Tishwash: Iraqi dinar compete Arab currencies in the exchange rate
Basil Abbas Khudair Tuesday 0.25 August 0.2015
After the application of monetary policy to maintain the exchange rate of the Iraqi dinar against the US dollar prices, which began since 2004, and so today and led by the Central Bank of Iraq, and defended by experts International Sinan Shabib (article from the post of Governor of the Bank) and the appearance of Mohammed Saleh (Economic Adviser currently the Council of Ministers), and cost Iraq more than $ 300 billion,
has become the Iraqi currency (the dinar) Currency compete in many countries, including the Lebanese pound and the Somali shilling and condoms Mauritanian lunar franc (Comoros) and the Yemeni rial, because the exchange rate against the dollar, we have the best of these currencies,
the Iraqi Vdinar equivalent to $ 0.0009 while the equivalent lira in Lebanon (for example) .00066, so the US dollar equivalent of 1146 dinars in Iraq (except for commission of the Central Bank) In Lebanon, the US dollar equivalent of 1,500 pounds, and because Lebanon is a country in non-oil is not the right comparison between the two,
it is justice that compare the Iraq oil-producing Arab countries regarding exchange rates, In Kuwait, the equivalent of the Kuwaiti dinar to $ 3.42 (Kuwaiti dinar equivalent of nearly 5,000 Iraqi dinars) as equivalent to the Bahraini dinar to $ 2.66 in the Sultanate of Oman equivalent riyal to $ 2.6, while in Jordan, the dinar equivalent of $ 1.41, and in the Libya Vdinar have the equivalent of $ 0.73.
Might ask anybody, how could Kuwait occupied by the former regime and lost everything to restore prestige to the dinar (who was in a competitive race with the Iraqi dinar so that overcomes one over the other little difference to the very beginning of the eighties of the last century), and how Jordan was able to maintain fixed exchange rates Several years ago, a sink indebtedness and the aid-dependent and does not involve the fortunes of the oil it imports crude oil from Iraq, although it adjoins (Israel) have fought many wars and has a constant threat because of unwanted neighbor?
And how withstood the Libyan dinar after the overthrow of the Gaddafi regime and the proliferation of militias and tribal divisions? And although we have the part of the answers to these and other questions, we Snhjb our answers because they may pose views on the subject,
it is needed is not a number of opinions, but a detailed and clear facts, facts and numbers and names answers, a subject must Taatkvlh neutral parties and should preferably be international in order to be referred to eliminate Iraqi when you confirm the existence of suspicions of corruption, subject of such importance should be subject to review and investigation and audit and accountability and that does not pass unnoticed, because it relates to the wealth of Iraq during more than 12 years and some are wasted and ran away without the benefit of the country and reflected on sustainable development but poorly too.
It goes from our compatriots to any country in the world impressed due to witnessing the progress and services, while we Nckoa all of the deficiencies and shortcomings in most aspects, despite the annual Mdjulatna of oil revenues alone may draw five times or more of balancing those countries,
oddly enough The demonstrations, which the country is currently witnessing sometimes focus on topics very much simpler than the economic problems experienced by Iraq, The country is on the verge of a real setbacks when the price of a barrel of oil up to $ 30 or less, because the state will be insolvent in its affairs management may be forced to enter the enormous indebtedness guaranteed Oil or national sovereignty, and can pass such topics easily as long as the salaries paid Bmeidha or after a delay for a limited number of days, and still wound is bleeding in the area of selling the dollar in the Iraqi Central Bank auction,
Valambiet up to $ 250 million a day and sales of oil does not exceed 4 million barrels per day with an average price of 40 dollars per barrel, which means that daily oil revenues are less than sales, and what baffles if oil revenues up to $ 160 million a day, so how can the auction sells $ 250 million a day and where to go these sales? It's a complicated question is asked constantly convincing answer but did not get it after the citizen.
Despite the tremendous sales of the dollar (former and current), which estimated value of the current chairman of the Finance Committee in the Parliament, Dr. Ahmad Chalabi of more than $ 300 billion, the real exchange rate of the citizen is the price of 1230 dinars per dollar, which means that efforts to stabilize the exchange rate policy in order not to hurt citizen of the volatility of exchange rates is real,
Valtzbzb brought the price to 1480 dinars per dollar did not fall into what it is until after the Federal Court approval to repeal the Council of Ministers of the amendments to the House of Representatives on some budget 2015 materials including setting the exchange no more than $ 75 million a day , also suggesting that the absence of any port can citizen on the dollar gets it at the price of the central bank when his desire or having to travel outside of Iraq for the purpose of (the Hajj, Umrah, treatment, tourism, etc.), and are resorting to banking that choose Offices exchange rates outside the mainstream at the central bank prices,
it was really strange to think that the Iraqi Central Bank is a tool to manage the money and the economy, even though he was on monetary policy because the economic and financial policies must be developed and managed stakeholders out, as that of unjust watching on bank sales Central without creating a convenient way for the delivery of the dollar to the citizen, because it is the legitimate right and not a share of (thieves). LINK
TnDr: The gist, after trying to weed through the translated article, seems tnt the author is questioning why the dinar is low still compared to the nearby countries. As well, the questions around the dollars for auction and how they measure against the $30 per barrel. Good find.
ABonnie: Tish – incredible article! This seems like an editorial opinion – not used to seeing this form in the ME media.
• Could you track the original pre-translation url that this came from?
I usually have a difficult time getting the author's message clear through the online translation process -
However - sounds to me like the author is challenging the CBI's management of monies from the auctions, as well as rightly questioning why the IQD has not reached a fair exchange rate that is in balance with other neighboring oil countries. (?)
IMO - he lays out a well-thought-out, factually based argument behind his challenge. Not sure but that he literally launches a shot across the bow in the last sentence of the last paragraph!
(would like to hear what you & others think about this?)
"It was really strange to think that the Iraqi Central Bank is a tool to manage the money and the economy, even though he was on monetary policy because the economic and financial policies must be developed and managed stakeholders out, as that of unjust watching on bank sales Central without creating a convenient way for the delivery of the dollar to the citizen, because it is the legitimate right and not a share of (thieves)."
FUZE: Dittos Abbonie: I too, find this article fascinating. It seems to imply, the current rate policy is legally questionable at best.