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DINAR IRAQ AND DONG VIETNAM UPDATE, -- Everything is still on track for early Jan 2021 reinstatement.

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Post by Ponee Wed Dec 16, 2020 9:16 pm

 Everything is still on track for early Jan 2021 reinstatement. 

It is mid-December already and so we should witness the project to delete the zeros sooner than later. 


Remember that the CBI would like to have 1 to 2 weeks prior to the reinstatement in order to monitor for inflation and make corrections if needed.
So we are still moving in the right direction and that is what matters.


The high rate of the dollar against the dinar right now is caused by speculation and currency exchangers on the streets.




Nothing else so relax. 


They are using the announcement of the upcoming rate change and the project to delete the zeros to create FEAR in the people. 


Yes, when they complete the lower denominations it is going to be a huge change and the people have to adjust. 


WEIGHTS THAT THE 2021 BUDGET WILL NOT BE APPROVED UNTIL NEXT FEBRUARY


On Sunday, the oil expert, Nabil Al-Marsoumi, suggested that Parliament would legislate the 2021 budget law before next February at least.


Al-Marsoumi said in a statement today (December 13, 2020) followed by Digital Media NRT: “IT SEEMS THAT THE FINAL TOUCHES ON THE 2021 BUDGET WILL TAKE LONGER THAN EXPECTED, and therefore it is expected that the budget law will not be enacted in Parliament before February 2021 at the least. 


According to the Financial Management Law, the Ministry of Finance is required to disburse in January 2021 and later on the basis of the exchange rate 1/12 of the actual spending for the year 2020.


Appears they do not want the public to know the reinstatement rate until after the event happens. 


They are holding it up until after the early part of January.
The government was late in preparing the budget due to the rapid change in global oil prices, which reached 49 dollars per barrel, IN ADDITION TO NEGOTIATIONS WITH THE INTERNATIONAL MONETARY FUND TO DETERMINE THE EXCHANGE RATE OF THE IRAQI DINAR.


The Parliamentary Finance Committee also WARNED AGAINST “LOWERING THE EXCHANGE RATE OF THE DINAR AGAINST THE DOLLAR, which will increase inflation rates and negatively affect low-income people who depend on salaries.”


Committee reporter Ahmed Al-Saffar told Al-Sabah: “The 2021 budget may reach Parliament at the end of the week or early next week,” attributing the reason for its delay to the rapid changes in global oil prices that reached $ 49 per barrel, which called for a review of the price.
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