Central Bank: Change the value of the Iraqi dinar will be one-time only and will not be repeated

by **RamblerNash** Sat Dec 19, 2020 10:43 am

Central Bank of Iraq building

12/19/2020

Economy News - Baghdad

Economy News publishes the text of the Central Bank of Iraq’s statement on the change of the dollar’s exchange rate, and it says:

During the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the general economic situation and the financial crisis that the public finances are going through due to low oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which were hosted by the Minister of Finance for the same purpose.

The Central Bank of Iraq would like to show the following:

1- The structural distortions in the Iraqi economy impoverished public finances and restricted the ability of reform sought by the government and the Ministry of Finance. It is not a coincidence that the financial situation is this bad, nor is it the product of the current or the previous year, but unfortunately it took root more than a decade and a half ago due to the policy leadership of the economy and the preference for political thinking and the priorities of politicians over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policies On the other hand ... the fiscal policy lagged behind, and the monetary policy was busy repairing the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership position in economic affairs. In addition to the fact that it lacked many economic and financial information that could facilitate it and the decision-maker in the country to direct short and medium-term goals. This calls for an active approach to build economic and financial databases that facilitate decision-making and serve forecasts.

3- Because of all these conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements .. However, this does not mean that these interventions remain open without restrictions or endings.

4- On the other hand ... the Central Bank understands the difficulties facing the reform intentions that the government is heading to undertake, but this does not prevent any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

The government needs to support the vulnerable groups that will inevitably be directly affected, especially by any measure to change the exchange rate.

5- The legislative authority will have an important role in supporting the direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should also be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated, and the Central Bank will defend this price and its stability with the support of its foreign reserves, which are still at solid levels that enable it to do so.

6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay salaries And meeting other spending needs related to services provided to citizens, and the continuation of the current exchange rate, which is not in any way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements. Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.

Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate, as follows:

1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance

1460 dinars per dollar the selling price of foreign currency to banks

1470 dinars per dollar is the selling price of foreign currency to the public

We ask the Almighty to take the hand of our country and our people because of the good, goodness and honor that it contains.

The Central Bank of Iraq

December 19, 2020

https://economy-news.net/content.php?id=23204

by **claud39** Sat Dec 19, 2020 9:03 pm

RamblerNash wrote:
Central Bank of Iraq building

12/19/2020

Economy News - Baghdad

Economy News publishes the text of the Central Bank of Iraq’s statement on the change of the dollar’s exchange rate, and it says:

During the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the general economic situation and the financial crisis that the public finances are going through due to low oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which were hosted by the Minister of Finance for the same purpose.

The Central Bank of Iraq would like to show the following:

1- The structural distortions in the Iraqi economy impoverished public finances and restricted the ability of reform sought by the government and the Ministry of Finance. It is not a coincidence that the financial situation is this bad, nor is it the product of the current or the previous year, but unfortunately it took root more than a decade and a half ago due to the policy leadership of the economy and the preference for political thinking and the priorities of politicians over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policies On the other hand ... the fiscal policy lagged behind, and the monetary policy was busy repairing the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership position in economic affairs. In addition to the fact that it lacked many economic and financial information that could facilitate it and the decision-maker in the country to direct short and medium-term goals. This calls for an active approach to build economic and financial databases that facilitate decision-making and serve forecasts.

3- Because of all these conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements .. However, this does not mean that these interventions remain open without restrictions or endings.

4- On the other hand ... the Central Bank understands the difficulties facing the reform intentions that the government is heading to undertake, but this does not prevent any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

The government needs to support the vulnerable groups that will inevitably be directly affected, especially by any measure to change the exchange rate.

5- The legislative authority will have an important role in supporting the direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should also be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated, and the Central Bank will defend this price and its stability with the support of its foreign reserves, which are still at solid levels that enable it to do so.

6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay salaries And meeting other spending needs related to services provided to citizens, and the continuation of the current exchange rate, which is not in any way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements. Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.

Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate, as follows:

1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance

1460 dinars per dollar the selling price of foreign currency to banks

1470 dinars per dollar is the selling price of foreign currency to the public

We ask the Almighty to take the hand of our country and our people because of the good, goodness and honor that it contains.

The Central Bank of Iraq

December 19, 2020

https://economy-news.net/content.php?id=23204

You know I'm thinking out loud, I don't see it as bad news in my opinion !!

RamblerNash what do you think I'm going to tell you ??

And this is a personal opinion, I don't want to stick around with you guys, just share a picture in my opinion !!!

When I follow the article they say only once, could you say that they are raising the prices of the country's purchases to first collect the dinars they need, and force the people to hand over their dinar to make their money. purchase, it could turn the dinar in exchange for the old dinar as we have for the new currency they have printed, some time ago !!

This could prompt the people to change the dinar in the country before the start of the year 2021 ???

Why am I saying this !! it's like the latest news asking for the help of the people, either to borrow their money to transfer the economy of the country, or with customs taxes for example, the tax on purchases, etc ...

They cannot put more pressure on the people by increasing the value of products in dinar, in exchange for dollars, they will have a civil war if this continues, if in addition to not having work as according to the demonstrations! !

Reconstruction is important for 2021 !!

It's like they ask them for a last effort before January !!

How to attract investors if there is no value on the exchange rates between countries with Iraq ???

They are trying to get people to buy local which is a good thing !!

In any case !! I can't wait to see the month of January, I give them until February 1st to make a big change, good evening everyone !!

Claud (Moose)

CURRENCY DEVALUATION: PRINCIPLE AND CONSEQUENCES

Studied by some during economics courses in high school or at university, completely unknown to others, the concept of monetary devaluation, namely the voluntary reduction in the value of a currency, is nevertheless essential to fully understand this which is sometimes played out in the financial markets.

Central Bank: Change the value of the Iraqi dinar will be one-time only and will not be repeated D__valuation_mon__taire

CURRENCY DEVALUATION, WHAT IS IT?

In a nutshell, currency devaluation consists of changing the parity between two currencies. More precisely, this amounts to modifying the official exchange rate of a currency, that is to say its value expressed in gold or in another international reference currency, by lowering it. This voluntary reduction in the value of the currency is decided by the monetary authorities of the country concerned. In the euro zone, the Eurosystem made up of the central banks of the countries that have adopted the euro and the ECB, the European central bank, is responsible for monetary policy.
Since 1983, no devaluation of the currency has taken place in France. And a devaluation of the euro over the next few months and years seems unlikely, although the current deterioration in growth prospects in the euro area due to the ongoing health crisis risks weighing on the European currency in the medium term. term.
Note that currency devaluation is only possible in a fixed exchange rate system. In such a system, the value of currencies is set against a benchmark "standard", namely a metal, a currency or a basket of currencies, by the central bank which issues that currency. The standard then serves as a unit of measurement common to all currencies. In a flexible or floating exchange rate regime, no commitment is made about the exchange rate, which moves freely according to supply and demand in the foreign exchange market, making devaluation difficult.

WHAT CONSEQUENCES?

As has been said, the objective of monetary devaluation is to help a State improve its competitiveness. This is possible insofar as, thanks to the fall in the value of the currency, the price of exported and imported goods is directly impacted. In this context, devaluation has several consequences:

The fall in the prices of exported products compared to the price of national production in importing countries. This then makes it possible to promote exports and increase the quantities sold abroad since the cost of these products decreases at the same time as the value of the country's currency.
The increase in the price and value of imports made in other currencies . This encourages the importation of fewer products from abroad, apart from rare and therefore essential strategic raw materials (such as oil, for example), which then weighs more heavily in the expenditure account.
A rise in wages . This is not systematic but it is very frequent and can be explained by the fact that domestic prices are revised upwards due to the increase in the price of exports. The salary review intends to limit the effects of inflation linked to devaluation.

[size]
Through these different elements, we can clearly see that currency devaluation has a double impact on a country's trade balance, by affecting both imports and exports and therefore, at the same time, all prices. of products distributed in the country. In short, you will understand, currency devaluation also has an impact on our purchasing power.

CURRENCY DEVALUATION, TO BE DISTINGUISHED FROM DEPRECIATION

Some people sometimes confuse currency devaluation with depreciation. It is a mistake. The two concepts are to be distinguished from each other. But what makes them different then? Monetary devaluation, as we have seen, is a fall in the value of the national currency in relation to other currencies decided by a State. For its part, depreciation is the observation of the fall in the value of a currency on the foreign exchange market, without it being the result of an official decision by the country's monetary authorities. So, of course, in both cases, we are talking about a loss in the value of the currency, but this decline has two different origins.
And if you ask what is the appropriate term when a State decides to revise upwards the price of a currency against a reference currency, know that we are then talking not of a monetary devaluation but of a reassessment.

Source : Webedia, May 2020https://www.fortuneo.fr/cote-finances/bourse/devaluation-monetaire-594
Visual credit : Travel_Motion[/size]

by **claud39** Sat Dec 19, 2020 9:09 pm

claud39 wrote:
RamblerNash wrote:
Central Bank of Iraq building

12/19/2020

Economy News - Baghdad

Economy News publishes the text of the Central Bank of Iraq’s statement on the change of the dollar’s exchange rate, and it says:

During the last months of this year, intense deliberations took place with the Prime Minister, the Minister of Finance and the Legislative Authority, regarding the general economic situation and the financial crisis that the public finances are going through due to low oil prices and production, and the economic and health challenges.

The Board of Directors of the Central Bank held a number of meetings, some of which were hosted by the Minister of Finance for the same purpose.

The Central Bank of Iraq would like to show the following:

1- The structural distortions in the Iraqi economy impoverished public finances and restricted the ability of reform sought by the government and the Ministry of Finance. It is not a coincidence that the financial situation is this bad, nor is it the product of the current or the previous year, but unfortunately it took root more than a decade and a half ago due to the policy leadership of the economy and the preference for political thinking and the priorities of politicians over economic thought and development priorities and the rules of the relationship between economic policy on the one hand and fiscal and monetary policies On the other hand ... the fiscal policy lagged behind, and the monetary policy was busy repairing the outputs of the confused fiscal policy.

2- The subordination of the economic and financial policy to the aspirations and concerns of politicians resulted in the last acceptable models of financial management in Iraq, and the role of that administration was limited to the distribution of oil resources to life-sustaining requirements such as salaries and operational requirements, and the Ministry of Finance did not address its roles and leadership position in economic affairs. In addition to the fact that it lacked many economic and financial information that could facilitate it and the decision-maker in the country to direct short and medium-term goals. This calls for an active approach to build economic and financial databases that facilitate decision-making and serve forecasts.

3- Because of all these conditions, the Central Bank had no choice but to intervene on more than one occasion to support public finances and save critical public spending requirements .. However, this does not mean that these interventions remain open without restrictions or endings.

4- On the other hand ... the Central Bank understands the difficulties facing the reform intentions that the government is heading to undertake, but this does not prevent any steps that the monetary authority can take with effective steps to implement reforms that inevitably affect the institutions of the financial authority, especially the effective collection institutions. Customs, taxes, and other public collection institutions, and that spending be leaned and rationalized, all of which depends on the political will of the supreme state institutions that support the direction of the financial authority to achieve this.

The government needs to support the vulnerable groups that will inevitably be directly affected, especially by any measure to change the exchange rate.

5- The legislative authority will have an important role in supporting the direction of the Central Bank to adjust the foreign currency exchange rate, as failure to take such a decision may make us forced to take difficult decisions that may put Iraq in a situation similar to what happened to neighboring countries.

It should also be emphasized here that this change (reduction) in the value of the Iraqi dinar will be one-time only and will not be repeated, and the Central Bank will defend this price and its stability with the support of its foreign reserves, which are still at solid levels that enable it to do so.

6- The financial crisis that Iraq was exposed to due to the Corona pandemic and the resulting deterioration in oil prices and the decline in oil revenues, this led to a large deficit in the general budget and forcing the Ministry of Finance to borrow from banks and re-deduct them with the Central Bank in large sums, in order to pay salaries And meeting other spending needs related to services provided to citizens, and the continuation of the current exchange rate, which is not in any way commensurate with the rates of exchange rates in other countries, has become a major obstacle to conducting real development and enhancing competitiveness for local production, which prompted the Central Bank to think seriously about responding to financing requirements. Budget at the exchange rate that allows providing adequate resources to cover these needs and ensure the smooth payment of salaries and the critical requirements of government spending, and in order for the bank to avoid depleting its foreign reserves, which represent the main financial leverage for monetary stability in Iraq,And his keenness to support the public finances, as he is the advisor to the government and responsible for keeping its accounts.

Based on the foregoing, the Central Bank of Iraq decided to amend the foreign currency exchange rate, as follows:

1450 dinars per dollar is the purchase price of foreign currency from the Ministry of Finance

1460 dinars per dollar the selling price of foreign currency to banks

1470 dinars per dollar is the selling price of foreign currency to the public

We ask the Almighty to take the hand of our country and our people because of the good, goodness and honor that it contains.

The Central Bank of Iraq

December 19, 2020

https://economy-news.net/content.php?id=23204

You know I'm thinking out loud, I don't see it as bad news in my opinion !!

RamblerNash what do you think I'm going to tell you ??

And this is a personal opinion, I don't want to stick around with you guys, just share a picture in my opinion !!!

When I follow the article they say only once, could you say that they are raising the prices of the country's purchases to first collect the dinars they need, and force the people to hand over their dinar to make their money. purchase, it could turn the dinar in exchange for the old dinar as we have for the new currency they have printed, some time ago !!

This could prompt the people to change the dinar in the country before the start of the year 2021 ???

Why am I saying this !! it's like the latest news asking for the help of the people, either to borrow their money to transfer the economy of the country, or with customs taxes for example, the tax on purchases, etc ...

They cannot put more pressure on the people by increasing the value of products in dinar, in exchange for dollars, they will have a civil war if this continues, if in addition to not having work as according to the demonstrations! !

Reconstruction is important for 2021 !!

It's like they ask them for a last effort before January !!

How to attract investors if there is no value on the exchange rates between countries with Iraq ???

They are trying to get people to buy local which is a good thing !!

In any case !! I can't wait to see the month of January, I give them until February 1st to make a big change, good evening everyone !!

Claud (Moose)

CURRENCY DEVALUATION: PRINCIPLE AND CONSEQUENCES

Studied by some during economics courses in high school or at university, completely unknown to others, the concept of monetary devaluation, namely the voluntary reduction in the value of a currency, is nevertheless essential to fully understand this which is sometimes played out in the financial markets.

CURRENCY DEVALUATION, WHAT IS IT?

In a nutshell, currency devaluation consists of changing the parity between two currencies. More precisely, this amounts to modifying the official exchange rate of a currency, that is to say its value expressed in gold or in another international reference currency, by lowering it. This voluntary reduction in the value of the currency is decided by the monetary authorities of the country concerned. In the euro zone, the Eurosystem made up of the central banks of the countries that have adopted the euro and the ECB, the European central bank, is responsible for monetary policy.
Since 1983, no devaluation of the currency has taken place in France. And a devaluation of the euro over the next few months and years seems unlikely, although the current deterioration in growth prospects in the euro area due to the ongoing health crisis risks weighing on the European currency in the medium term. term.
Note that currency devaluation is only possible in a fixed exchange rate system. In such a system, the value of currencies is set against a benchmark "standard", namely a metal, a currency or a basket of currencies, by the central bank which issues that currency. The standard then serves as a unit of measurement common to all currencies. In a flexible or floating exchange rate regime, no commitment is made about the exchange rate, which moves freely according to supply and demand in the foreign exchange market, making devaluation difficult.

WHAT CONSEQUENCES?

As has been said, the objective of monetary devaluation is to help a State improve its competitiveness. This is possible insofar as, thanks to the fall in the value of the currency, the price of exported and imported goods is directly impacted. In this context, devaluation has several consequences:

The fall in the prices of exported products compared to the price of national production in importing countries. This then makes it possible to promote exports and increase the quantities sold abroad since the cost of these products decreases at the same time as the value of the country's currency.
The increase in the price and value of imports made in other currencies . This encourages the importation of fewer products from abroad, apart from rare and therefore essential strategic raw materials (such as oil, for example), which then weighs more heavily in the expenditure account.
A rise in wages . This is not systematic but it is very frequent and can be explained by the fact that domestic prices are revised upwards due to the increase in the price of exports. The salary review intends to limit the effects of inflation linked to devaluation.

Through these different elements, we can clearly see that currency devaluation has a double impact on a country's trade balance, by affecting both imports and exports and therefore, at the same time, all prices. of products distributed in the country. In short, you will understand, currency devaluation also has an impact on our purchasing power.

CURRENCY DEVALUATION, TO BE DISTINGUISHED FROM DEPRECIATION

Some people sometimes confuse currency devaluation with depreciation. It is a mistake. The two concepts are to be distinguished from each other. But what makes them different then? Monetary devaluation, as we have seen, is a fall in the value of the national currency in relation to other currencies decided by a State. For its part, depreciation is the observation of the fall in the value of a currency on the foreign exchange market, without it being the result of an official decision by the country's monetary authorities. So, of course, in both cases, we are talking about a loss in the value of the currency, but this decline has two different origins.
And if you ask what is the appropriate term when a State decides to revise upwards the price of a currency against a reference currency, know that we are then talking not of a monetary devaluation but of a reassessment.

Source : Webedia, May 2020https://www.fortuneo.fr/cote-finances/bourse/devaluation-monetaire-594
Visual credit : Travel_Motion

Iraqi PM warns of state collapse without financial reform

Iraqi Prime Minister Mustafa al-Kadhimi on Saturday warned of the collapse of social and political systems in Iraq and massive chaos if the country does not go through financial reform.
Mr. al-Kadhimi made the remarks during a special session of the Iraqi government to discuss the federal budget for fiscal year 2021, after the Central Bank of Iraq (CBI) decided to devalue the national currency due to the economic crisis caused by falling oil prices and the COVID-19 pandemic.
“The political crisis in Iraq is linked to three problems: power, money and corruption. We are working to face the crisis from an economic point of view and with a bold decision to overcome the obstacles of corruption and money, "the Prime Minister's press office said in a statement.
Earlier today, the CBI decided to reduce the value of the Iraqi dinar to 1,450 dinars per US dollar at the central bank, from 1,119 dinars per dollar previously. The dollar exchange rate would reach 1,470 dinars on the local market.
The CBI attributed this decision to the financial crisis because of the drop in oil prices and the COVID-19 pandemic, which led to a large deficit in the state budget, forcing the government to borrow money. money to banks to pay salaries and cover other expenses.

Follow China.org.cn on Twitter and Facebook to join the conversation.

Source: Xinhua News Agency

http://french.china.org.cn/foreign/txt/2020-12/20/content_77030971.htm#:~:text=Plus%20t%C3%B4t%20dans%20la%20journ%C3%A9e,dinars%20sur%20le%20march%C3%A9%20local.

by **RamblerNash** Sun Dec 20, 2020 5:31 pm

You know I'm thinking out loud, I don't see it as bad news in my opinion !!

RamblerNash what do you think I'm going to tell you ??

And this is a personal opinion, I don't want to stick around with you guys, just share a picture in my opinion !!!

When I follow the article they say only once, could you say that they are raising the prices of the country's purchases to first collect the dinars they need, and force the people to hand over their dinar to make their money.

Raising the prices is not the same as what the Banks have been wanting to do, having citizens make deposits into bank accounts. Banks make money on the loans from the deposits.

purchase, it could turn the dinar in exchange for the old dinar as we have for the new currency they have printed, some time ago !!

There is only one Dinar. No new currency of a different series has been printed. Parliament has yet to approve it.

This could prompt the people to change the dinar in the country before the start of the year 2021 ???

Turning in the national currency and pulling it out of the CBI reserves?

Why am I saying this !! it's like the latest news asking for the help of the people, either to borrow their money to transfer the economy of the country, or with customs taxes for example, the tax on purchases, etc ...

Banks would love to have their "mattress money", but the citizens don't trust the banks. Too much corruption and no guarantees on their deposits.

They cannot put more pressure on the people by increasing the value of products in dinar, in exchange for dollars, they will have a civil war if this continues, if in addition to not having work as according to the demonstrations! !

Reconstruction is important for 2021 !!

Reconstruction is going to come from loans, grants, and foriegn investment. Iraq needs a more stable enviroment for all that.

It's like they ask them for a last effort before January !!

How to attract investors if there is no value on the exchange rates between countries with Iraq ???

Iraq has been trying to attract foreign investment. The rate difference between the IMF and CBI showed that. Wink

With the new rate, things are going to change a bit...

They are trying to get people to buy local which is a good thing !!

In any case !! I can't wait to see the month of January, I give them until February 1st to make a big change, good evening everyone !!

Claud (Moose)

by **claud39** Sun Dec 20, 2020 7:43 pm

RamblerNash wrote:
You know I'm thinking out loud, I don't see it as bad news in my opinion !!

RamblerNash what do you think I'm going to tell you ??

And this is a personal opinion, I don't want to stick around with you guys, just share a picture in my opinion !!!

When I follow the article they say only once, could you say that they are raising the prices of the country's purchases to first collect the dinars they need, and force the people to hand over their dinar to make their money.

Raising the prices is not the same as what the Banks have been wanting to do, having citizens make deposits into bank accounts. Banks make money on the loans from the deposits.

purchase, it could turn the dinar in exchange for the old dinar as we have for the new currency they have printed, some time ago !!

There is only one Dinar. No new currency of a different series has been printed. Parliament has yet to approve it.

This could prompt the people to change the dinar in the country before the start of the year 2021 ???

Turning in the national currency and pulling it out of the CBI reserves?

Why am I saying this !! it's like the latest news asking for the help of the people, either to borrow their money to transfer the economy of the country, or with customs taxes for example, the tax on purchases, etc ...

Banks would love to have their "mattress money", but the citizens don't trust the banks. Too much corruption and no guarantees on their deposits.

They cannot put more pressure on the people by increasing the value of products in dinar, in exchange for dollars, they will have a civil war if this continues, if in addition to not having work as according to the demonstrations! !

Reconstruction is important for 2021 !!

Reconstruction is going to come from loans, grants, and foriegn investment. Iraq needs a more stable enviroment for all that.

It's like they ask them for a last effort before January !!

How to attract investors if there is no value on the exchange rates between countries with Iraq ???

Iraq has been trying to attract foreign investment. The rate difference between the IMF and CBI showed that. With the new rate, things are going to change a bit...

They are trying to get people to buy local which is a good thing !!

In any case !! I can't wait to see the month of January, I give them until February 1st to make a big change, good evening everyone !!

Claud (Moose)

purchase, it could turn the dinar in exchange for the old dinar as we have for the new currency they have printed, some time ago !!

There is only one Dinar. No new currency of a different series has been printed. Parliament has yet to approve it.

Thank you RamblerNash for your opinion !!

However, the new currency has been made in my opinion !!

And to make a change with the new currency, you have to go through the "street" system to make a change between the currencies, and according to the articles that I have read for several years that the new currency was the highest in technology in the world to protect money laundering !!

In any case !!

Looking forward to seeing the month of January, Happy birthday to you and your family, and happy birthday to all the members of the forum, and hoping to have a better year than 2020, being for 2021, in the first place get rid of this epidemic which is covid-19.

And cross the rights for a change on the currency in January !! We'll see !!

And this is simply an opinion for the change on the dinars, good evening everyone !!

Claud (Moose)

Central Bank: Change the value of the Iraqi dinar will be one-time only and will not be repeated