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How do you settle prices?
Economical 2023/07/16
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Yasser Al-Mutwali
In a situation like the one the Iraqi economy is going through from structural distortions due to the ineffectiveness of the productive sectors in industry and agriculture and its dependence on oil as a single source, the issue of controlling prices seems very difficult, or as it seems to some, uncontrollable.
It is useful here to focus on necessary consumer goods, especially food, whose prices affect the poorest and most vulnerable groups, and we do not exclude the middle class from its side effects when measuring welfare rates in a country.
Although the ration card system, whose vocabulary has been somewhat improved, under the direction of the prime minister, is still ambiguous in its inclusion of not a few numbers of non-eligible target groups, and this requires the exclusion of those who do not meet the conditions.
Here, it is surprising that the Ministry of Commerce, which is sovereign and enjoys large allocations from the public budget, is unable to reach the stability of food prices and even other consumer goods, according to the size of the allocations.
The solution is simply summarized by the intervention of the Prime Minister by restoring the system of consumer cooperative societies according to modern foundations and mechanisms adopted in developed countries through the system of allocating colored cards according to living standards to include vulnerable groups and the middle classes, thus controlling prices.
I believe that cooperative societies have an important economic feasibility, including the employment of unemployed hands, and secondly, the allocation of shares for workers in cooperative societies to share the profits, thus achieving prosperity for these groups, and in order for the ration card to remain exclusively for the poorest classes and those unable to work.
The Ministry of Commerce has the infrastructure ready to achieve this economic feasibility in addressing the issue of price stability because it owns the largest complexes, which are the central markets spread throughout Iraq, which are now subject to suspicious and useless investment.
It, i.e. the Ministry, is also the largest importer of most commodities and consumer goods according to its import allocations.
Simply put, the process of stabilizing food and consumer prices is possible if the government is able to revive consumer cooperative societies in the form of private cooperative companies whose capital is shares for its employees and not state employees.
Thus, the speculators in the exchange rates will lose one of the most important justifications for the fluctuation of exchange rates under the pretexts of extensive imports of food commodities.
And in the event that the state controls the prices of necessary consumer goods, the exchange rate will be determined and the volatility will recede, so the official price will balance with the parallel price, meaning that the cooperative societies will be a reason to reduce the intensity of competition between the two prices and achieve price stability.
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