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Saleh's appearance: new measures to control the price of the dollar in the parallel market
Economical 2023/02/11
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: Haider Fleeh Al-Rubaie
The financial advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, suggested that the monetary authority in the country would take more measures aimed at controlling the exchange rate in the parallel market, including dissolving obstacles to external transfer, especially after the price hikes of goods and materials in the local market, despite The many official directions aimed at “taming the dollar,” however, the foreign currency is still resisting government decisions, recording a selling price of 146,000 dinars per 100 dollars on Friday.
Observers hope that the first meeting of the Iraqi negotiating delegation and the US Treasury Department, whose work ended yesterday, will achieve positive results that will enhance the results achieved by Iraq in the negotiations with Turkey at the beginning of this month, while those concerned with the economic issue see the need for the official authorities to redouble their efforts to » Control the chaos of banking work », which represents one of the reasons that led to the continued fluctuation of the price of the dollar in the parallel market.
Last week, the Council of Ministers approved the study presented by the Central Bank to reduce the prices of the US dollar against the dinar, as the central set the price of 1,300 Iraqi dinars to buy the dollar from the Ministry of Finance, and 1,310 dinars to sell it to banks through the “electronic platform” and 1,320 dinars to sell it to the final beneficiary, and as a result The parallel market witnessed a significant decline in the exchange rate, reaching 145 thousand dinars compared to 100 dollars, after it reached more than 170 thousand dinars earlier.
Saleh told Al-Sabah on the sidelines of the economic symposium held by the Economic Studies Department at the House of Wisdom in cooperation with the Financial and Accounting Training Department at the Ministry of Finance: “The first round of negotiations between the Central Bank and the US Treasury in Turkey gave clear flexibility to the dollar sale process and the exchange rate.” And I believe that the Istanbul meeting is a success, and that success will reflect positively on the Washington meetings that ended yesterday and that will be held in the future, praising at the same time the recent reform package that the Central Bank put forward with the aim of confronting the high exchange rate of the dollar against the dinar, which includes dissolving obstacles to external transfer, and buying Real estate, transfer of profits, and others, indicating that the liberalization of the current account of the balance of payments is a positive step and is consistent with our relationship with the World Bank.
The financial advisor to the Prime Minister expected that “the central bank will take further steps aimed at controlling the exchange rate, especially with the improvement of disclosure standards for banks and banks that request foreign currency for the purpose of financing trade, as these procedures will be greatly facilitated, to then lead to conformity.” price ».
And Saleh indicated that the exchange rate in the general budget represents a “contractual price” between the Ministry of Finance and the Central Bank, so there should be great understandings between the two sides to determine the exchange rate for the purposes of calculating oil revenues in the budget, as this matter can be directly or indirectly reflected. on the exchange rate.
And Saleh had told the Iraqi News Agency (INA) that "the 2023 budget will adopt the exchange rate approved by the Council of Ministers, stressing that the decision is commensurate with the increase in the current account of the balance of payments, as well as supports the increase in foreign reserves, which touched 115 billion dollars."
In turn, the supervisor of the Economic Studies Department at the House of Wisdom, and the moderator of the session, Dr. Falah Hassan Thuwaini, explained that “the symposium shed light on the problems and solutions related to the exchange rate, and the process of what that price has reached and the obstacles and problems facing the process of controlling it were discussed. Economic, and the participants proposed a number of solutions.
Thuwaini indicated, during his interview with Al-Sabah, that the symposium came out with a set of recommendations, including the need to focus on real commodity economic activity, such as factories, trade, agriculture, and others, as the survival of these sectors without significant activation is draining huge funds that have caused the exchange rate to rise in the country. ».
With the aim of controlling the exchange rate, Dr. Thuwaini believes that it is necessary to “first control the work of exchange offices and banks, indicating that the Iraqi economy does not absorb this huge number of banks, and does not need them greatly, and it may be part of the problem, so the activity of banks and exchange offices should be controlled.” At the same time, he indicated that “manipulation or continuous change in the exchange rate represents a factor of concern for economic units, so it is necessary to work gradually on such economic trends,” indicating that the step to raise it at the time was wrong in light of the lack of conditions, stressing his support for setting An exchange rate commensurate and converge with the movement of trade and commodity exchange at home.
Thuwaini's vision coincided with what was said by the economic researcher Nabil Jabbar Al-Tamimi, who stated in a press statement, that "the problems of the exchange and trade system appeared in Iraq when the US Federal Reserve imposed its conditions that require adherence to international standards for conducting transfers from Iraq to different cities around the world." ».
Al-Tamimi said: “Most of the trade in Iraq adopts primitive methods, in which small merchants who represent the majority of merchants use traditional methods in their remittance operations, and such paths in the existing commercial and banking system in Iraq lead to the presence of additional links that cause the benefit of banking and non-banking entities.” banking from the multiplicity of these rings and their monopoly, and thus the high cost of remittances, which is reflected in the cost of imported goods and services, and it also restricts any government measure to control
on the trade balance of Iraq.
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