the dinar
» IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS
» Iraq's Finance Ministry: dinar devaluation was the right choice
» Economist exclude low world oil prices and its impact on the federal budget
» Representative economy: The rise in oil prices must be matched by the devaluation of the dollar against the dinar
» IRAQ STRESSES THE NEED TO REACH AN AGREEMENT THAT WILL ACHIEVE BALANCE AND STABILITY IN GLOBAL MARKETS
» Iraq's Finance Ministry: dinar devaluation was the right choice
» Economist exclude low world oil prices and its impact on the federal budget
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
» The World Bank announces its readiness to support Iraq by expanding the use of clean energy
» Increasing the capital of the Central Bank to 5 trillion dinars
» Iraq's U.S. Treasury Bond holdings jump to 26+ billion dollars
» Can We Do Without The Commentary!
» Cabinet Approves Loan Agreement for Water Supply and Sanitation Project in Baghdad
» Wiley Morgan of Gen64 on Skype Chat Friday Night ~ Updated 6/10
» Mahmoud Dagher explains the economic feasibility of removing zeros from the local currency
» Al-Rasheed Bank announces the removal of its name from the list of international sanctions of the Charter of the United Nations
» The United States allocated 140$ million to support Iraq
» USD/IQD exchange rates climb in Baghdad
» NOPEC Law
» Turkish lira weakens to 15.16 against dollar
» Here's my guess
» Tony and Twitter
» Hamza Al-Jawahiri to / NINA /: The survival of quotas and consensus will not achieve any sustainable development for the national economy / expanded
» The appearance of Muhammad Salih to / Nina /: This is how the surplus oil revenues are disposed of
» USD closes slightly higher in Baghdad on Sunday
» The Central Bank of Iraq 75 years in the face of economic challenges
» (Budget Reserve) may see the light next Wednesday
» Al-Kazemi's advisor puts forward a proposal to double growth rates
» VOTE -- Who Is The Worst Dinarland INTEL Provider Today?
» “Dedicated to Service” on Instagram
» Rehabilitation of the Church of the Virgin Mary in the province of Basra within the Tamkeen project for community initiatives
» 95% of Iraqi revenues still come from oil
» CBI foreign currency sales hike in April
» Where does the excess oil price differentials go?
» Introducing myself...
» Amer Al-Jawahiri to / Nina /: Improving economic activities in the local market is more stable than deleting confusing zeros
» Iraq's oil generates more than 10 billion dollars in one month
» USD/IQD exchange rates inched up in Baghdad
» Becky McGee/Oootah - "Wanted: Attorney and/or Lawyer!" 3/10/19
» Exchange rate game in Iraq: how speculators grossed millions of dollars in 48 hours scheme
» Holly: "Remember we are not in the know of all that goes on behind the scenes" (More Guessing Games...Just What Everybody Needs! LOL) 7/13/21
» RV INTEL BY TEXAS SNAKE, BOB LOCK AND ED OCALA (Three Blind Mice? LOL) 12/8/21
» Technical Adviser to the Prime Minister: The positive effects of changing the exchange rate will be felt more after 3 years
» An economist stresses the need to invest surplus money from oil revenues in profitable projects
» CBI sells +212$ million in the forex auction on Monday
» USD/IQD exchange rates drop in Baghdad
» Outdated laws are a major economic challenge for the next government, Allawi says