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[size=36]A parliamentary bloc calls for the return of the dollar: the justifications for raising it are unrealistic[/size]
Political| 11:08 - 22/03/2021
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BAGHDAD - Mawazine News
The National Approach bloc demanded, on Monday, to restore the exchange rate of the dollar to what it was in order to avoid widespread economic damage to Iraqis.
The head of the bloc, Ammar Tohme, said in a statement that Mawazine News received a copy of, that "the most important justifications promoted by those who are enthusiastic to raise the exchange rate of the dollar are to cover the budget deficit, and to revitalize the national industry and its competition with the imported product, and both justifications are unrealistic and do not stand up to scientific facts." .
Tohme added, "The justification for covering the deficit in the budget arose in the thinking of those calling for an increase in the exchange rate at the time of preparing the principles and foundations of the budget more than four months ago when the price of oil sale did not exceed (40) dollars per barrel, while the price of oil increased in the past months in a manner. Clear, up to about (68) dollars per barrel. "
He explained, "Estimates of the difference resulting from the increase in the exchange rate for a whole year as revenues that do not exceed (8) trillion dinars at the highest rate, while the difference in the increase in the price of oil sale from what is proven in the draft budget for the month of January is only (1.5) trillion dinars, and for a month. February The difference in the price of oil increases (2.5) trillion dinars, in other words that the additional revenues obtained from the increase in the selling price of oil during the first two months of the year 2021 amount to approximately (4) trillion dinars, which is equal to half of what is collected in a full year of raising the price Dollar exchange. "
He continued: "This resource alone completely ends the first justification that they put forward to raise the exchange rate of the dinar, not to mention other resources, if they are met seriously and efficiently, they will save more than those sums as is the case in the revenues of the outlets from all governorates of Iraq, including the region, and the revenues of mobile phone licenses. And reducing the costs of the federal oil licensing rounds concluded by the region with foreign companies, contrary to the constitution, applicable laws, and other revenues. "
He stressed, "The justification for revitalizing the national industry, which they cited as another caller to raise the price of the dollar, is opposed by many facts, including:
A- The government exempted hundreds of imported materials from customs duties through the agreement with Jordan, and how this procedure is consistent with supporting the industry and the national product, it is known that imposing customs duties on the foreign importer makes its price much higher than the price of the national product, and then the consumer demand increases The local product is more likely to be acquired by the higher priced imported product.
B - Doubling the customs duties on the imported product similar to the national product is another procedure that stimulates and stimulates the national industry on the one hand, and increases the non-oil revenues collected from the increase in those customs duties.
C- The abolition of the import of the imported product that has a similar national product available has an appropriate measure to stimulate the national industry, and it does not leave the import of what is similar to the national product freely and without restrictions, so does that achieve support for the national industrial product ?!
D- Many of the raw materials on which the national industry depends are intended to be promoted by raising the exchange rate of the dollar !! They are imported from abroad, and this means that the cost of making the national product will double and the price of selling it will increase to the citizen in comparison to the price of the imported product, and then the consumer will choose to buy the cheaper product, and he may often be the importer according to this defective equation.
E - The import of production lines, equipment and machinery is also from abroad, and as a result of raising the price of the dollar, the prices of purchasing these equipment will rise. As is known, the elements of product value formation are included in the costs of production equipment and lines.
F - Failure of the federal government to control all ports of the country and its failure to submit to a unified trade and economic policy, procedures and management will dispel any efforts to support the national product in exchange for the imported product.
G- The absence or incompleteness of the industrial infrastructure before the decision to raise the exchange rate is similar to the one who provides the cart before the horse if the description is correct and contradicts the nature of the things that are required to prepare the basic premises of the project before starting its superstructures !!
The National Approach bloc demanded, on Monday, to restore the exchange rate of the dollar to what it was in order to avoid widespread economic damage to Iraqis.
The head of the bloc, Ammar Tohme, said in a statement that Mawazine News received a copy of, that "the most important justifications promoted by those who are enthusiastic to raise the exchange rate of the dollar are to cover the budget deficit, and to revitalize the national industry and its competition with the imported product, and both justifications are unrealistic and do not stand up to scientific facts." .
Tohme added, "The justification for covering the deficit in the budget arose in the thinking of those calling for an increase in the exchange rate at the time of preparing the principles and foundations of the budget more than four months ago when the price of oil sale did not exceed (40) dollars per barrel, while the price of oil increased in the past months in a manner. Clear, up to about (68) dollars per barrel. "
He explained, "Estimates of the difference resulting from the increase in the exchange rate for a whole year as revenues that do not exceed (8) trillion dinars at the highest rate, while the difference in the increase in the price of oil sale from what is proven in the draft budget for the month of January is only (1.5) trillion dinars, and for a month. February The difference in the price of oil increases (2.5) trillion dinars, in other words that the additional revenues obtained from the increase in the selling price of oil during the first two months of the year 2021 amount to approximately (4) trillion dinars, which is equal to half of what is collected in a full year of raising the price Dollar exchange. "
He continued: "This resource alone completely ends the first justification that they put forward to raise the exchange rate of the dinar, not to mention other resources, if they are met seriously and efficiently, they will save more than those sums as is the case in the revenues of the outlets from all governorates of Iraq, including the region, and the revenues of mobile phone licenses. And reducing the costs of the federal oil licensing rounds concluded by the region with foreign companies, contrary to the constitution, applicable laws, and other revenues. "
He stressed, "The justification for revitalizing the national industry, which they cited as another caller to raise the price of the dollar, is opposed by many facts, including:
A- The government exempted hundreds of imported materials from customs duties through the agreement with Jordan, and how this procedure is consistent with supporting the industry and the national product, it is known that imposing customs duties on the foreign importer makes its price much higher than the price of the national product, and then the consumer demand increases The local product is more likely to be acquired by the higher priced imported product.
B - Doubling the customs duties on the imported product similar to the national product is another procedure that stimulates and stimulates the national industry on the one hand, and increases the non-oil revenues collected from the increase in those customs duties.
C- The abolition of the import of the imported product that has a similar national product available has an appropriate measure to stimulate the national industry, and it does not leave the import of what is similar to the national product freely and without restrictions, so does that achieve support for the national industrial product ?!
D- Many of the raw materials on which the national industry depends are intended to be promoted by raising the exchange rate of the dollar !! They are imported from abroad, and this means that the cost of making the national product will double and the price of selling it will increase to the citizen in comparison to the price of the imported product, and then the consumer will choose to buy the cheaper product, and he may often be the importer according to this defective equation.
E - The import of production lines, equipment and machinery is also from abroad, and as a result of raising the price of the dollar, the prices of purchasing these equipment will rise. As is known, the elements of product value formation are included in the costs of production equipment and lines.
F - Failure of the federal government to control all ports of the country and its failure to submit to a unified trade and economic policy, procedures and management will dispel any efforts to support the national product in exchange for the imported product.
G- The absence or incompleteness of the industrial infrastructure before the decision to raise the exchange rate is similar to the one who provides the cart before the horse if the description is correct and contradicts the nature of the things that are required to prepare the basic premises of the project before starting its superstructures !!
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