KTFA: Samson: The Central Bank of Iraq: The exchange rate cannot be changed, and this is the size of the gold and currency reserves
2nd July, 2022
The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.
Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that “it is hoped that the bank’s reserves of hard currency will reach 90 billion US dollars,” explaining, “We now have more than 70 billion dollars.”
Khalaf pointed out that “Iraq’s gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period.”
As for changing the exchange rate, the Deputy Governor of the Bank affirmed that “the exchange rate cannot be changed,” stressing that “there is no justification at present to change it.”
He explained that “changing the exchange rate confuses the markets at the present time, pointing out that” its change depends on the economic situation and within the monetary policy of the country.”
He stressed that “the ruler and the economic circumstance determine the appropriate decision to change the exchange rate.” LINK
Ol Lar: OK, well, China Syndrome perhaps? IMO
Pattycakes77: I thought the same thing. I just laughed when i seen this article.
(China Syndrome refers to the time when China put out a full page article saying they were not going to RV the yuan for years….then they RV’d shortly after )
DocMagee94: I would think this article, being that it is quoting the Deputy Central Bank Governor directly, is one that we cannot dismiss as someone speaking out of turn. This is a main player at the Central Bank. IMO, I don’t think this is part of some misinformation campaign, I think that this is a direct statement indicating they are happy with the status quo, and no major change to their exchange rate is on their to do list.
Ol Lar: I am guessing(which is just as good as your guessing) that the Deputy Gov is the perfect person for disseminating misinformation, especially given it just says it has been revealed and nothing about an official statement. IMO
Edna: Welll, it’s from the CBI, so it’s not just some ex. parliament or economist running his mouth. This is a CBI deubuty. The analysis of this will be interesting to me because on the one hand we are told to only pay attention to the CBI (okay), CBI is saying here ” we not raising Jack”..(paraphrase)…And I bet we will be told something along the lines of ” well you didn’t read it correctly”…(ok)..that’s fine. But then on the other hand when the CBI comes out says something we all want to hear no [interpretation] is necessary. We told to take the article as written, at face value, and it’s all highlighted and heck, we might even do an emergency C.C. on it. So then it’s: “only pay attention to the head of the CBI”..ok…is his house divided? Does he have high rankings Minister within his offices working against him?
So confusing ..IMO of course.
Ol Lar: You might be totally right, then again if I am not mistaken , wasn’t the negative announcements the day or two before rate changes with China and Kuwait from official sources also. I don’t have copies of the articles , but I seem to recollect that. Please correct me if I am wrong
Pattycakes77: You are completely correct. China and Kuwait had official sources and articles right before they made changes to their rate. Why would Iraq take the steps , I mean GIANT steps within the past weeks to not change their rate. Doesn’t make sense. The embarrassment to themselves and to other countries if they do not. To much in play for me to sit here and cry, like someone told me I should be doing. I am praising God. Who ever wants to sit there and cry because of that article, can cry by themselves. I will not join in. I am trusting God and I know he is coming through. It’s a game that they have to play. IMO
Clare: From the Final Article Thread
Frank26: “THE CBI GOV MUSTAFA GHALEB………. IS IN CONTROL OF THE EXCHANGE RATE”…..”NOTICE THIS ARTICLE FROM THE CBI MEDIA OFFICE DOES NOT EVEN MENTION THE RUMOR OF 1200 FOR AN EXCHANGE RATE”….F26
The Central Bank of Iraq participates in the Fifth Annual Exhibition and Conference on Finance and Banking Services
2nd July, 2022
Today, Saturday, the Central Bank of Iraq participated in the opening of the activities of the Fifth Annual Exhibition and Conference on Finance and Banking Services in Iraq, which was held at the Baghdad International Fair, in the presence of His Excellency the Minister of Finance, Dr. Ali Allawi and the participation of the banking sector.
The Central Bank of Iraq has been allocated a special pavilion on the sidelines of the exhibition, which concludes next Monday.
The Deputy Governor of the Central Bank of Iraq confirmed in a speech, “The Central Bank of Iraq is supportive of the banking sector. He added that there is great cooperation between the Ministry of Finance and the Central Bank, with the aim of reforming the banking sector, which will result in real reform of the banking sector in the coming years.
He also made it clear that the financing of the Central Bank the allocation to banks, as part of its development initiatives, amounted to (18) trillion dinars, which resulted in the availability of thousands of job opportunities, and he continued, “The Central Bank of Iraq continues to support the private sector segment within easy terms.”
Media Office
2 – July – 2022 LINK
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Frank26: “THE DEPUTY GOV OF THE CBI………. IS NOT IN CONTROL OF THE EXCHANGE RATE”….F26
The Central Bank of Iraq: The exchange rate cannot be changed, and this is the size of the gold and currency reserves
2nd July, 2022
The Central Bank of Iraq revealed today, Saturday, the size of the gold reserves in the country, and while it expected the hard currency reserves to reach 90 billion US dollars, it confirmed that it was not possible to change the exchange rate.
Deputy Central Bank Governor Ammar Khalaf said in a statement to a number of media outlets, including Shafak News Agency, that “it is hoped that the bank’s reserves of hard currency will reach 90 billion US dollars,” explaining, “We now have more than 70 billion dollars.”
Khalaf pointed out that “Iraq’s gold reserves are currently more than 100 tons, after we bought more than 30 tons during this period.”
As for changing the exchange rate, the Deputy Governor of the Bank affirmed that “the exchange rate cannot be changed,” stressing that “there is no justification at present to change it.”
He explained that “changing the exchange rate confuses the markets at the present time, pointing out that” its change depends on the economic situation and within the monetary policy of the country.”
He stressed that “the ruler and the economic circumstance determine the appropriate decision to change the exchange rate.” LINK
MW: Thank you Clare for clearing this up for those that have concerns!!! Not that I have any!!!
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Tivon: Good evening to everyone. I will post this while I can for a moment. Always pay attention to the last few statements when they start off so bold. They always dismiss everything they say once they refer to other authorities after they cause a big fuss over things they can not control anyway.
The guy just denounced his own position or ineligibility once he stated “The Ruler, has the power to decide when to change the exchange rate. Ask yourself who is the Ruler? Al-Kazemi? Mustafa Galeh? Barham Salih? Because either one you choose notice none of the three have come out and supported any other statements when the exchange rate will be changed.
Think about it. We all know now they have another parliament session coming up after the holiday. Al-Kazemi referenced the constitution as a basis to address the citizens and the economy as to why at the earliest possible time to reduce the USD rate.
Just as Al-Sadr referenced the constitution for Kurdistan to sign over the oil contracts to Baghdad. Guess who has those contracts now? Not Kurdistan. We know they denied oil companies leaving the region. But we also know they are not champions for telling the complete truth on anything concerning the oil files.
They still pretended they had some type of say so over the Federal Court who requested of them to sign over the Oil & Gas Law. Another thing you should take note of when Al-Kazemi had those 100 Deputies sign a document denoting that they all agree on changing the USD rate. Not one of those Deputies came out and challenged Al-Kazemi on why it’s not possible to change it.
Remember the EFSL (Emergency food security law) is only for 2022. Now of course we have not read any news publications that it made it to the Gazette as one article mentioned that there are 300,000 families that were added to the database that will have financial assets from that law.
Not to mention that Mazhar Muhammad Saleh stated on an official basis that the law will not be challenged by the government simply because the paragraphs in it are linked to dues for the ministries and the citizens. What dues are owed to the citizens? The monthly allotment of the Oil & Gas Law/HCL.
This is the :Purchasing Power” they are waiting on. How will they gain access to the allowance/bonus if the Deputy Governor Ammar Khalaf said…there’s no justification to change the rate.
Really? How do you justify Financial Stability & Reducing Poverty without changing the rate if Al-Kazemi stated that the EFSL will enter into full force to address the urgent needs of the citizens that will cover unemployment and “Citizens Entitlements” ie (Oil & Gas) without changing the USD rate? Guys, an entitlement that has legal basis is not contingent upon someone who doesn’t have any authority on the rate change even if he was happy about changing it as soon as possible.
Why would his word matter on why it’s not so called possible? This guy woke up this morning and decided he was going to waste somebody’s time by saying something he has no real jurisdiction over anyway. That’s not me saying it, he stressed and proclaimed this himself. Read the last statement again. IMO
