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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Report: 75% of goods enter Iraq at the official price of the dollar, and stability is expected

    Rocky
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    • Post n°1

    Report: 75% of goods enter Iraq at the official price of the dollar, and stability is expected Empty Report: 75% of goods enter Iraq at the official price of the dollar, and stability is expected

    Post by Rocky Fri 28 Jul 2023, 4:48 am

    [size=30]Report: 75% of goods enter Iraq at the official price of the dollar, and stability is expected 
    [ltr]2023.07.28 - 09:51[/ltr]
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    Baghdad - Nas  
    The process of increasing the exchange rate in the parallel market constituted a new shock to the financial and monetary policies, after they made great efforts during the past periods with the aim of aborting the rise of the dollar, whose exchange exceeded the limits of 155 thousand dinars per 100 dollars in the middle of the week, which was considered by specialists in economic affairs. A wake-up call.  
      
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    Despite the continuous rises in the exchange rate, however, specialists in the economic affairs have underestimated the risks of these rises on the local market, stressing in a statement to the official newspaper, followed by “NAS” on Friday (July 28, 2023), that “75% of the materials and commodities in the markets enter Iraq.” At the official rate set by the Central Bank, and that merchants make their foreign transfers according to that price, while 25% of Iraqi trade is affected by the parallel exchange rate.  
      
    The efforts of the fiscal and monetary policies to undermine the dollar were matched by the efforts of the legislative and executive authorities with the aim of limiting the rise in the parallel exchange rate. While Prime Minister Muhammad Shiaa al-Sudani discussed, with the Governor of the Central Bank, Ali Al-Alaq, the measures taken to stabilize the currency in the local market, and discussed the facilities provided by the Central Bank, which includes allowing small merchants and importing individuals to finance their imports without the need to establish a company, the Parliamentary Finance Committee reviewed with Al-Alaq the means to achieve monetary stability and control prices. In contrast to the "cautious optimism" shown by a number of specialists regarding the effects of the exchange rate rise, others see the possibility of economic indicators, which they described as "painful", represented by entering the local market in the short term in a state of stagnation and high inflation rates.  
      
    The economic researcher, Nabil Jabbar Al-Tamimi, believes during his interview with the official newspaper that “the changes and fluctuations that occur in the exchange rates of the dollar may have a limited impact on the general price rates, because 75% of the materials and commodities in the markets enter Iraq at the official price set by the Central Bank.” And that merchants make their foreign transfers according to the official rate, while 25% of Iraqi trade is affected by the parallel exchange rate.  
      
    Despite the fluctuations taking place, however, Al-Tamimi believes that the market and prices will stabilize as a result of the change in the nature of foreign remittances. restrictions, and this matter represents a kind of facilities that must be provided to reduce pressure on the parallel market.  
      
    Al-Tamimi also confirmed, "The Central Bank seeks to increase the amounts sold in cash, to absorb the rise by increasing the supply, as this can contribute to the return of stability in the exchange rate, indicating that the measures taken are correct and will lead to undermining the dollar despite its rise in the parallel market."  
      
    In turn, the researcher on Iraqi and international economic affairs, Dr. Ali Dadoush, attributed in a press interview the reasons for the price jumps of the green currency to the shortage in the supply of cash dollars compared to the volume of demand, which led to a rise in the exchange rate in the parallel market that finances foreign trade with the penalized countries.  
      
    Daadush pointed out that the reasons that led to the exchange rate rising again are many, but the most prominent of them is the speculation on which most transfer and exchange companies live, as these transfers take two directions.  
      
    The economic researcher believes that solutions in the short term may not be within reach, as most of the reasons that led to the dollar’s ​​rise are external, especially after 14 Iraqi banks were punished by the US Federal Reserve, pointing out that the most effective solutions to confront the “dollar dominance” lie in Activating and operating factories and laboratories to produce goods that are imported from countries banned from the dollar, and directing the government towards activating institutions and companies in the public and private sectors, operating and managing industries and working to increase their production, stressing that these steps will lead to eliminating the gap between the official and parallel prices, as they will produce imported goods that are Covering their cash dollar amounts.  
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