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A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate

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A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate Empty A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate

Post by claud39 on Thu Oct 29, 2020 1:25 pm

A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate



10/28/2020

 
A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate 138200






Baghdad today -


 Baghdad 

A member of the Parliamentary Finance Committee, Naji Al-Saeedi, said today, Wednesday, that the reason for the high exchange rate of the dollar in Iraq is the printing of the new currency without a
 .balance covering it, and this is an explicit violation of the Central Bank Law No. 56 of 2004

 Al-Saidi said in a televised interview that (Baghdad Today), that "the reason for the high exchange rate of the dollar in Iraq is our use of the new monetary issuance or inflationary financing from exchange rate policies, as we printed a new currency and this is contrary to the Central Bank Law No. 56 of 2004, which states However, a currency is not printed if it does not have a balance to cover it, whether it is gold, bonds or cash in dollars, 
"indicating that" this caused an increase in the exchange " 

.rate of the dollar and hence the rise in the prices of goods imported into Iraq 

He added, "The beneficiaries of that are the banks involved in the window of selling the currency and you get a difference from that, meaning, for example, you buy one hundred dollars at 118 thousand Iraqi dinars, and sell at 128 thousand dinars, and here the banks get a difference, an amount of " .appreciation. 10,000 dinars A member of the Parliamentary Finance Committee continued,

 "If we have financial stability in the country, this is the amount of ten thousand dinars that the banks obtained, it can go to the budget, because the Ministry of Finance is the one who owns the dollar and sells it to the central bank who owns the banknote even if we had it." Financial stability, this rise in the dollar price leads to a .reduction in the state budget deficit

 The Iraqi Political Economic Center said, in a statement received (Baghdad Today), today, Wednesday, that "the selling price of one hundred dollars in the local markets is 125,500 and the ".purchase price 124,500



https://baghdadtoday.news/news/135923/%D8%B9%D8%B6%D9%88-%D8%A8%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%A7%D9%84%D9%86%D9%8A%D8%A7%D8%A8%D9%8A%D8%A9-%D9%8A%D9%83
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A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate Empty A conscious / member of Parliament reveals reasons that led to the high exchange rate of the dollar

Post by claud39 on Thu Oct 29, 2020 1:59 pm

[size=32]A conscious / member of Parliament reveals reasons that led to the high exchange rate of the dollar[/size]




 October 28, 2020




A member of Parliament reveals reasons that led to the rise in the dollar’s exchange rate %D9%81%D9%87%D8%B1%D8%B3-306





Conscious / Baghdad / M.A.


A member of the Parliamentary Finance Committee, Naji Al-Saeedi, said today, Wednesday, that the reason for the high exchange rate of the dollar in Iraq is the printing of the new currency without a balance covering it, and this is an explicit violation of the Central Bank Law No. 56 of 2004.


Al-Saeedi said in a press statement reported by (Iraqi Media News Agency / INA) correspondent, that “the reason for the high exchange rate of the dollar in Iraq is our use of the new monetary issuance or inflationary financing from exchange rate policies, as we printed a new currency and this is contrary to the Central Bank Law No. 56 For the year 2004, which stipulates that a currency is not printed if it does not have a balance to cover it, whether it is gold, bonds, or cash in dollars, ”indicating that“ this caused an increase in the exchange rate of the dollar and thus a rise in the prices of goods imported into Iraq. ”


He added, "The beneficiaries of that are the banks involved in the window of selling the currency and they get a difference from that, meaning, for example, they buy one hundred dollars at 118 thousand Iraqi dinars, and they sell at 128 thousand dinars, and here the banks get a difference, the amount of which is an estimate 10,000 dinars. ”


A member of the Parliamentary Finance Committee continued, “If we have financial stability in the country, this amount of ten thousand dinars obtained by the banks can go to the budget, because the Ministry of Finance is the one who owns the dollar and sells it to the central bank who owns the banknote even if we had it. Financial stability, this rise in the dollar price leads to a reduction in the state budget deficit.



https://al-iraqinews.com/archives/74246
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