The Economy Of Iraq Will Increase Its Effectiveness After The Change In The Price Of The Dollar!

The Economy Of Iraq Will Increase Its Effectiveness After The Change In The Price Of The Dollar!

From Redd Starr – Emailed To Recaps

It's been a long time since I've posted anything. This is due to the fact that there are just way too many rumors that have surfaced over the past year, and not a lot of concrete evidence. What we have witnessed over the last month or two is nothing short of spectactular. I've spent a few years in Iraq/Kuwait to understand that this time, we are very close.

I've been involeved since 2005 and I can honestly tell you, that if things continue the way they are going, we will see a dramatic change by the second week of 2021. Don't be fooled by the initial rate, as it will increase over time. Everyone is in a different situation, I understnd that, but be smart. Do NOT give your Dinars up to anyone but a bank. We are very close! God Bless, stay safe, and have wonderful Christmas and New Year! Give thanks to the one true GOD!

Allawi: The economy of Iraq will increase its effectiveness after the change in the price of the dollar

The Minister of Finance, Ali Allawi, announced that the decision to change the exchange rate of the dollar against the dinar would be a one-time.

Allawi said in a press statement received by "Al-Eqtisad News",

"It is no secret to the sons of our honorable people the size of the global economic crisis that resulted from the repercussions of the Corona pandemic and shook the economies of most countries of the world, and in our dear country Iraq, the financial crisis resulting from the sharp decline in oil revenues has also been linked. In the presence of structural imbalances in the Iraqi economy that were not seriously addressed and carried over from one stage to another. "

He added that on this basis, it became clear to the eye of the importance of carrying out urgent reforms in various economic fields and axes, including the currency exchange rate, although this decision is one of the difficult decisions, but we are obliged to take it because it addresses a large part of the crisis and to avoid similar situations that other countries have been exposed to, and to ensure protection The Iraqi economy, activating its activity, achieving a courageous reform leap and making real development with the help and participation of all government, political forces, and economic and social actors.

He indicated that the decision to amend the exchange rate will be one-time only and will not be repeated in the future, and the government, in addition to the Central Bank, will work to fix the new price that is consistent with the requirements of the reform, while the government will work immediately to support the affected sectors and the poor segments through measures that include increasing social welfare allocations in the general budget.

In order to compensate for the possible increase in the prices of some imported goods, we also directed government banks to increase the interest rate rates to encourage citizens to keep their savings in these banks and take advantage of the high interest provided to them.

He pointed out that adjusting the exchange rate is a political decision of the Iraqi leadership, and it is a decision that enjoys the support of political and parliamentary forces and economic actors that have participated with the government in lengthy discussions to reach it, in addition to the competent international bodies for this measure, including the International Monetary Fund, which promised to allocate large sums to face the repercussions of the pandemic on Vulnerable groups, which are an important part of the government reform program regarding aspects of reforms and economic development.

The Ministry of Finance has also prepared a detailed paper on questions that may ask about changing the exchange rate in the country.

He noted that the Iraqi economy will increase in effectiveness with the entry into force of economic reforms, and that the pessimistic false interpretations, some of which carry a political background to impede the reform movement and prevent a qualitative leap in the fields of industry, agriculture and development, are correct.

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