Home
The government is threatening to enter a "wholesaler" to face the rise in prices
Economical 2023/01/29
[You must be registered and logged in to see this image.]
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.
[You must be registered and logged in to see this link.]
» Integrity: the arrest of a wanted former trade official after his return from outside Iraq
» Report: Paving the Silk Road passes through pumping more Chinese loans to transit countries
» The Minister of Finance is discussing with the International Monetary Fund support for economic refo
» The Finance Committee breaks its silence: Al-Halbousi is alone discussing the budget in his private
» What is the benefit of the return of Iranian-Saudi relations to Iraq? Parliament answers
» Ports: 3 Travelers Were Arrested In Possession Of 522 Master Card Cards Intended For Smuggling
» Seizing A Factory For Industrial Fraud And Counterfeiting Trademarks, And Arresting Its Owner In Bag
» Iraq and Romania are discussing a mechanism for mutual coordination to support expertise between the
» The Agricultural Bank launches car purchase advances
» Al-Sudani calls for solving citizens' problems without waiting for the Prime Minister's directives
» Parliamentary Work: We have obligated local and foreign companies to employ the Iraqi workforce and
» Iraq Ports Company: The completion rate of the Al-Faw Grand Port project has reached more than 44.5%
» The head of the Service Council mortgages the launch of appointments to two issues and talks about t
» The Iraq Stock Exchange ends the day's trading, down 0.49%
» The arrest of a former official in the Ministry of Commerce after his return from abroad
» “Al-Kazemi incites Washington by inciting against Al-Sudani.” An American network warns the former p
» Deputy likely date of inclusion of the draft budget law on the agenda of Parliament
» The Central Bank of Iraq announces the imminent issuance of a decision regarding the possibility of
» Rashid: The United Nations has shown interest in helping Iraq solve water problems
» Exposing corruption and waste of public money worth 123 billion dinars in Basra (documents)
» After abolishing it years ago.. Restoring the provincial councils for the benefit or for the interes
» With rising prices, drought and lack of subsidies threaten the livestock market in Iraq
» The Iraqi Central Bank wants to issue a denomination of 20,000 dinars: we will issue a decision to p
» International trade obliges Iraq to pay compensation to Ankara in the arbitration case
» Declining Central Bank of Iraq sales of dollars
» An Iraqi bank launches car purchase advances
» International Trade orders Iraq to pay compensation to Ankara in the arbitration case
» Experts: Growing crude sales to China reflect positively on the economy
» Integrity monitors 5,000 lagging projects worth $20 billion over 5 years
» The maximum limit is 150 million.. An Iraqi company determines deposit compensation rates
» DNO begins closing oil fields in Kurdistan
» New talk from the Central Bank regarding the exchange rate and the possibility of printing a denomin
» Minister of Labor We await approval of the budget to include 600,000 families with social protection
» Al-Sudani calls for expediting registration for health insurance: services at subsidized prices
» Investors Association: Foreign investors are now selling their shares from Iraqi companies
» Baghdad and Muscat are finalizing the memorandum of understanding in the field of combating corrupti
» Parliament hosts the representative of the International Monetary Fund
» Parliamentary Oil confirms its intention to dismiss a number of officials of the Iraqi Oil Marketing
» The Iraqi charge d'affaires in Manama (tickles) the King of Bahrain, and its government officially p
» Al-Rafidain launches a new meal from the predecessors of employees and associates electronically
» The start of the tasks of the government services team in Baghdad
» Amending the election law raises controversy
» Parliamentary Committee: Basra Oil incurred 10 billion dinars as delay fines
» Lawmakers: The three-year budget cuts the path of corruption
» Kurdistan parties do not agree on an electoral system
» The central bank records the highest cash reserve in its history
» Kurdistan loses its most prominent supporters.. Washington is "angry" with its Kurdish allies, and t
» The Sudanese registers in the health insurance electronic form
» With a value of 123 billion dinars.. Parliamentary integrity reveals corruption and waste of public
» With fears of disruption to Kurdistan's supplies, oil is approaching $79 a barrel
» The President of the Republic stresses the need to support the oil industry
» Oil: directives to expedite the investment of 200 cubic meters per day of associated gas in Dhi Qar
» A Norwegian oil company closes wells and withdraws from the Kurdistan region
» Dollar prices recorded a noticeable decline in Baghdad markets
» The Iraqi Central Bank’s sales of dollars reach more than 200 million
» In numbers.. the new taxes in the budget and its “citizen victim”
» Oil: directives to expedite the investment of 200 cubic meters per day of associated gas in Dhi Qar
» On his visit to the Atomic Energy Agency (IAEA).. The Minister of Education discusses the developmen
» The Iraqi government withdraws the bill to confiscate the funds of the pillars of Saddam's regime
» Parliament passes the election law with security intervention after chaos
» Iraq makes the water file sovereign and tends to store the Turkish increase in releases
» An international report: 75% of the displaced farming families did not return to their homes
» The delegation of the Kurdistan region returns to Baghdad to discuss the settlement of previous diff
» The coordination framework is preparing to abolish the Judicial Commission and the Kirkuk elections
» Central Bank: Our measures contributed to the stability of the exchange rate
» The general amnesty returns to the fore... and a political consensus to speed up its approval
» Al-Sudani conveys the issue of water from his artistic side and makes it a sovereign file
» The Minister of Foreign Affairs directs to return the Iraqi Chargé d'Affairs to Bahrain to Baghdad
» The Minister of Finance is discussing cooperation with France and Britain in 3 sectors
» Electricity announces the operation of a crutch generation station on free national gas
» Al-Mandalawi and Al-Hakim stress the need to expedite the legislation of the budget law
» Retirement begins with the disbursement of the second meal for the beneficiaries of the category of
» Agriculture shows the mechanism of importing crops
» The Central Bank expects a decrease in the difference between the official and parallel exchange rat
» Deputy: It is expected that 15 laws will be presented to Parliament during the coming weeks
» Social protection: transgressors are held accountable and the money they received is returned
» Cabinet decisions at its meeting today
» The Social Protection Authority clarifies the mechanism for recovering money from those who violated
» Sudanese advisor: Central Bank reserves reached 115 billion dollars
» International oil prices continue to rise and are approaching $78 a barrel
» Demands for Iraq to move to put pressure on Türkiye to obtain its share of water
» Among them is the budget.. Al-Mandalawi and Al-Hakim discuss the importance of approving legislation
» KTFA Monday Night CC "Don't Go Chasing Waterfalls" 3-27-2023
» The House of Representatives is close to approving a law that has been suspended for more than a dec
» Advisor to the Prime Minister: Iraq's economy is strong and moving towards improvement
» Sudanese advisor: The official exchange rate will match the parallel exchange rate within a few week
» The most prominent of which is the discussion of the oil file.. A delegation from the regional gover
» Parliamentary Finance: We have received the draft budget and it is not necessary to return it to the
» Parliamentary mobilization for statement "One" against the dictatorship of Al-Halbousi during the se
» Framework: We will not make any concessions in order to pass the election law
» Al-Bayati: The budget will be decided during next April, and the Kurds will not hinder its passage
» With an area of 330 dunums.. revealed the details of an economic and commercial city project in Ba
» Framework: Reviewing the strategic agreement with America will be a next priority after its failure
» A parliamentary move to host the Minister of Commerce due to the delay in disbursing the ration card
» Kurdistan's oil is stacked in storage tanks after exports to Turkey stopped
» Parliament was surprised by Al-Halbousi's behavior by hiding the budget and putting forward politica
» Expert: The American presence on the borders undermines the country's security and threatens its saf
» Oil prices are moving in a narrow range due to supply concerns and the banking crisis