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Access to the formal market
Economical 12/11/2023
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Muhammad Sharif Abu Maysam
Structural imbalances in the Iraqi economy continue to cast their shadows on the country’s macroeconomic scene, starting with market movement, passing through price rates and the labor market, and ending with secondary markets or so-called black markets, specifically the foreign exchange market, despite the strength of vast international reserves. owned by the country.
Despite the flow of cash in accordance with orders to disburse general budget allocations in all government sectors, which usually has a significant impact in stimulating market movement and the recovery of trades and exchanges, the problem of the exchange rate had a major impact on the perpetuation of the state of relative contraction that the markets are witnessing, as a result of Successive rises in commodity prices and the lack of balance in the labor market between the surplus of unemployed labor and the scarcity of job opportunities, which leaves behind great opportunities for the recovery of informal markets, which have become a sustainable phenomenon
in the Iraqi economy.
Attempts to adapt monetary and financial policies to international compliance standards, at a time when the banking sector is witnessing a transitional phase in introducing comprehensive banking system technologies and restructuring capital and human resources, in light of high consumption rates and the inability of the local market to cover the minimum local demand, may have an impact. In creating the causes of these confusions that contribute to supporting the emergence of informal markets, in addition to the effects left by the open import policy after 2003 that continued for years in light of the unprecedented dumping of goods for about sixteen years.
All of these factors and others that have contributed and are contributing to the perpetuation of the existence of informal markets may tend to recede in the event that real sectors are stimulated and the labor market is revived with more jobs by supporting the disciplined private sector through facilities and privileges that encourage and encourage practitioners of shadow economy activities and the informal market to engage in In the space of regular trades and exchanges, as well as the importance of putting an end to unjustified imports.
It goes without saying here that following a policy (opening subsidized import windows for basic commodities and maintaining their financed prices at an exchange rate of 1,320 dinars to the dollar, as stated in a government initiative) requires separating them from imported goods in informal markets, according to a mechanism that contributes to market discipline. Otherwise, Informal market traders will be among the first and most influential beneficiaries of the establishment of secondary markets.
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