US Dollar/Iraqi Dinar/Iranian Rial – Exchange Rate – Stability – Credit Rating

US Dollar/Iraqi Dinar/Iranian Rial – Exchange Rate – Stability – Credit Rating

 Standard & Poor's Confirms Its Credit Rating Of Iraq At B- / B With A Stable Outlook

24th August, 2019

The agency predicted that Iraq will record a budget deficit in 2019 and the coming years, due to the decline in oil prices and the needs of large spending.

Standard & Poor's also forecast that growth in Iraq will recover in 2019, supported by expected increases in oil production and a gradual recovery of non-oil economic activity.

The agency said it could cut its ratings for Iraq if the government increased spending beyond its expectations.

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The Stability Of The Dollar Exchange Rate Against The Iraqi Dinar

The stability of the dollar exchange rate against the Iraqi dinar 24th August, 2019

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The foreign currency markets in Baghdad, on Saturday, stability in the exchange rate of the US dollar against the Iraqi dinar.

The market price in Al-Kifah Exchange in Baghdad was 120,300, while the exchange rate in the exchange shops ranged between 120,000 and 120,750.

The exchange rates of the dollar on the exchanges of some governorates are as follows:

Babylon 120,500

Sulaymaniyah 120,550

Najaf 120,500

Erbil 120,525

Basra 120,500

Connector 120,650

Samawah 120,500

Maysan  120,500.

https://www.alghadpress.com/view.php?cat=212865  

The British Central Bank Calls For An End To The World's Dependence On The Dollar

24th August, 2019

Called on the British Central Bank Governor Mark Carney, Saturday, to get rid of the dependence on the dollar and unify the central bank's efforts to find an alternative reserve currency.

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Carney told a conference of central bankers in Wyoming that the dollar's dominance in the global financial system was raising the risk of what he called a "liquidity trap," a very low interest rate and weak economic growth. 

“With the reorganization of the global economy, the importance of the US dollar remains as it was in the period when the Bretton Woods system collapsed” (ie, the decoupling between the dollar and the price of an ounce of gold in the 1970s).  Developing economies have increased their share of global financial activity to 60 percent, from 45 percent before the financial crisis 10 years ago, Carney said.

The dollar is still used in about half of international trade, more than 5 times the US share of global exports, making many countries vulnerable to the volatility of the US economy.  Carney added that the problems in the global economy are related to activating protectionist and populist policies. 

The governor of the Bank of England argued that the best solution would be to create a diversified multipolar financial system, which can be achieved with the help of contemporary technology. He suggested that it is possible to use cryptocurrencies for this purpose, which will reduce the impact of the dollar on global trade.

https://www.almaalomah.com/2019/08/24/425023/

 

Iran: The Value Of The National Currency Rose 40 Percent In 8 Months

24th August, 2019

Iranian Central Bank Governor Abdul Nasser Hemmati has announced that the national currency has appreciated by 40 percent over the past eight months.

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This came during an interview conducted by "NBC", with the Governor of the Central Bank of Iran, who explained the latest economic developments in the country and Iranian oil exports and the economic conditions of the country after the US embargo.

Regarding what Trump said he would zero in on Iranian oil exports, Hemmati said, "We are continuing our oil exports and are on the rise and are moving forward using unconventional methods."

In response to a question about the volume of Iranian oil exports, he refused to disclose the figure in light of the fact that Iran is now in an economic war with the United States and it is not correct to disclose such information to a government facing us. Planned America to reach its goal.

He pointed out that the US embargo mainly targets the poor and middle segments, while the US administration said it wanted to overthrow the state where the embargo led to an inflationary shock, which mainly affected the poor and low-income classes.

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