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A member of Parliamentary Finance calls on the government to monitor the rise in prices
- Time: 06/08/2021 08:26:20
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{Local: Al Furat News} The Parliamentary Finance Committee called on the government to follow more realistic economic policies that maximize revenues as well as preserve the living situation of citizens, and also called on it to monitor the rise in prices in the markets, criticizing the high inflation index caused by the rapid rise in the dollar exchange rate.
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Committee member Muhammad Al-Shabki said in a press statement, "There are two issues that are separated from each other, the first is the financial policy and the other is the economic one, as the government wants to increase its revenues because our oil exports are sold in dollars to enhance the state's financial balance and strengthen the hard currency from the central bank's reserves."
He explained that "at the beginning of 2021, before the exchange rate increase, the inflation rate was 9%, and after the exchange rate was raised, it increased from 11% to 20%, and raising the exchange rate affected the citizen's income by 20%, and thus the inflation gap increased and gave an indication of the increase in the poverty line. ".
Al-Shabki called "the government to follow more realistic and balanced policies and a more in-depth study, because in the event of raising the exchange rate to 2000 dinars, this will enhance exports and hard currency, but it will harm the citizen," noting that "the government, if it follows a certain policy, must take into account the reality For the citizen, she does not have to think about a purely financial policy because the financial policy is one thing and the economy is something else, and therefore there must be a balance in the decisions so that they do not affect the economic reality.”
He pointed out that "the conviction of some members of the Finance Committee was that the government would go to the (creeping) exchange rate policy, meaning from 125 to 130 or 135 in ascending order so that there would not be a strong negative impact on the citizens' livelihood, while what happened is that the government went to raise The exchange rate reached 145, and therefore the budget dealt with the issue of contractors and went to streamline the social welfare sector and increase the coverage rate.
He called on the government to "monitor the dollar's exchange rate decision and its effects on markets and citizens, in the 2021 budget when the exchange rate increased, food prices rose to 400%, which is an unjustified rise even for imported materials, and we noticed other sectors that were not affected or equivalent to the exchange rate, which indicates This led to the government’s inability to monitor the market and hold the merchants who monopolized some goods to account. He explained, "The rise in oil prices will restore growth indicators in Iraq in 2023 to their previous era, as they were before the Corona pandemic."
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{Local: Al Furat News} The Parliamentary Finance Committee called on the government to follow more realistic economic policies that maximize revenues as well as preserve the living situation of citizens, and also called on it to monitor the rise in prices in the markets, criticizing the high inflation index caused by the rapid rise in the dollar exchange rate.
The useful summary.. In important news, you can find it in the Euphrates News channel on the telegram.. [You must be registered and logged in to see this link.]
Committee member Muhammad Al-Shabki said in a press statement, "There are two issues that are separated from each other, the first is the financial policy and the other is the economic one, as the government wants to increase its revenues because our oil exports are sold in dollars to enhance the state's financial balance and strengthen the hard currency from the central bank's reserves."
He explained that "at the beginning of 2021, before the exchange rate increase, the inflation rate was 9%, and after the exchange rate was raised, it increased from 11% to 20%, and raising the exchange rate affected the citizen's income by 20%, and thus the inflation gap increased and gave an indication of the increase in the poverty line. ".
Al-Shabki called "the government to follow more realistic and balanced policies and a more in-depth study, because in the event of raising the exchange rate to 2000 dinars, this will enhance exports and hard currency, but it will harm the citizen," noting that "the government, if it follows a certain policy, must take into account the reality For the citizen, she does not have to think about a purely financial policy because the financial policy is one thing and the economy is something else, and therefore there must be a balance in the decisions so that they do not affect the economic reality.”
He pointed out that "the conviction of some members of the Finance Committee was that the government would go to the (creeping) exchange rate policy, meaning from 125 to 130 or 135 in ascending order so that there would not be a strong negative impact on the citizens' livelihood, while what happened is that the government went to raise The exchange rate reached 145, and therefore the budget dealt with the issue of contractors and went to streamline the social welfare sector and increase the coverage rate.
He called on the government to "monitor the dollar's exchange rate decision and its effects on markets and citizens, in the 2021 budget when the exchange rate increased, food prices rose to 400%, which is an unjustified rise even for imported materials, and we noticed other sectors that were not affected or equivalent to the exchange rate, which indicates This led to the government’s inability to monitor the market and hold the merchants who monopolized some goods to account. He explained, "The rise in oil prices will restore growth indicators in Iraq in 2023 to their previous era, as they were before the Corona pandemic."
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