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The parallel dollar market.. negative effects that limit purchasing power
Economical 2023/03/28
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Haider Fleeh Al-Rubaie
And the mainstay of the emirate
Specialists in economic affairs have warned of the dangers of continuing speculation taking place in the "parallel market" at the level of individuals' income, calling for monitoring phenomena harmful to the Iraqi economy.
Despite the successive "packages and measures" of the Central Bank, aimed at controlling the dollar's reins, and at the same time seeking to bridge the gap between the official dollar price and what is being sold in the parallel market, this currency is still witnessing successive rises that have remarkably affected the level of per capita income, and led to clear increases in inflation rates, as a result of relying almost entirely on financing commodity imports in dollars.
The noticeable increase in the volume of the Central Bank’s sales of dollars did not constitute a factor that could affect the dollar prices in the parallel market, in which the exchange rate reached 156 thousand dinars for every 100 dollars.
Economist Dr. Sattar Al-Bayati believes, during his interview with Al-Sabah, that “the exchange rate remains subject to speculation, which is normal according to economic theories and the opinions of financial scholars who assert that money in any country is requested for three reasons. The first is in transactions, and the second is for reserve or hedging, and the third is for speculation.”
According to the expert al-Bayati, "the times of crises and difficult circumstances that countries are going through show the so-called war dealers, meaning that in such difficult circumstances there are personalities and institutions that work and exploit these conditions to work in the market of speculation and money laundering, as well as smuggling hard currency, which is what happens." speaker saying.
Al-Bayati also stressed the need for the successive packages and procedures of the Central Bank to accompany the security services, with the support of the judiciary, to monitor these phenomena harmful to the Iraqi economy and hold them accountable by all legal means, warning of the dangers of the parallel market for the currency and its negative repercussions on the life of the citizen, especially since Iraq is an importer of most consumer goods and foodstuffs. This has a negative impact on the purchasing power of low-income citizens.
In turn, the researcher in economic affairs, Dr. Ali Dadoush, indicated during his interview with “Al-Sabah” that “the Central Bank’s measures to control the crisis of the dollar’s rise did not have an effect on the parallel market, as the successive rises in the exchange rate of the dollar in the parallel market,” warning That this will lead to a rise in inflation rates, especially with the existence of a wide difference between the official price set by the Central Bank and the price in the parallel market, which directly affected the rise in the prices of goods and commodities in the markets, as most, if not all, are imported in dollars.Dadoush believes that these conditions and the resulting continuous price hikes have negatively affected the salaries of employees, which, in my opinion, decreased by about 12%, stressing the need to stimulate private banks to enter the window and buy remittance dollars according to 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.
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