[size=30]Experts offer solutions to eliminate the exchange rate gap in the parallel market
[ltr]2023.03.07 - 09:10[/ltr]
[You must be registered and logged in to see this image.][/size]
[ltr]2023.03.07 - 09:10[/ltr]
[You must be registered and logged in to see this image.][/size]
Baghdad - Nas
The Federation of Chambers of Commerce revealed the Prime Minister’s directive to facilitate merchants’ access to the electronic transfer platform for selling dollars at the Central Bank as part of efforts to control the large gap between the exchange rate between the official and the market.
[You must be registered and logged in to see this link.]
This trend represents, according to a number of specialists in economic affairs, a necessary step to eliminate the monopolies of the parallel market for foreign currency, in addition to being an important factor in limiting the rise in prices resulting from the necessity of "small merchants" to provide their needs in dollars by buying it from money exchanges, which sell it within limits. 157 thousand dinars for every 100 dollars, "until yesterday, Monday."
In addition to the importance of government directives to facilitate the involvement of merchants in the platform for selling the currency, the economist, Dr. Fares Karim Buraihi, believes during an interview with the official newspaper, followed by “Nass” (March 7, 2023), that “the central bank’s moves represent practical measures that can contribute to an extent.” What is the decline in the exchange rate of the dollar, but it needs more follow-up,” calling for the involvement of “small traders” who work on a daily basis in commercial exchange without allowing them to enter the platform for selling dollars in the central bank, and obtaining foreign currency at its official rate, indicating that This caused a clear rise in prices.
Expert Brehi explained that the process of adapting to the platform and stabilizing exchange rates requires more time and continuous government follow-up, and to work diligently to prevent smuggling operations that the dollar was exposed to during the past periods, stressing that these follow-ups will lead to the restoration of the exchange rate and the stability of the parallel market, and thus Eliminating inflation and its negative repercussions on society, praising at the same time the government's efforts to control food prices in the local markets by entering as a competitor in selling some items at official prices, stressing the importance of the step that comes with the approach of the holy month.
Yesterday, Monday, the head of the Federation of Chambers of Commerce, Abd al-Razzaq al-Zuhairi, announced that "the prime minister directed that there should be meetings between businessmen, merchants, and relevant authorities, including the Central Bank, tax and customs, and facilitate the entry of merchants to the electronic transfer platform."
Contrary to the previous opinion, a member of the Iraqi Economists Association, economic researcher Muqdam Iyad al-Shaibani, believes during an interview with the official newspaper that "monetary policy in Iraq is still subordinate to fiscal policy and is not independent of governmental and political decisions," describing the decision to raise the exchange rate that was taken in the year 2020 from 118 dinars per dollar to 146 dinars, as "a shock method, and represents punishment for the people, in addition to being an unscientific and ill-considered measure that led to the decline of the Iraqi economy and caused a real crisis for the citizen."
Al-Shaibani explained that "the citizen suffers from accumulated crises as a result of previous economic and financial policies, and that changing the exchange rate within two years without a real study of the market situation, the banking system, and the situation of the private sector led to a gap between the official price and the parallel market price, especially after the Central Bank of Iraq did work." system of the electronic platform for financing foreign trade, without taking into account the weakness of the Iraqi banking system.
Al-Shaibani believes that "the failure of merchants, especially small traders, to deal with the banking system of the Central Bank led to the purchase of dollars from the parallel market to finance their foreign trade," noting that "most of the internal trade operations are still funded in dollars, and that Iraq depends entirely on imports from abroad because the industry And agriculture constitutes only 4% of the gross domestic product, which created a large gap between the official and the parallel price, which negatively affected the situation of the Iraqi economy and the citizen directly.
The researcher Al-Shaibani stressed the need for the Central Bank to reform the banking system and work to persuade all segments of the people, especially merchants, investors and other actors in the Iraqi economy, to enter the banking system and work to solve the problem of small traders and find realistic solutions to finance their trade, calling at the same time, to transfer all Domestic trade operations are in Iraqi dinars, and that the dollar be used to finance foreign trade.
[You must be registered and logged in to see this link.]
Today at 5:24 am by Rocky
» utube MM&C 3/26/24 Iraqi Dinar - IQD Update - Strength Dinar - Automation ASYCUDA - World Bank - D
Today at 5:21 am by Rocky
» Amending the Health Professions Law “robs” scientists of the central appointment 3 years after it wa
Today at 5:20 am by Rocky
» Is the “blessings package” that Erbil paid to the citizens of Kurdistan related to the elections?
Today at 5:19 am by Rocky
» Exceeded 5,000 projects.. Allocating 10 trillion dinars to support governorate reconstruction plans
Today at 5:18 am by Rocky
» “His need no longer exists.” Parliamentary Finance confirms the necessity of returning the retiremen
Today at 5:17 am by Rocky
» To communicate with the bases... 12 directives from Al-Sadr, including blocking numbers for non-gove
Today at 5:15 am by Rocky
» In an interview with "Baghdad Today"... an Iranian researcher reveals the importance of Haniyeh's vi
Today at 5:14 am by Rocky
» After it was 63 trillion in 2023... the 2024 budget deficit will rise to 80 trillion dinars
Today at 5:13 am by Rocky
» Parliament reveals the date of the first evaluation of the governors and determines the party respon
Today at 5:11 am by Rocky
» The President of the Republic informs Al-Araji and Al-Basri: Momentum must be mobilized to eliminate
Today at 5:10 am by Rocky
» Can the Federal Court sue others? A legal clarification of its response mechanism to abuse
Today at 5:09 am by Rocky
» Despite promises to soon stop burning gas.. What is the secret behind Iraq renewing the Iranian gas
Today at 5:07 am by Rocky
» Advisor to Al-Sudani: The dollar is on the way to further decline, and 70% of Iraqi traders have ent
Today at 5:06 am by Rocky
» Iraq exported more than 99 million barrels of oil last February
Today at 5:04 am by Rocky
» Barzani “gives good news” to Kurdistan employees: salaries, land, and loan exemptions
Today at 5:03 am by Rocky
» Alia Nassif: Nour Zuhair returned to the port of Umm Qasr to make deals.. An influential Shiite forc
Today at 5:02 am by Rocky
» The Prime Minister announces the movement of nearly 500 stalled projects
Today at 5:00 am by Rocky
» A government strategy to enhance investments.. Iraq is on the verge of a new era of economic develop
Today at 4:59 am by Rocky
» Ranging between 20% and 50%.. The Kurdistan government decides to reduce service fees, customs dutie
Today at 4:58 am by Rocky
» Al-Sudani: The reform approach in the security services is an integral part of reform in other secto
Today at 4:56 am by Rocky
» Everyone in Iraq wants the Sudanese visit to Washington to be successful, even the factions!
Today at 4:55 am by Rocky
» Sources and experts expect the agenda.. in his bag is the Baghdad dollar and the factions’ truce, bu
Today at 4:54 am by Rocky
» The decision to raise gasoline prices arouses the ire of drivers...a reminder of the large demonstra
Today at 4:53 am by Rocky
» Parliamentary services: 3 important hospitals in Baghdad will enter service at the end of the year
Today at 4:52 am by Rocky
» Iraq signs a contract to supply Iranian gas for a period of five years
Today at 4:50 am by Rocky
» Parliament adds a voting paragraph on amending the Penal Code to its agenda
Today at 4:49 am by Rocky
» His political advisor: We are not afraid of Sudanese entering the elections alone
Today at 4:48 am by Rocky
» Parliamentary services explain the reasons for the rise in real estate prices in Baghdad
Today at 4:46 am by Rocky
» Attia, criticizing the government's decisions: "The citizen's feathers will be ruffled without servi
Today at 4:45 am by Rocky
» Parliamentary Communications: Zain Iraq and Asiacell did not pay their debts
Today at 4:44 am by Rocky
» The Governor of Karbala announces the imminent establishment of the largest industrial city in the c
Today at 4:43 am by Rocky
» A government determination to end the issue of displaced persons in the middle of this year
Today at 4:42 am by Rocky
» Iraq buys gas from Kurdistan to generate electricity
Today at 4:41 am by Rocky
» Parliamentary signatures to include an amendment to the internal regulations to decide the choice of
Today at 4:40 am by Rocky
» In Basra.. a demonstration against foreign workers in Iraqi companies (video)
Today at 4:38 am by Rocky
» Al-Samarrai: Presidency of Parliament is an entitlement to the constituents, and calling it a “frame
Today at 4:36 am by Rocky
» Electronic food supplies in 6 governorates... covering 11 million Iraqis and “writing off” about 700
Today at 4:34 am by Rocky
» Corruption of the Ministry of Transport.. Representatives express their surprise at the minister’s s
Today at 4:32 am by Rocky
» The biggest supporter of the invasion of Iraq.. The death of former US Senator Joe Lieberman
Today at 4:31 am by Rocky
» Iraq is ranked “late.” A list of the most and least safe Arab countries for women
Today at 4:30 am by Rocky
» The Council of Ministers exempts the Gulf Interconnection Authority from guarantee fees: it is a gov
Yesterday at 7:48 am by Rocky
» The Iraqi government raises the size of the 2024 budget, and Parliament is “surprised”
Yesterday at 7:46 am by Rocky
» Popular Movement: We have many economic options away from American hegemony
Yesterday at 7:42 am by Rocky
» The Oil Parliament stresses the need to transfer part of the revenues to the producing governorates
Yesterday at 7:41 am by Rocky
» It will cover 14 regions in eastern Iraq.. A deputy reveals the “border electricity” project
Yesterday at 7:40 am by Rocky
» Experts Warn Mass Migration Threatens US Food Security
Yesterday at 7:37 am by Bama Diva
» Al-Fateh: America occupies Iraq through agreements
Yesterday at 7:37 am by Rocky
» Anger in Iraq over a "sudden decision"... and a reminder of a "general strike" that paralyzed the co
Yesterday at 7:34 am by Rocky
» Parliamentary Committee: Parliament is discussing today a decision that “disturbed” the Iraqis
Yesterday at 7:33 am by Rocky
» Ministry of Electricity: Our production will reach 27 thousand megawatts by May
Yesterday at 7:31 am by Rocky
» Diagnosing the “most important” problems in the oil file between Baghdad and Erbil.. What is the rel
Yesterday at 7:30 am by Rocky
» The Iraqi Fiqh Academy and the Sunni Endowment issue a fatwa to pay Zakat al-Fitr
Yesterday at 7:28 am by Rocky
» The National Bank of Iraq continues its digital transformation by launching its new banking system a
Yesterday at 7:26 am by Rocky
» Parliamentary Investment and the Central Bank are discussing the housing initiative
Yesterday at 7:25 am by Rocky
» The Prime Minister announces the restart of 500 suspended projects
Yesterday at 7:23 am by Rocky
» Al-Barti assesses the region's employees: Your salaries are insured and will be paid after resettlem
Yesterday at 7:21 am by Rocky
» Iraqi-American discussions in anticipation of the Sudanese visit
Yesterday at 7:20 am by Rocky
» Iraq and Turkey hold meetings in Ankara to discuss technical issues related to the development road
Yesterday at 7:17 am by Rocky
» A government parliamentary agreement to support budget revenues and governorate allocations for inve
Yesterday at 7:16 am by Rocky
» Oil: The gas sector is witnessing great development
Yesterday at 7:15 am by Rocky
» A Kurdish-French agreement to develop trade and economic relations
Yesterday at 7:13 am by Rocky
» Exchange companies in Mosul demand that they be entered into the currency selling window
Yesterday at 7:12 am by Rocky
» Minister of Finance to the Czech Ambassador: Iraq enjoys a more attractive business environment and
Yesterday at 7:10 am by Rocky
» Iraq and Britain sign an agreement in the field of the stock market
Yesterday at 7:08 am by Rocky
» A new parliamentary meeting with the Minister of Finance to discuss these files
Yesterday at 7:07 am by Rocky
» A parliamentary committee discusses these files with the Director of the Projects Department in the
Yesterday at 7:06 am by Rocky
» Central Bank sales exceed $257 million today
Yesterday at 7:05 am by Rocky
» Parliamentary Finance and the Minister of Planning discuss governorate allocations and investment bu
Yesterday at 7:04 am by Rocky
» Planning: We are discussing with representatives of the World Bank the work plan of the Social Fund
Yesterday at 7:02 am by Rocky
» Parliamentary meeting with the Governor of the Central Bank and the Director of the Real Estate Bank
Yesterday at 7:01 am by Rocky
» Parliamentary Finance: The 2024 budget reached 228 trillion dinars
Yesterday at 6:57 am by Rocky
» Barzani "gives good news" to Kurdistan's employees: salaries, land, and loan exemptions
Yesterday at 6:57 am by Rocky
» Parliamentary Economy: The decision to raise fuel prices targets this class
Yesterday at 6:54 am by Rocky
» The President of the Republic: Iraq is an important investment environment
Yesterday at 6:53 am by Rocky
» From the accounts of Saddam's Republican Guard... Iraq returns approximately 7 billion dinars to the
Yesterday at 6:52 am by Rocky
» Al-Abadi: Muqtada al-Sadr did not leave politics.. He reached a dead end
Yesterday at 6:49 am by Rocky
» Nassif: The leaders of the framework abandoned Al-Sudani because of his recent successes
Yesterday at 6:48 am by Rocky
» Baghdad stresses the continued danger of ISIS and the importance of Washington's efforts to combat i
Yesterday at 6:47 am by Rocky
» Parliamentary Oil: It is necessary to transfer part of the revenues to the oil-producing governorate
Yesterday at 6:45 am by Rocky
» The Sudanese government zeroes in on the legacy of its predecessors
Yesterday at 5:28 am by Rocky
» The Human Organ and Tissue Transplantation Law is ready for its second reading
Yesterday at 5:26 am by Rocky
» 1,500 active civil organizations in Iraq
Yesterday at 5:25 am by Rocky
» The position of Speaker of Parliament awaits decision
Yesterday at 5:23 am by Rocky
» Water for peace...the water crisis in Iraq
Yesterday at 5:21 am by Rocky
» Fiscal and monetary policies succeed in undermining the parallel dollar
Yesterday at 5:20 am by Rocky
» Kurdistan.. Attempts to circumvent the "Federal" decision and an invitation to the Baghdad governmen
Yesterday at 5:17 am by Rocky
» “Iraq warned the US Treasury to leave the dollar.” Parliamentary Finance: The exchange rate will con
Yesterday at 5:16 am by Rocky
» The Iraqi government issues new decisions
Yesterday at 5:14 am by Rocky
» Barzani: We will not give up our constitutional rights, and tomorrow we will take a decision that is
Yesterday at 5:12 am by Rocky
» A researcher in political and security affairs describes the decision to increase the price of gasol
Yesterday at 5:11 am by Rocky
» The Council of Ministers addresses the Finance Ministry to appoint the families of those who died du
Yesterday at 5:09 am by Rocky
» 100 thousand dinars as a “Eid gift” for retirees.. A parliamentary request before the Sudanese (docu
Yesterday at 5:08 am by Rocky
» Al-Sudani confirms that more than 490 projects have been moved and returned to work in record time
Yesterday at 5:07 am by Rocky
» Parliament reveals three facts about the decision to raise the price of fuel: It targeted “luxury” w
Yesterday at 5:05 am by Rocky
» In detail...the problems of the oil file between Baghdad and Erbil
Yesterday at 5:04 am by Rocky
» International skepticism about Iraqi agriculture... Modern irrigation succeeds, but it will not be e
Yesterday at 5:02 am by Rocky
» For those who love traveling by the Iraqi train... buy the ticket with your mobile phone and 50 new
Yesterday at 5:00 am by Rocky
» Regional and international challenges hinder the path of the Iraqi economy towards stability
Yesterday at 4:59 am by Rocky