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Parliamentary legal: The government's measures are useless in stabilizing the exchange rate
Iraq 2023/02/27
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Baghdad: Muhannad Abdel Wahhab
The Parliamentary Legal Committee stated that the government's measures have not succeeded so far in stabilizing the exchange rate of the dinar against the dollar and curbing prices in the markets.
Meanwhile, an economist criticized the multiplicity of random exchanges that led to different exchange rates and speculation. A member of the Legal Committee, Raed Al-Maliki, told Al-Sabah: The government's measures have not yet succeeded in stabilizing the exchange rate of the dollar, despite setting the official price at 1130 dinars to the dollar, as the exchange rate still exceeds 150 thousand dinars for every 100 dollars.
He added that the prices of goods and services are still very high, and they exceed the prices that were when the exchange rate of the dollar was 1146 dinars per dollar, as we look at this matter as a criterion for the soundness and effectiveness of the government's measures.
He pointed out that the committee will not wait long regarding this matter, as the government bears the difference in the price of the dollar between the official and parallel sale in the market.
Al-Maliki pointed out that the measures to arrest a person or speculator in the market will not suffice, because the country's foreign trade is large and depends on the dollar, so these steps so far are not sufficient or convincing.
For his part, the economic expert, Saleh Al-Hamashi, said: The problem of the currency market lies in the monetary policy followed by the Central Bank and the window for selling the currency, in addition to the absence of real and organized stock exchanges inside the country, including Al-Kifah, Al-Harithiya, New Baghdad, Al-Kadhimiya and Al-Shorja.
And he indicated that these stock exchanges are not regulated by a law and screens displaying currency sale prices, and the government did not care about them, as they remained randomly, and the Central Bank still does not have, until this moment, the real data on the size of the market despite the size of the known monetary mass, so there has become a defect between Supply and demand that the bank could not control, in addition to the random trade that clearly affected the withdrawal of cash.
And he indicated that despite all the figures sold by the Central Bank, the price of the dollar is still high due to the lack of regulation of internal trade.
He pointed out that the solutions lie in the central bank dealing with the Ministry of Commerce to determine the parties that have the right to import, as well as organizing the stock exchanges in a realistic manner in order to match the exchange rate of the dinar, as their difference generated price speculations, stressing that the monetary policy pursued by the central bank is unrealistic. It does not fit with the economic problem.
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