News, Rumors and Opinions Saturday Morning 12-5-2020
TNT:
Tishwash: Salaries and control the main reasons for the rise in the exchange of the dollar
The dollar's exchange rate has rebounded again as a result of a series of reasons, according to economic specialists, most notably the delay in the payment of salaries to employees, and the central bank's tightening of control over the documents of banks participating in the currency exchange window, as well as the reasons for the supply and demand in the markets for foreign currency.
"The rise in the exchange rate of the dollar to 125,000 dinars for 100 dollars is the result of the street being affected by conditions, news and general conditions," said Adel al-Fatal, an economist, describing the rise as "temporary and returning to normal levels, as demonstrated by iraq's past experiences."
Daily transactions in dinars
Al-Fattal called on the public to "not buy the dollar and deal with it in buying and selling, preferring to rely in daily trading on the dinar, because this will reduce the demand for it to increase supply, and therefore abundance will contribute a lot to reducing its exchange rate and returning to normal rates."
"The public must have an economic awareness and culture, and the interest of the country is based on the personal interest, because the immediate circumstances govern this," he said, urging those responsible for the country's economic file to "support the dinar at this economic stage, which Iraq is going through, to relieve the burden of low-income people and poor segments of society."
The court of inquiry to combat money laundering and economic crime recently began investigating the documents of banks participating in the foreign exchange sale window, verifying their authenticity and conformity with the law, at the request of the central bank.
Salary delayed
Al-Fattal added that "the government's delay in the payment of salaries of employees during the past weeks contributed significantly to the rise in the exchange rate of the dollar, in addition to the new measures adopted by the Central Bank in tightening control over the documents of the banks participating in the window of the sale of the currency, made the markets disturb and experience instability."
He saw that the Central Bank is one of the sober Iraqi institutions, which have the ability to rebalance the market, as well as that Iraq is a country rich in oil resources that have not been interrupted, despite the fluctuating price of a barrel of oil globally, stressing that prices will return to normal rates after a period of Time."
Dollar rate imbalance
Economist Firas Amer said that "such an imbalance in the exchange rate is possible as a result of the circumstances that the country is going through," adding that "this reality has been experienced by Iraq previously after the stability of the exchange rate of the dollar during the years 2012 And 2013.»
"The rise in the dollar in Iraq is related to the economic threats and concerns that the country may face due to regional conditions, and fears of conflicts in the region that could have repercussions on the country's economy," he said. link
Courtesy of Dinar Guru
Walkingstick and Intel Guru Frank26 The ATMs in Iraq's banks are soon to go live with the new small category notes because the ATMs must be on the same page with the banks of Iraq...they are not live right now but we will know when they go live...
MilitiaMan Article: "An economist calls for deleting the three zeros from the dinar to strengthen the local currency." Quote: "He added: The monetary mass can become approximately 15 to 25 trillion (billion?) dinars and the value of the new dinar converges to the value of the dollar, which facilitates the process of calculation and allows small and new denominations of cash to appear in the money market." The economist in the above seems to b suggesting a new dinar is to be the value of the dollar... If that is not leakage I don't know what is. There are people on the ground in Iraq talking about the exchange rate change that is coming. This is evidence of it too. We know they printed a new issue of currency from the CBI site, imo. They spent money and large sums of money on it. To adjust to or converge to the value of the dollar, they will have a need for the new issue...
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