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The difference in the exchange rate
Economical 2023/07/26
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There is no doubt
that the campaign to support the dinar, which was adopted and in which many parties participated with the Central Bank of Iraq, contributed significantly to reducing the dollarization of local markets and strengthening trades and exchanges through the local currency, and thus the relative stability of exchange rates after returning to the Iraqi dinar in the pricing of many goods and services that were provided in foreign currency.
These achieved results did not come without a series of procedures and controls that contributed to accelerating the necessary steps to expand the area of entry for merchants and citizens to the electronic platform, with the aim of addressing the problem of low demand resulting from the state of uncertainty with electronic payment transactions, and the reluctance to deal transparently in the procedures for obtaining the necessary amounts to finance foreign trade and other activities of individuals.
However, the exchange rates in the parallel market are still unstable and relatively far from the official exchange rate, which creates a big difference between the dollar exchange rate through the transfer platform to finance foreign trade, and the selling prices of imported goods in the local market based on the exchange rate in the parallel market.
This difference contributed and contributes to the ripening of the capital of merchants and exchange offices at the expense of the purchasing power of consumers, and also contributed to the transfer of import operations at the expense of the local product due to the low prices of imported goods and the inability of the local product to compete with the importer, and accordingly, with the start of work with the largest budget that Iraq has witnessed throughout its history, which will contribute to moving the market and the flow of cash liquidity is expected to rise in inflation rates and increase local demand for goods and the accumulation of profits in the import-dependent business environment, as capital owners will increasingly tend to import as a quick-profit investment It is low-risk, with regard to a local product that suffers from unequal competition with the importer due to the high costs of energy, manpower, and raw materials, with high work risks in light of the deterioration of electric energy services.
On this basis, large proportions of the general budget allocations will go in favor of the importer as he continues his blows to the local product. National capital will suffer in the work environment from unequal competition with private sector imports. Local markets will be exposed to the risks of price fluctuations in the exchange rate due to the influx of monetary mass into the markets and the increase in demand for commodities in light of the decline in local production rates, and thus the loss of public funds, the lack of control over the exchange rate and the increase in the possibilities of the return of dollarization to the markets.
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