[size=30]Expert: The import of goods decreased by 75% due to the decline in dollar sales from the bank
[ltr]2023.02.09 - 22:12[/ltr]
[/size]
[ltr]2023.02.09 - 22:12[/ltr]
[/size]
[You must be registered and logged in to see this image.]
Baghdad - people
On Thursday, Professor of Economics at the University of Basra, Nabil Al-Marsoumi, revealed that the import of goods decreased by 75% due to the decline in dollar sales from the Central Bank of Iraq.
[You must be registered and logged in to see this link.]
Al-Marsoumi said in a post followed by “NAS” (February 9, 2023), “The decline in the monthly average of the Central Bank of Iraq’s sales from $4 billion in 2022 to $2 billion last month led to a decline in commodity imports by 75%, and the withdrawal of strategic stocks for merchants.” ".
He explained, "Which may later lead to a lack of commodity supply in the Iraqi markets and an increase in their prices in the near future if the import dollar crisis associated with compliance rules on the electronic platform is not resolved."
Al-Marsoumi added, "Knowing that Iraq's annual imports, according to international data of the exporting countries to Iraq, amount to about $50 billion annually."
Earlier, the Kurdistan Investors Union warned of the collapse of the market in the region and bankruptcy, due to the fluctuation of exchange rates.
Union spokesman Mulla Yassin said in statements followed by "NAS" (February 9, 2023), "If the value of the dinar does not return to its place in the short term, thousands of people will become unemployed in the markets and lose their capital."
He added, "I am now the agent of a Turkish company with branches in 80 countries, but my sales decreased by 70 percent in the past month. I sold the equivalent of $150,000 per month, but this month I sold only $30,000 because those who have dollars do not want or They are afraid to spend their dollars, those who have dinars lose and do not want to spend their money, and this will disrupt the movement of business."
Mulla Yassin said: "Currently, in the Kurdistan region, about 8 billion dollars are in the hands of people, and they do not bring it to the market and do not deposit it in banks."
And the Parliamentary Finance Committee called, earlier, to take into account the issue of changing the exchange rate of the dollar in the budget, while indicating that it would make a big difference because Iraq sells oil in dollars.
Committee member Mustafa Al-Karawi said in a statement to the official newspaper, followed by “Nass” (February 9, 2023), that “it is necessary for the government to take into account this point regarding the difference in exchange rates,” pointing to “the need to take into account the issue of activating other sectors and non-oil imports.”
And between, "Iraq sells oil in dollars, and the expenditures are in Iraqi dinars, which will make a big difference in the budget, so this must be taken into account."
And he added, “The budget was supposed to be sent within the next 10 days, but after the decision to change the exchange rate, you will need more time and a review of all investment or operational budgets, so there must be an assessment of the costs in the budget before it is sent, which indicates a delay.” its approval.”
Read also: [You must be registered and logged in to see this link.]
Professor of Economics at the University of Basra, Nabil Al-Marsoumi, spoke earlier about the consequences of what he described as the "political reduction" of the dollar's exchange rate, on approving the budget.
Al-Marsoumi said in a post followed by “NAS” (February 6, 2023), that “the expected political reduction of the official exchange rate of the dollar against the dinar to 1,350 dinars per dollar will complicate the approval of the budget, confuse its vocabulary, and deepen the budget deficit, as it will keep the exchange rate of the dollar in the market.” The parallel is close to its current price, because it is a matter of supply and demand, and as we advance, the gap increases and demand increases.
He added, "Therefore, the reduction will be useless to the market and the citizen, and exchange companies, brokers and speculators will benefit, and even if the dinar exchange rate rose temporarily, it will decline again."
[You must be registered and logged in to see this link.]
Today at 5:19 am by Rocky
» "Rich Iraq" seeks "money" to combat methane emissions: internal and external obstacles
Today at 5:13 am by Rocky
» Increase in foreign remittance sales at the Central Bank of Iraq auction
Today at 5:12 am by Rocky
» Its area is 2.5 million acres, and these are its details.. Work begins on a "large" residential city
Today at 5:09 am by Rocky
» Kurdistan Finance delivers employees' salary schedule to the federal government
Today at 5:08 am by Rocky
» Beggars are sweeping the streets of Iraq.. Their numbers are "large" and 90% of them receive welfare
Today at 5:07 am by Rocky
» Settling tax trust claims
Today at 5:05 am by Rocky
» Launching the National School Health Strategy
Today at 5:04 am by Rocky
» Approval to implement service projects in Babylon
Today at 5:02 am by Rocky
» New container handling berths at ports
Today at 5:02 am by Rocky
» Work: Demand for registration in social security
Today at 5:01 am by Rocky
» Reconstruction: Land Bank to be completed next year
Today at 4:59 am by Rocky
» Aiming to enhance services in schools and prevent diseases, the National School Health Strategy for
Today at 4:58 am by Rocky
» Karmian Festival witnesses the conclusion of commercial and industrial contracts
Today at 4:57 am by Rocky
» Focus on the banking sector
Today at 4:56 am by Rocky
» Minister of Trade: Studies Center is a turning point that serves the Iraqi economy
Today at 4:55 am by Rocky
» Economists: Census is a roadmap for development
Today at 4:54 am by Rocky
» Today's newspapers are interested in Al-Sudani's announcement that the population of Iraq exceeds 45
Today at 4:53 am by Rocky
» International Development Bank: Today's incident was an extortion attempt that did not affect our wo
Today at 4:48 am by Rocky
» thirty-sixth session, chaired by the Minister of Planning
Today at 4:47 am by Rocky
» Closed meeting of the Parliamentary Finance Committee to discuss seven files
Today at 4:46 am by Rocky
» The demographic boom in Iraq: an economic opportunity or a social burden?
Today at 4:44 am by Rocky
» Al-Sudani confirms to Russian delegation Iraq's desire to establish a mechanism that brings mutual b
Today at 4:42 am by Rocky
» Parliament holds its session headed by Al-Mashhadani and attended by 168 MPs
Today at 4:41 am by Rocky
» The Iraqi government deducts 1% of the salaries of employees and retirees to donate to Gaza and Leba
Today at 4:38 am by Rocky
» Iran announces its commitment to continuing gas exports to Iraq
Today at 4:37 am by Rocky
» Iraq, Russia discuss energy cooperation
Today at 4:36 am by Rocky
» British Home Secretary to visit Iraq tomorrow
Today at 4:35 am by Rocky
» The next parliament will have 450 members.. Officially, Al-Sudani announces that the population of I
Today at 4:33 am by Rocky
» US Ambassador Warns of 'Frightening Actions': Iraq Does Not Want to Be Drawn into Regional Conflict
Today at 4:32 am by Rocky
» Planning: The announced census results are not preliminary and the number will increase
Today at 4:30 am by Rocky
» Election “hype” begins early.. Al-Maliki insists on holding it and Al-Sudani prepares
Today at 4:29 am by Rocky
» “No more delays”.. Parliament changes the mechanism of holding sessions: “Controversial” laws are re
Today at 4:28 am by Rocky
» Al-Mashhadani to the heads of the blocs: I prefer to vote on the general amnesty law before anything
Today at 4:27 am by Rocky
» Iraq ranks 8th in the Arab world in achieving work-life balance in 2025
Today at 4:26 am by Rocky
» Labor announces issuance of more than a quarter of a million national cards for social protection be
Today at 4:24 am by Rocky
» Iraqi-Chinese research on accelerating combined cycle power projects
Today at 4:23 am by Rocky
» Al-Maliki praises the decision of the International Criminal Court and demands the resolution of the
Today at 4:22 am by Rocky
» Al-Mashhadani calls for voting on the general amnesty law for the “oppressed” before other laws
Today at 4:21 am by Rocky
» Yazan Mishaan Al-Habouri revolts against his "leak": There are those who obstruct the government's e
Today at 4:19 am by Rocky
» US Ambassador: Ending the presence of the international coalition in Iraq is being implemented and w
Today at 4:18 am by Rocky
» Al-Mashhadani directs to raise the suspended laws to the Presidency of the House of Representatives
Today at 4:17 am by Rocky
» "His general situation is unbearable" .. Parliamentarian: Political consensus to keep Iraq away from
Today at 4:16 am by Rocky
» Al-Sudani agrees to launch the “For Her” initiative to support Iraqi women
Today at 4:15 am by Rocky
» Development Bank condemns extortion attempts: It will not affect our workflow
Today at 4:13 am by Rocky
» Iraq-China oil-for-reconstruction deal faltering: A geopolitical shift in the Middle East
Today at 4:12 am by Rocky
» Planning reveals the next step of the census: We will visit these families
Today at 4:10 am by Rocky
» Parliamentary Finance Committee calls on the government to expedite sending the budget tables
Today at 4:09 am by Rocky
» OPEC+ may extend oil cuts at its meeting next Sunday
Today at 4:06 am by Rocky
» Parliamentary Integrity Committee discusses with the Director of Central Oil the file of contracts a
Today at 4:04 am by Rocky
» Government notice regarding the legal status of foreign workers
Today at 4:02 am by Rocky
» House of Representatives holds "important" session today.. Expectations of extending the legislative
Today at 4:00 am by Rocky
» Slight rise in dollar prices against the dinar in Iraqi stock exchanges
Today at 3:59 am by Rocky
» Baghdad "softens" and Kurdistan oil prepares to continue its global journey
Today at 3:58 am by Rocky
» "For 5 million dinars or in installments" .. Iraqi electric cars soon on the streets
Today at 3:57 am by Rocky
» Where did the Intelligence Bill get to in the House of Representatives?
Today at 3:55 am by Rocky
» "Contract Suspicions Series"... What are the loopholes in the Korean air defense system contract in
Today at 3:54 am by Rocky
» MP reveals latest developments in the formation of the new Kurdistan government
Today at 3:51 am by Rocky
» Personal status: imposing a vision or turning Iraq into a copy similar to the Iranian religious regi
Today at 3:50 am by Rocky
» Oral question to the governor.. Parliamentary movement regarding the “Basra, the Economic Capital of
Today at 3:48 am by Rocky
» MM&C 11/25/24 Parliamentarian: We need to extend the legislative chapter to 8 sessions and the bud
Yesterday at 10:04 am by Rocky
» Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the e
Yesterday at 8:29 am by Rocky
» utube 11/23/24 MM&C Reporting-Expectations are High-IMF-Flexible Exchange Rate Regime-Pr
Yesterday at 6:33 am by Rocky
» utube 11/25/24 MM&C MM&C Iraq News-CBI Building Final Touches-Oil Exports-Development Road-Turkey-B
Yesterday at 6:33 am by Rocky
» Parliamentary movement to include the salary scale in the next session
Yesterday at 5:11 am by Rocky
» Parliamentary Finance Committee reveals the budget paragraphs included in the amendment
Yesterday at 5:10 am by Rocky
» Al-Maliki calls on the Bar Association to hold accountable members who violate professional conduct
Yesterday at 5:08 am by Rocky
» Politician: The security agreement with America has many aspects
Yesterday at 5:07 am by Rocky
» Kurdistan Planning: More than 6 million people live in the region, the oldest of them is 126 years o
Yesterday at 5:05 am by Rocky
» Al-Alaq: Arab consensus on the role of central bank programs in addressing challenges
Yesterday at 5:03 am by Rocky
» Economics saves from political drowning
Yesterday at 5:02 am by Rocky
» Agriculture calls for strict ban on import of "industrial fats" and warns of health risks
Yesterday at 5:01 am by Rocky
» Iraq is the fourth largest oil exporter to China
Yesterday at 5:00 am by Rocky
» Railways continue to maintain a number of its lines to ensure the smooth running of trains
Yesterday at 4:59 am by Rocky
» Parliament resumes its sessions tomorrow.. and these are the most important amendments in the budget
Yesterday at 4:58 am by Rocky
» Bitcoin Fails to Continue Rising as It Approaches $100,000
Yesterday at 4:57 am by Rocky
» Minister of Planning: There will be accurate figures for the population of each governorate
Yesterday at 4:56 am by Rocky
» Popular Mobilization Law is ready for voting
Yesterday at 4:54 am by Rocky
» Mechanisms for accepting people with disabilities into postgraduate studies
Yesterday at 4:52 am by Rocky
» Government coordination to create five thousand jobs
Yesterday at 4:51 am by Rocky
» Transport: Next month, a meeting with the international organization to resolve the European ban
Yesterday at 4:50 am by Rocky
» Census is a path to digital government
Yesterday at 4:49 am by Rocky
» Calls to facilitate loans and reduce interest rates for the private sector
Yesterday at 4:47 am by Rocky
» The launch of the third and final phase of the "population census"
Yesterday at 4:46 am by Rocky
» Al-Sudani: We have accomplished a step that is the most prominent in the framework of planning, deve
Yesterday at 4:44 am by Rocky
» Justice discusses modern mechanisms to develop investment in real estate and minors’ money
Yesterday at 4:43 am by Rocky
» Dubai to host Arabplast exhibition next month
Yesterday at 4:41 am by Rocky
» Al-Tamimi: Integrity plays a major role in establishing the foundations of laws that will uphold jus
Yesterday at 4:39 am by Rocky
» Reaching the most important people involved in the "theft of the century" in Diyala
Yesterday at 4:38 am by Rocky
» Transportation: Completion of excavation works and connection of the immersed tunnel manufacturing b
Yesterday at 4:36 am by Rocky
» Between internal and regional challenges... Formation of the Kurdistan government on a "slow fire" a
Yesterday at 4:35 am by Rocky
» Kurdistan Region Presidency: We will issue a regional order to determine the first session of parlia
Yesterday at 4:34 am by Rocky
» The Minister of Foreign Affairs announces the convening of the Ambassadors Conference tomorrow, Mond
Yesterday at 4:33 am by Rocky
» Al-Sudani: Iraq must always be at the forefront
Yesterday at 4:32 am by Rocky
» Al-Mashhadani: We support the Foreign Ministry in confronting any external interference that affects
Yesterday at 4:31 am by Rocky
» Al-Sudani chairs meeting with Oliver Wyman delegation
Yesterday at 4:29 am by Rocky
» Half a million beggars in Iraq.. 90% of them receive welfare salaries
Yesterday at 4:27 am by Rocky
» Sudanese announces preliminary results of the general population and housing census in detail
Yesterday at 4:26 am by Rocky
» The centenary of the Iraqi Ministry of Foreign Affairs.. A journey of challenges and achievements
Yesterday at 4:25 am by Rocky