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Prices burden citizens and undermine their purchasing power
Economical 2023/04/30
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Baghdad: Haider Fleeh Al-Rubaie
Specialists in economic affairs have suggested that the dollar exchange rate will continue to decline in the parallel market, noting that this decline is a result of government moves and the accompanying measures that were implemented by the monetary authority in the country, which led to undermining the value of the foreign currency, which witnessed a noticeable decline in all cities of Iraq. , Especially after the increase in the Central Bank’s sales of foreign currency, expecting the continued decline of the dollar and its stability at the limits of 135 thousand dinars per 100 dollars during the coming periods. Despite the decline in the exchange rate of the dollar, however, the costs of goods and services are still witnessing increases that economists describe as "unjustified", stressing the need to activate all tools that can contribute to price stability, and seek to involve government productive sectors in supplying the market with products, or Re-activating the work of "central markets" to create a kind of competition aimed at lowering prices.
The exchange rate of the dollar decreased significantly during the past days, to settle at the limits of 140 thousand dinars per 100 dollars, giving up the rises it witnessed in previous times, especially after the Central Bank succeeded in passing transfers approaching 200 million dollars per day, in addition to selling cash from foreign currency within limits. 50 million dollars, according to economist Nabil Jabbar al-Tamimi, who believes that "the price of the dollar is currently controlled by the Central Bank to a large extent, and that the remittances index is very high and close to standard rates."
Al-Tamimi pointed out during his speech to “Al-Sabah” that “this amount of sales is close to the actual volume of trade financing in the country, and meets the actual need for the transferred amounts, which relieved pressure on the dollar, and therefore I expect the dollar to witness a continuous decline during the coming days, to reach within Natural rates close to the central bank rate.
Despite the decline in the dollar, the index of rising prices in the local markets is still high, which expert Al-Tamimi attributed to the "economic nature of the price decline," which is usually witnessing a slow and gradual decline, noting that within six months the consumer will notice clear differences in the prices of goods and materials. In the event that the exchange rate stabilizes below 140,000 dinars per 100 dollars, indicating at the same time that the competition factor will intensify in the coming short periods, and will contribute significantly to lower prices and their decline in the local markets.
The economist, Dr. Ali Dadoush, did not deviate much from the previous opinion, when he indicated to “Al-Sabah” that “the recent decline in the exchange rate of the dollar in the parallel market was the result of several measures that were implemented by the central government,” but he explained that “that decline in the exchange rate It does not represent the official level at which finance is sold to the Central Bank, due to the volume of trade exchange of the private sector and small merchants with Iran and the rest of the countries economically punished by the United States (as the Iraqi market witnesses daily import operations with these countries) and financing this trade needs the dollar, which It is met through the parallel market.
The expert urged Dadoush, on the need for the bank to continue to strengthen the "cash dollar" and raise its ceiling, stressing that this trend represents the real solution in the return of the parallel dollar exchange rate to the official one.
The spokesman also stressed the importance of the government moving towards "operating factories and laboratories in cooperation with the private sector, with the aim of supplying the market with goods and materials that are imported from abroad, especially from Iran," stressing that this would be an ideal solution to eliminate the origin of dollarization in dealings between small merchants. And in various markets (cars, other goods and services), and thus a decline in prices.
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