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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Do government measures succeed in curbing the phenomenon of high prices?

    Rocky
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    Do government measures succeed in curbing the phenomenon of high prices? Empty Do government measures succeed in curbing the phenomenon of high prices?

    Post by Rocky Fri 05 Nov 2021, 8:21 am

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    Baghdad - INA - Nassar Al-Hajj
    The prices of foodstuffs, commodities and daily needs have increased during the past months; This exhausted the citizen’s budget and changed his spending accounts. While the government took many measures to maintain food prices, economists attributed this phenomenon to the fluctuation of the dollar’s ​​exchange rate against the Iraqi dinar, as well as other factors related to random production and import.
    A spokesman for the Ministry of Commerce, Muhammad Hanoun, told the Iraqi News Agency (INA): "After the increase witnessed by local markets in foodstuffs as a result of the rise in the price of the dollar, joint tripartite committees were formed under the direction of the Prime Minister's Office and a proposal from the Ministry of Commerce represented by National Security and the Crime Department. The organization and the Commercial Control Department at the Ministry of Commerce to follow up on the local market and conduct inspection tours in order to educate the process of rising prices and its causes.
    He added: We have in the Commercial Control Department in the Ministry of Commerce a specialized division to study the market and prepare direct reports for the Ministerial Council of Economy and the Office of the Prime Minister, and the task of this division is to put the government and economic councils in the determinants of price hikes and their causes, and therefore quick and urgent measures were taken in the issues of high prices. Including flour, where there is a committee in the Prime Minister’s office that is assigned to joint operations and the security services to follow up the movement of flour between governorates and to follow up on the quantities of flour that the local markets offer.”
    For his part, economic expert Qusai Safwan confirmed to the Iraqi News Agency (INA) that “ The process of following up on the prices of materials needs coordination between the Ministry of Commerce and the Department of Economic Security in the Interior to limit price manipulation, especially at the level of wholesale and retail sales, increase transparency in selling prices, non-consumer monopoly, and the possibility of giving support to regular markets that can reduce prices.
    He added that "the Central Bank is currently offering local bonds at a high interest rate with the aim of breaking prices and absorbing the surplus Iraqi dinar, which led to the accumulation of demand for some commodities and their rise, especially real estate prices and some commodities of a capitalist nature. 
    He continued that "among the solutions, the withdrawal of the surplus Iraqi dinar and its re-pumping." To support local production, because the basic rule says: The greater the capacity of local production, the more the absorption of goods,” noting that “supporting the ration card by adding new items and of good quality, reconsidering and expanding those covered by social welfare is one of the effective solutions in facing this phenomenon.” 
    In addition, the economic expert, Nabil Jaafar, explained to the Iraqi News Agency (INA) that "it is known that the rise in the exchange rate of the dollar against the Iraqi dinar has led to a rise in the prices of consumer goods, especially food, which led to a decline in the income of the Iraqi citizen and to an increase in the poverty rate, especially that the rise It coincided with the Corona pandemic, which led to the closure of the Iraqi economy and damage to the private sector. 
    He pointed out that "the control of the market in Iraq is often a control over the validity of goods and that they are not harmful to health, and there is no control over prices, and prices are determined according to the market mechanism in supply and demand, but the state can influence the prices of goods through the formation of cooperative societies that increase of goods and services, which consequently leads to a decrease through the increase in the ration card materials. 
    While the economic expert Osama Al-Tamimi believes that “the authorities concerned with monitoring the Iraqi markets were numerous, including those concerned with preparing the database and monitoring inflation and its causes, including executive bodies working to maintain the exchange rate, and this authority is represented by the Central Bank in addition to the Ministry of Trade, which is supposed to be on the General contact through its sensors to monitor price fluctuations and find special treatments by providing support through the ration card, as well as other parties that contact the Ministry of Interior and bodies responsible for controlling the movement of goods through border crossings.
    He pointed out that "despite the multiplicity of parties, we note the rapid fluctuations in prices for various services and commodities with their various specializations and pluralities and in all construction, food, pharmaceutical, housing, or any other sectors that are in direct contact with the life of the simple citizen."
    He added that the high prices of materials in various specialties and foodstuffs are not subject to the exchange rate of the dollar only, but there are other factors, including the lack of real field studies of Iraq's need for goods and services. Steps, sometimes too late.
    And he indicated that there are speculative operations carried out by some parties, the result of which is against the interest of the citizen and harming him. For example, what we witnessed in the price of cooking oils a few months ago was the result of the lack of supply in the market and the lack of prompt treatment by the Ministry of Commerce, which led to an unprecedented rise in oil prices. , as it reached more than 30 thousand dinars, although the dollar exchange rate was about 1225 dinars to the dollar, so the exchange rate is not the only one ruling the market price, but there are other factors represented in the lack of clarity of vision of import operations and the absence of a clear database in most institutions In addition to the deliberate political and administrative corruption to create crises within society for purposes related to the acquisition of funds in one way or another or political ends.
    In this context, the strategic expert, Bashir Al-Saadi, stressed that "it will not benefit Iraq except to approve the resumption of work with the ration card and with 27 basic items (box) for each individual for all Iraqis without any exception, whether they are rich or poor, provided that it is subsidized by 50% to 60 % to be allocated from the general budget 18 billion dollars, and this is a simple right of the Iraqis, and this is what advances Iraq, and this is what makes Iraqis happy, as it raises 90% of the shoulders of the material head of the family.
    The ministry's spokesman, Abdul-Zahra Al-Hindawi, had stated to the Iraqi News Agency (INA), that "inflation witnessed a rise in its rates after changing the dollar exchange rate in November of last year, as it initially rose to 4% and then witnessed stability, There is a monthly rise in inflation, but it has started to decline.”
    Al-Hindawi added that "inflation rose last month by 0.5%, but the cumulative rise from November of last year to August of this year reached 6.5% due to the accumulation of monthly rise, and by comparing the month of August of this year with its counterpart last year, we will find The rise in inflation rates reached about 8%.
    He pointed out that "prices are the ones that affect the rise in inflation, as it is possible for prices to rise and the inflation index to rise, meaning that a person, with his money, is unable to buy his goods because of high prices and the result is due to monthly inflation."
    Al-Hindawi added, "The measures required to reduce inflation are to maintain prices on an ongoing basis and to provide goods and commodities in the market, and on the other hand, increase the volume of investment, which leads to a reduction in inflation."
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