More News, Rumors and Opinions Sunday Night 3-28-2021
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Don861: Economist: The devaluation of the Iraqi currency caused a collapse in the currencies of these countries
411 Economie 2021/03/28 20:28 Baghdad today - Baghdad
Today, Sunday, the economic expert, Rasem Al-Akidi revealed a surprise regarding the repercussions of the change in the price of the dollar against the Iraqi dinar, while referring to a group of countries whose local currencies were damaged as a result of the decline of the Iraqi currency.
Rasim Al-Aqidi said, in an interview with (Baghdad Today), that "the monetary block in Iraq before the exchange rate change amounted to 61 trillion dinars, of which the government owns only 20%, while 40% of the block is in neighboring and regional countries, and 40% at Banks, banks, markets, and civilian homes. "
Al-Aqidi added, "After the new price of the dollar, banks related to neighboring countries and foreign companies dealing with Iraqi private banks have replaced their Iraqi currency with dollars, and have stopped buying dollars at the new price because it does not suit them."
He pointed out that "what happened from collapses in the exchange rates of some Arab and regional currencies and the rise in prices, whether in Lebanon, Turkey, Jordan and Syria, came as a result of their dependence on Iraq to obtain dollars."
The economic expert explained, "The state now owns 60% of the Iraqi monetary mass, which is a positive framework that allowed it to move the file of loans and advances and invest them through interest," indicating that "the change in the price of the dollar gave some of its fruits within a short period of time."
And the economic expert, Dawood Al-Jumaili, had spoken earlier, that Iraqi money had been taken into account during the previous exchange rate.
Al-Jumliy said, "The price of the previous dollar, of (1200), was considered a cheap exchange rate by the exporting countries, so Iraq was one of the largest importers of goods, as it adopted an unreal dollar exchange rate and was not based on scientific theories, in order to flood the market with imported goods.
The economic expert called "to put laws in the 2021 budget in order to protect the poor classes and those with limited income from sudden changes taking place in the Iraqi economy."
And after the decision to reduce the exchange rate of the Iraqi dinar against the dollar, the economic agency "Bloomberg" said that the decision of the Central Bank of Iraq, which includes adjusting the exchange rate of the US dollar against the Iraqi dinar, is a “deserved reduction in the value of the national currency.”
In a report translated (Baghdad Today), Bloomberg explained that the measure “reduces the currency by about 20 percent against the dollar,” indicating that it came “to avoid depleting countries’ foreign currency reserves after the Corona virus drained energy demand and caused a collapse the prices". LINK
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Courtesy of Dinat Guru
Frank26 Question [Will the 5 strongest US banks have the system set up to exchange our dinars?] Yes!
Pimpy Somebody said they're already exchanging in country 1 to 1. You believe that they're exchanging 1 to 1 in county? ...what do you suppose would happen? ...there would be black market stuff galore...people could get rich off of that real quick. Basically what you would do is if you're in country you send a bunch of money, US dollars, over to somebody out of country. Have them buy the dinars out of country - millions of them - sneak it across the border then go exchange it. Does that make sense? Do you think that's what's really going on? ...I told you whenever they make the change it's gonna change for everybody...so no, in country does not have a rate 1 to 1...
Footforward [...does anyone know if they passed the budget?] So the rate isn't in the budget. Most of you are aware that I've been saying that for weeks now that it wouldn't be in the budget. Do not be discouraged and do not look to iraq! At all! They do not hold the keys to the timeline. I had stress this very specifically. I said they will not put the rate in the budget because they're not going to make it that obvious and a lot of people are going to be frustrated and are going to sell their dinar.
Sell Your Gold to Support the Currency?!
Miles Harris: Mar 28, 2021
This video considers the recent depreciation of the Turkish lira which lost 20 percent in the course of a day on the the 22nd March 2021.
The response from Turkish authorities was to encourage citizens to divest of their gold and foreign currency savings to help support the currency.