More News, Rumors and Opinions Tuesday Afternoon 12-13-2022
KTFA:
Care: Central Bank: The cash reserve has reached its highest level in the history of the Iraqi state
12-13-2022
The Central Bank of Iraq announced, today, Tuesday, that the volume of currency reserves has reached its highest levels in the history of Iraq, while noting that public finances have an opportunity to compensate all the disadvantaged and those with low salaries from retirees.
The Central Bank's advisor, Ihsan Shamran Al-Yasiri, said in a statement followed by "Tigris", that "the central bank's reserves have reached their highest levels in the history of the Iraqi state and have exceeded 90 billion dollars," noting that "what we count on is not the central bank's reserves, but rather the performance of public finances, which She now enjoys a very sufficient abundance of money."
He added, "The central bank is the management of monetary policy and intervention to fix problems related to the exchange rate and others," noting that "the bank's reserves are still abundant and our procedures are rational."
And he stressed the need for "public finances to be disciplined and direct public spending to real priorities instead of dispersing them," pointing out that "public finances have an opportunity to compensate all those deprived during the previous years of those with fragile classes, social benefits and those with low salaries among retirees, as these classes We need aid for them."
Al-Yasiri stressed that "controlling the performance of collection departments from customs and taxes, oil revenues will be a secondary source for financing the general budget." LINK
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Courtesy of Dinar Guru
Frank26 They [Iraq] will reinstitute their currency and then they will reinstate it. Pretty cool...they are doing this for the world market consumers. The World Bank and the IMF has made sure they have done this...To reinstitute the currency is what you are seeing but then it's going to float...the float increases the value of the dinar. That's an RV...
Militia Man Article: "The Iraqi Trade Bank announces the recovery of one trillion and 500 billion dinars" The amount of funds being recovered to Iraq from corruption is staggering in totality. The trillions of dinars being returned will support their exchange rate internationally.
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TNT:
Tishwash: Iran's currency is declining against the US dollar.. What is the relationship with Iraq?
Today, Tuesday, the Iranian currency recorded an unprecedented collapse against the US dollar, amid expectations that it will continue to fall in the coming days.
The Iranian banking website "Sadaqat" stated that the value of the US dollar sold amounted to 382,000 Iranian riyals, while the dollar was bought at a value of 375,000 Iranian riyals.
As predicted by the siteTrading NewsThe Iranian, that the riyal will suffer collapses in the coming days due to the central bank's inability to provide hard currencies and pump them into the local market.
The site explained in its report entitled “The Dollar Awaits a Harsh Winter,” “For nearly 20 years, Iran has been securing dollars from various markets such asHeratWestAfghanistanand a city Sulaymaniyah north Iraq But because of the sanctions, these resources have shrunk from those markets.”
He pointed out, “Because of the sanctions, the price of the dollar in Herat And the Sulaymaniyah Great influence on the price of the dollar in Iran, but now it's been a year since the dollar in the free market in Iran is no longer holding on to the dollar Herat And the Sulaymaniyah".
After the Taliban came to power in AfghanistanIn 2021, the supply of the currency decreased fromHerat, It also caused Iran's differences and conflicts with Kurdistan Iraq In the currency drop to the Iranian market from Sulaymaniyah".
Causes of turmoil
There are many reasons for the continued growth of the dollar, and currency activists believe that only a strange and big event like the signing of the Joint Comprehensive Plan of Action (the nuclear deal) can pull the reins of the dollar.
But the JCPOA remained in the air with the hope of imposing a harsh winter on Europe. So far, the winter is hard, but not for the Europeans, but for the Iranians.
The report also considered that the second factor for the decline of the Iranian currency is cutting gas from some petrochemical plants, and said, “One of the reasons that increase the possibility of the growth of the dollar price in the coming months is the reduction of petrochemical gas, which is the most profitable industry for the currency in Iran, and about 25% of the currency is saved.” Foreign exchange through it, which is the largest currency market in Iran, and cutting off gas from this industry means a decrease in foreign exchange, and in short, an increase in prices.
He also added, "The end of the Iranian year is another factor added to the rise in the price of the dollar, as traders are forced to settle their money, and this matter increases the demand for the currency in the Iranian market."
The report also pointed out that the other factor is the "severe deficit in the government budget", as many experts believe that the sharp deficit in the government budget makes the appreciation of the currency attractive to the government because it can cover the budget deficit in the currency in which it is located.
The report pointed out that the government's import of cars from abroad doubled the demand for foreign currencies, and said, "These days, the issue of importing cars is hot, but the main question is, where does the currency used in importing cars come from?"
"These days, the government has turned to the old policy of manipulating the currency in the market to control the exchange rate, and the government exchanges give people a large amount of currency at a price of 350,000 riyals per dollar, and this issuance has created a market for mediation in the currency market," he added.
Experts believe that although this measure by the government has prevented further increase in the exchange rate, it only works like housing and is not a cure for the pain of the dollar link
Iraqi Dinar update for 12/12/22 - Could we reach our goal quicker
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Deepin Moments: 12-12-2022
On December 8, leaders of China and Saudi Arabia held talks at the Royal Palace in Riyadh, Saudi Arabia.
After the talks, the two sides jointly issued a joint statement and held a ceremony to exchange texts of cooperation documents on the "Belt and Road", justice, education, new energy and other areas of cooperation.
For the warming of Sino-Saudi relations, the U.S. White House National Security Council spokesman Kirby said that Saudi Arabia remains a key partner of the United States, but the U.S. side believes that China is trying to spread its influence around the world, which is "not conducive" to maintaining international order.
Kirby claimed that the U.S. is not asking countries like Saudi Arabia to choose sides between China and the U.S., but President Biden believes that the U.S. is certainly in a good position to take the lead in the strategic competition between the U.S. and China.