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The government is threatening to enter a "wholesaler" to face the rise in prices
Economical 2023/01/29
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The government has remarkably expanded the volume of measures that would curb the dollar and reduce the volume of inflation that swept the markets as a result of the rise in the exchange rate, and the resulting waves of high prices that clearly affected those with low incomes, and led to "biting off" a large part of the incomes of workers in Public and private sectors
While the government "was hinted" at the possibility of its entry as a "wholesaler" in the local market with the aim of controlling prices, specialists believe that the dinar could continue to "bleed" unless the monetary authority takes strict measures to undermine the dollar's appreciation.
The specialists also proposed, among other solutions, to counter the effects of high inflation in the country, and expected its rise to continue in the coming periods as a result of the increase in the exchange rate of the dollar, which reached yesterday morning, Saturday, “162 thousand dinars per 100 dollars,” stressing the need to expand fiscal policy through spending on Investment infrastructure, work to attract international companies and carry out a reform revolution in the industrial, agricultural and tourism fields.
Last week, Al-Sabah reported a proposal by the academic and economist, Dr. Sattar Al-Bayati, during which he called for the need for the government to "strongly intervene in economic activity, and undertake a percentage of imports to create a kind of competition that will reflect positively on prices and the citizen, and not leave That matter is entirely for the private sector," a proposal that was supported yesterday, Saturday, by the financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, when he indicated by saying: "We find that the state's intervention in the field of import trade is a comprehensive national solution to provide price stability."
Saleh added, "As long as government trade is highly governed and outside this constraint, as it relies on the mechanisms of documentary credits, which is the traditional base for financing trade, and so that the commercial market can reorganize itself, its contracts and its foreign purchases, and in order to contain fluctuations in the exchange rate within a narrow range, we suggest that trade expand." The government foreign ministry (as a wholesale trader) is currently in order to supply the market with the most important commodities that have a wide impact on people's lives, which flow according to the fixed official exchange rate of 1460 dinars to the dollar.
And the financial advisor to the Prime Minister continued, "We find in the state's intervention in the field of import trade a comprehensive national solution to provide price stability and provide an atmosphere of anti-competition (cartels) that monopolize trade, which sends negative signals towards stabilizing the exchange rate of the Iraqi dinar."
Despite the many negative effects left by the depreciation of the dinar in the economic reality, however, the researcher in Iraqi and international economic affairs, Dr. His failure has dire economic effects on society, criticizing at the same time, the Central Bank’s measures to control the crisis of the rise of the dollar, which he believes did not have an impact on the parallel market, as evidenced by the continued escalation of the current crisis and the successive rises in the exchange rate of the dollar.
Dadoush explained that the failure to achieve (stability in the exchange rate) comes as a result of the central resort to increasing cash dollar sales, while the problem is in remittance dollars (imports), and the process of switching to the new electronic platform according to its announced conditions for private banks.
The researcher Daadoush believes that the inflation rates will continue to rise during the coming periods, indicating that the difference between the official price set by the Central Bank and the price in the parallel market amounted to about (18-20) thousand dinars, and this matter directly affected the increase in the prices of goods and commodities in the markets, where most of them are If not all of them are imported in dollars, and therefore this matter will naturally be reflected in the salaries of employees, which “decreased, in my opinion, by about 12%,” according to the spokesman.
Dadoush urged, on the necessity, that the Central Bank stimulate private banks to enter the window and purchase remittance dollars in accordance with the terms and conditions of the new electronic platform and to deal more realistically in import operations in terms of amount, quantity and quality, down to the main source of the goods or commodity, and to sit down and reach an understanding with external compliance institutions.
In line with the proposed solutions to confront the exchange rate crisis, a member of the Iraqi Economists Association, researcher Moqdam Al-Shaibani, stressed during his interview with "Al-Sabah" the necessity for the government to achieve the highest levels of interest from the financial surpluses resulting from the rise in oil prices, and the resulting significant increase in oil prices. Iraqi revenues, with a focus on expanding fiscal policy through spending on investment infrastructure such as roads, bridges and electricity, which are the backbone of the scientific economic development process.
And the researcher Al-Shaibani stressed the need to "enhance the global competitiveness of the investment environment to attract foreign capital, as well as focus on addressing the problems that the agricultural sector suffers from, such as land salinity, water pollution and scarcity, climate change, depletion of fertilizers, and reforming as much agricultural land as possible, calling at the same time to Focusing on the oil industries through the establishment of refineries to meet the needs of the Iraqi market and export in addition to the export of crude oil and the establishment of petrochemical factories in cooperation with the private sector.
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