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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar

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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Empty Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar

Post by claud39 on Tue Sep 29, 2020 12:06 pm

Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar




09-29-2020 





Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Image








Baghdad / Al-Akhbariya




The former Minister of Youth and Sports, Abdul Hussein Abtan, suggested that the Central Bank would resort to reducing the price of the Iraqi dinar against the US dollar.




Abtan said in a tweet on "Twitter", "I expect, unfortunately, forcing the Central Bank of Iraq, sooner or later, to reduce the exchange rate of the Iraqi dinar against the dollar."




He explained that "the citizen will be the first victim."








https://www.ikhnews.com/index.php?page=article&id=227759
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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Empty Re: Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar

Post by RamblerNash on Wed Sep 30, 2020 9:22 am

To prevent the bankruptcy of Iraq .. Parliament awaits the government reforms paper

Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Image
20-09-2020 02:50 PM

Baghdad / Al-Akhbariya

The head of the Bayariq al-Khair bloc, Muhammad al-Khalidi, said today, Sunday, that Iraq may be going to bankrupt financially, while indicating that the House of Representatives is awaiting the government reforms paper.

Al-Khalidi told Al-Ikhbariya, “Next year’s budget will inevitably include the appointment of health professionals, including colleges of science,” indicating that “Parliament will not vote on a budget that does not include the interests of the central appointments segments and whose contracts have been terminated and other groups.”

He added that "the reform paper that the government intends to send will arrive in the coming days," explaining that "this paper will include the government's vision for a comprehensive economic reform to prevent the bankruptcy of Iraq after the collapse of oil prices."

It is noteworthy that the government has had, in the past few months, to resort to internal and external borrowing to pay the salaries of employees and retirees, as well as to send huge sums to the Kurdistan region, which aroused the discontent of the political center, especially the Parliamentary Finance Committee, which stressed the need not to borrow again because the matter exposes Iraq to Full indebtedness and towards bankruptcy.

https://www.ikhnews.com/index.php?page=article&id=226963

https://www.dinardaily.net/t95436-to-prevent-the-bankruptcy-of-iraq-parliament-awaits-the-government-reforms-paper
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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Empty Iraq: the government is compelled to "delete the zeros" from the dinar currency ... more than three expected "scenarios" that will affect salaries and living

Post by claud39 on Thu Oct 01, 2020 2:11 pm

[size=30]Iraq: the government is compelled to "delete the zeros" from the dinar currency ... more than three expected "scenarios" that will affect salaries and living[/size]




2020-09-30





Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar GettyImages-82605663-870-845x458-1










Yes Iraq - Baghdad

The economic expert, Salam Sumaisem, revealed that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain larger quantities of Iraqi money against the dollar without printing more and thus preserve the currency from collapsing.

Sumaisem said in a statement monitored by "Yis Iraq": that the printing of currency in the pre-2003 era was done without cover and in large quantities, and it was reduced without a balance, but today it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people Those who import from abroad to the demand for local goods, which will lead to the devaluation of the currency and the demand for it becomes more.

Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.

And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.

In Iraq, it was proposed in 2014 to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominations. Sudan also removed two zeros from its currency in 2007.

And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.

Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.

Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.

As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.

Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.

Bolivia also got rid of zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name "New Lira" before the name " The lira ”separately, and gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.

Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!

Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana.

 

https://yesiraq.com/%D8%A7%D9%84%D8%B9%D8%B1%D8%A7%D9%82-%D8%A7%D8%B6%D8%B7%D8%B1%D8%A7%D8%B1-%D8%AD%D9%83%D9%88%D9%85%D9%8A-%D9%84%D9%80%D9%80%D8%AD%D8%B0%D9%81-%D8%A7%D9%84%D8%A7%D8%B5%D9%81%D8%A7%D8%B1-%D9%85/?fbclid=IwAR12zrwNLpYPclyf80M-uYgxtZAkaaXCA4DHNX-UDbMTN6r_PtytuvTjqww
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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Empty Deleting currency zeros throughout the history of the world .. Will Iraq join the list?

Post by claud39 on Thu Oct 01, 2020 2:45 pm

Deleting currency zeros throughout the history of the world .. Will Iraq join the list?



9/17/2020 9:09:01 AM 
 


Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Logoblack




Baghdad / Obelisk: The economic expert, Salam Sumaisem, said that the government is now obliged to reduce the value of the Iraqi dinar against the dollar in order to obtain greater quantities of Iraqi money against the dollar without printing more, and thus preserving the currency from collapse.


In an interview with the "obelisk", Sumaisem said that in the pre-2003 era, the currency was printed without cover and in large quantities, and it was reduced without a balance. Today, it can be reduced with a balance, indicating that this reduction increases the amount of exports because it pays people They import from abroad to the demand for local goods, which will lead to a devaluation of the currency and the demand for it becomes more.


Several countries resorted to writing off zeros of their currency, with the aim of restoring some confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value.


And deleting zeros from the currency is the process of replacing the old currency with a new one whose price is less than the old currency by the number of zeros that will be deleted, for example deleting three zeros from the Iraqi currency means that one dinar from the new currency is equivalent to 1000 dinars from the old currency.


And if Iran was the latest country to write off the zeros of its currency to restore confidence in the national currency by trying to absorb inflation represented by high prices and the erosion of purchasing value, then dozens of countries preceded it to measures of this kind that have exceeded the number of 70 since the mid-twentieth century.


Let us know the most prominent of these cases


 On Monday, the Iranian parliament responded to a bill approved by the government of President Hassan Rouhani at the end of July 2019, and referred it to the Shura Council for many months, as it was subjected to extensive debate and conflicting opinions about the feasibility of a step of this kind, as an official at the Central Bank confirmed that deleting the zeros is supposed That it is contingent on controlling inflation first, warning that the possibility of an increase in the prices of goods and services is present, as well as the possibility of the return of zeros after several years. The government at the time decided to delete 4 zeros from its deteriorating currency and replace the riyal with the Toman in transactions, and this was approved by Parliament, but it is not The first time that Tehran deleted zeros, in 2017 the central bank had to delete one zero, but this time the decision means that one million riyals will be equal to 100 riyals only.


Multiple studies indicate that cases of deleting zeros from currencies have exceeded 70 since 1960, including cases carried out by 19 countries that got rid of zeros from their currency at once, and 10 countries resorted to this step twice.


Venezuela, Brazil, Argentina, and Bolivia The Iranian decision comes at a time of great deterioration of the riyal, as a main result of the severe sanctions applied by the administration of US President Donald Trump, which have found deep resonance in Venezuela, which is also subject to harsh sanctions. In the first stage of a recovery plan launched by President Nicolas Maduro, to issue the sovereign bolivar by deleting 5 zeros from the old currency.


As for Brazil, between 1930 and the beginning of the twentieth century, it got rid of 18 zeros in 6 batches, the most prominent of which was in 1993, when it suffered severely from the acceleration of inflation to the level of 2000% and eliminated 3 zeros.


Also, the recurring economic deterioration in Argentina led its authorities to take decisions to write off zeros from its currency 4 times.


Bolivia also got rid of zeros twice. Turkey, Iraq and Sudan replaced Turkey the old currency by canceling 6 zeros starting in 2005 with a decision issued in 2004, so that one million pounds became equal to one lira, and it was withdrawn from circulation, and instead new currencies without zeros were introduced in the name of "New Lira" before the name was re-approved. The lira "separately, and it gave citizens 10 years to exchange their old currencies for the new currency from the headquarters of the Central Bank.


In Iraq, it was proposed in 2014 to delete 3 zeros from the dinar, but in 2015 it was announced that a new denomination of 50 thousand dinars would be printed instead of deleting the numbers from the 1000 and 10 thousand dinars denominationsSudan also removed two zeros from its currency in 2007.


Zimbabwe This country deleted 3 zeros from its currency in 2003, and after only about 6 years had passed, it decided to cut 12 zeros, which practically means that every trillion Zimbabwean dollars became equivalent at that time to one Zimbabwean dollar!


Former Yugoslavia, Serbia crossed zeros in 5 batches, while the Netherlands deleted 4 zeros from its currency after it issued in 1960 paper currencies with very large numbers, and Ukraine resorted to deleting zeros 3 times, as did Russia, Poland, South Korea and Ghana.
Obelisk-follow-up agencies






http://almasalah.com/ar/PrintNewspage.aspx?newsid=197746
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Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar Empty Re: Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar

Post by RamblerNash on Sat Oct 03, 2020 6:03 am

Al-Alaq: The devaluation of the dinar should not be the first line of defense to face the financial crisis

Abtan suggests that the Central Bank will resort to reducing the exchange rate of the dinar against the dollar 4248

Central Bank Governor Ali Al-Allaq
 
06/19/2020

Economy News - Baghdad:

The Governor of the Central Bank of Iraq, Ali Al-Alaq, stressed that reducing the value of the dinar against foreign currencies should not be the first line of defense to confront the financial crisis and fill the budget deficit.

Al-Alaq said in a letter addressed to the former Assistant Secretary-General of the League of Arab States, the legal advisor to the Prime Minister, Dr. Fadhel Muhammad Jawad, and obtained by Al-Eqtisad News. Before the bank’s formation and its board of directors, based on in-depth studies that take into account all factors and variables, "noting that" the exchange rate is not a sacred matter, so it cannot be compromised. "

He added that "reducing the value of the dinar against foreign currencies should not be the first line of defense, nor should it be a way to bridge the deficit, deficiency and failure in the performance of other financial, trade, investment, tax and customs policies," explaining, "We should not resort to easy solutions that achieve a financial amount. This is limited to the detriment of all segments of society that inflation causes, especially the vulnerable and poor. "

He stressed that "we note the inaccuracy of (some) calculation of what the reduction of the dinar achieves in terms of resources to the general budget, as the correct calculation is to subtract from the total dollar revenues the share of oil companies, which amounts to 14 billion dollars annually, and pay off debts, interest and external obligations that amount to more than 5 billion dollars." Dollars, in addition to the equipment and materials imported by the government, such as oil derivatives, ration materials, etc. 5 trillion dinars. 

He pointed out that "reducing the value of the dinar against the dollar will lead to the protection and stimulation of the local product, something that many observations have made because this measure is used by some countries to encourage exports, and in the case of Iraq, the goal is to provide ingredients to stimulate domestic production and protect it from the dumping policy practiced by the exporting countries, especially neighboring countries," This goal will not be achieved by reducing the value of the dinar because the price difference is due to the dumping policy or because of the very large depreciation of the currency of these countries. "

Al-Alaq called for controlling random imports and stopping the dumping policy by controlling the border outlets, as the number of informal border outlets is more than the official, and strict application of customs duties, the effective application of product and consumer protection and anti-dumping laws. 

https://economy-news.net/content.php?id=20770
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