Tishwash: US oil futures fall below zero dollars a barrel…. First time ever a Mcdonald’s meal costs more then US Crude
Eccle519: With oil at zero Iraq is paying to get oil…negative income etc
Eccle519: This negative oil price is taking down the Petro Dollar imo and the world currency reset is just around the corner…Gold will be a big part, get the popcorn
Mobius: It’s only “speculation” on my part, derivatives may have come home to roost
Harambe: CNBC: This oil price crash isn’t as bad as it seems — here’s why https://www.cnbc.com/2020/04/20/this-oil-price-crash-isnt-as-bad-as-it-seems-heres-why.html
Tishwash: Calls for sound monetary policies to control the financial market
dollar price indices in all governorates of Iraq have returned to their normal levels after they recorded a noticeable rise a few weeks ago, confusing the market at the time.
A member of the Baghdad Economic Forum, Jassem Al-Aradi, said: “There is a group of reasons that led to the rise in the price of the dollar, along with another group that caused the price of the dollar to drop very close to the normal levels it had before the curfew due to corona.”
The past few weeks have witnessed an increase in the currency exchange rate of $ 100 to 126 thousand dinars, while prices have fallen significantly to reach, on Sunday, close to their normal rates at 122,500 dinars per hundred dollars, after they were before the current conditions 121 thousand dinars per hundred dollars.
Al-Aradi added: In a press interview, Al-Zawraa followed: “The reasons that led to the rise in the exchange rate of the dollar came as a result of the drop in oil prices, accompanied by the effect of the Corona virus and the curfew, which caused the suspension of most economic activities, in addition to the temporary stoppage in the sale window.” Currency in the central bank. ”
And between “As for the most important reasons that led to the decline in the exchange rate, it is represented by the central bank re-operating the same window.”
Market conditions and stressed that “the high dollar exchange rate was temporary and corrected, and this is not the first time that the exchange rate of the dollar has increased in Iraq because of speculators exploiting the conditions of the Iraqi market,” noting that this is a temporary situation and can always be controlled.
Al-Aradi pointed out that “monetary policies, if they deal with sound and correct mechanisms, can control the financial market, and this can only be done in cooperation with private banks through consulting with them on the general policy of markets, and the need for cooperation and coordination to pay the damage of the high price of the dollar to citizens.”
The private sector explained, “The dollar is purchased for private and governmental banks during daily sessions to buy and sell foreign currencies held by the central bank to finance merchants from the private sector or for tourism and study outside the country, but when that does not happen at the banks it records a clear violation and a clear violation of the bank’s instructions Central ». link