USD to Iraqi dinar blog page

USD to iraqi dinar blog page

USD to Iraqi dinar blog page

USD to Iraqi dinar blog page

The prices of commodities and daily needs have increased unusually in the Iraqi markets due to the fluctuation in the exchange rate of the dollar against the Iraqi dinar, leaving conditions that are about to get out of control and where the citizen will be the first affected.

The exchange rate of the dollar in Iraq, moment by moment, has been on a continuous rise against the Iraqi dinar for nearly ten days, so that the exchange rate of one dollar on Sunday, December 20,
reached more than 1,450 dinars after it was in its price in the financial transactions market in the range of 1,230 Dinar.

The fluctuation in the exchange rate of the dollar has led to a rise in the prices of all food commodities,
building materials, and other materials that are imported from outside Iraq,
at a time when traders are still selling the stored goods, they bought at lower prices than the current ones.

The price of a bag of sugar weighing 50 kilograms increased from 33 thousand dinars to 39 thousand dinars,
and the price of a package of cooking oil reached two thousand dinars after it was sold at about one thousand and five hundred dinars,
and these are examples of the rise in the prices of some daily commodities.

Hassan Ali, a food trader in Kirkuk said, “The prices of all items have gone up. The dollar exchange rate is currently high, so we sell
The materials are more expensive than before so that we are not harmed.”

The dollar exchange rate in Iraq, moment by moment

Although raising the dollar exchange rate in Iraq moment by moment happened about a year ago and during the submission of the 2021 budget,
the dollar crisis was renewed due to widespread popular demands to restore the exchange rate to the previous one in the 2022 budget to relieve pressure on commodity prices,
which prompted the leader of the Sadrist movement, Muqtada al-Sadr. ,
to present proposals on the exchange rate, reconsider the work of some private banks,
stop currency smuggling, regulate the currency market,
and other proposals, which observers considered that the owner of the largest number of parliament seats,
began implementing his programs in the government despite the complexity of the issue of forming a majority government, which he demands It has the chest.
The statements and political competition on the subject led to creating a new financial crisis and chaos in the exchange rates of the dollar in the markets,
amid rumors that spread about the possibility of changing exchange rates, and the rush of citizens to sell their money from the dollar,
in chaos invested by the speculative and corruption mafias,
in order to increase their gains at the expense of the country’s economy. the livelihood of the citizens.

USD to Iraqi dinar blog page

Despite popular and political demands, and with the hosting of the Minister of Finance and the Governor of the Central Bank in Parliament, the government stuck to the dollar exchange rate,
as the Central Bank of Iraq decided the matter by declaring that there were no intentions to change the current exchange rate.
The central statement stated that “raising the dollar exchange rate in Iraq, moment by moment, achieved positive results during the past period,” stressing “its adherence to the justifications for raising the dollar exchange rate against the Iraqi dinar,
such as increasing the central bank’s foreign currency reserves, and enabling the government to disburse salaries and financial obligations.” Without referring to the significant increase in oil prices currently.
As for the financial advisor to the Prime Minister, Mazhar Muhammad Salih,
he warned of the currency market being affected by conflicting statements,
noting that “the currency market is inevitably affected by information, as well as the bond sale market, which is considered a free market with duelists and an information market.
” He added, “In the event that the exchange rate is modified,
there will be a benefit and a loss, and the state’s loss will be greater because it has generated additional revenues.”

Usd to Iraqi dinar live price

The advisor admitted that “the government should address the effects of raising exchange rates, especially on the poor,” noting that “there are two directions to solve the crisis.
The first is to revalue the dinar, or the compensation should be used with measures such as amending taxes and customs fees,
expanding the base of social assistance, and improving the food ration of the poor.
” He added, “Among the solutions is also maintaining the prices of fuel and food and consumer goods in the markets to compensate for the decline in income.”
And the reduction in the price of the dollar against the dinar came when Mustafa Al-Kazemi’s government prepared the 2021 budget in light of a significant drop in oil prices at the time,
in the presence of the Corona pandemic, and the presence of a large financial deficit to pay government salaries and expenses,
but this measure caused a significant increase in the prices of goods and services and formed Great pressures that increased the difficulties of living for most segments of citizens.

The dollar and the political conflict, the dollar exchange rate in Iraq, moment by moment

The campaign of statements about the dollar exchange rate came as a useful occasion for most of the political forces conflicting over the formation of the government,
in order to criticize the other competing party, and hold it responsible for raising the exchange rates,
while some promised to reduce the dollar exchange rate in Iraq moment by moment if it receives the next government.
However, most of the political blocs exchanged accusations because all the parties in Parliament adopted raising the price of the dollar and voted for it in the previous parliamentary session.
In this context, the Sadrist movement launched a campaign of criticism of the Minister of Finance,
whom some accuse of being supported by corrupt political forces.
The leaders of the movement indicated that there are “brokers begging” not to host the Minister of Finance, Ali Abdul Amir Allawi, under the dome of Parliament.
They accused the minister of being “one of the aristocratic families that do not feel the suffering of the poor,”
while they held the minister and Mustafa Al-Kazemi’s government responsible for increasing the suffering of the poor.

Iraqi dinar blog page

Financial experts believe that the only way to change the dollar exchange rate in Iraq moment by moment and return it to what it was, is through a proposal to amend the exchange rate,
submitted by the Governor of the Central Bank, to Parliament to give it legitimacy, and if the vote is approved by the majority,
this change is approved,
except that Some deputies, politicians, and analysts revealed the difficulty of achieving this in the presence of the beneficiaries of the exchange rate change,
noting that the private banks in Iraq are economics for parties and others for money laundering and that some of the figures who run the central bank have private banks.
The decision of the Central Bank of Iraq in 2020 to reduce the value of the dollar exchange rate in Iraq,
moment by moment, from 1190 dinars to the dollar

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