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Government moves to mitigate the effects of changing the exchange rate
Economical 04/08/2023
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Haider Fleeh Al-Rubaie
And the mainstay of the emirate
The Baghdad Chamber of Commerce revealed that there are joint moves between the government and a number of trade unions and organizations aimed at mitigating the effects of changing the dollar exchange rate, and its negative repercussions on the level of income of individuals and the economic movement in general, especially after clear rises in inflation rates, which led to Chopping off a large part of the financial returns of employees, earners, and low-income earners.
And the broad moves that the Central Bank took during the past periods resulted in limiting the continuous rises of the dollar, and achieving “relative” stability in the parallel exchange rate, at a time during which the Deputy Governor of the Central Bank, Ammar Hamad Khalaf, confirmed that a meeting was held with the Federation of Chambers of Commerce and a number From merchants to discuss challenges and develop mechanisms to address them, it is likely that new packages will be issued to address the obstacles facing merchants to facilitate their access
on foreign currencies.
Khalaf attributed the gradual decline in the price of the dollar to the increase in the volume of sales of the central bank, noting that “the bank has liberated restrictions on sales, and it can sell any amount of dollars as long as there is real demand for the currency,” explaining that “the difference between the official and parallel exchange rates will gradually disappear.” .
During the past two days, currency prices witnessed a relative decline in the parallel market, reaching 149,000 dinars per 100 dollars, while specialists suggested that this decline would continue in the coming days, as a result of concerted government efforts with economic organizations to confront cases of high prices and the high exchange rate.
The advisor at the Baghdad Chamber of Commerce, Dr. Ali Hadi Jouda, said during his interview with “Al-Sabah”: “An important meeting was held in the Ministry of Planning to discuss the effects and repercussions of changing the exchange rate on the various economic sectors, especially commercial, industrial and real estate, which was undertaken by the Central Bank on July 7. -2-2023 and was approved by the Council of Ministers », stressing that the participants in the meeting presented a set of recommendations that will be submitted to the Council of Ministers with the aim of mitigating the effects of changing the exchange rate.
And Judeh pointed out that «the Chamber of Commerce, in turn, presented during the meeting a realistic diagnosis of the problems arising from changing the exchange rate of the dollar, and presented a number of solutions commensurate with the origin of the problem, indicating that these opinions and treatments were presented to the Ministry of Planning and will be submitted to the Council of Ministers».
For his part, the specialist in economic affairs, Dr. Qassem Al-Tamimi, believes in an interview with Al-Sabah that “the fluctuation of the dollar exchange rate can continue during the coming periods unless there are real and influential economic movements,” suggesting at the same time that “the speculative market will remain for a long time because the motive for action In this market, it is profitable and sought by many parties, whether the exchanges or the people who work
in that field.”
Al-Tamimi expressed his fear of a return to the rise in exchange rates after their stability during the past two days and the clear decline in the parallel market, pointing out that the tools of the Central Bank of Iraq in curbing speculation remain limited and some of them are represented by a process of sorting out the real trader who works in the market from the emergency trader who works with speculations.
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