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Experts: Tightening supervision reduces the price of the parallel dollar
Economical 12/13/2023
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Baghdad: Shukran Al-Fatlawi
Specialists in the field of finance and economics stressed that reducing the price difference between the official and parallel dollars further requires tightening control over violators, in addition to the importance of adopting a unified customs system.
Despite the many government measures taken to control this matter, the difference is still huge, as the government sells the dollar at a price of 132 thousand per hundred dollars, while in the parallel market it ranges between 156 - 157 thousand per hundred dollars. The economic expert, Dr. Nabil Al-Marsoumi, said To "Al-Sabah": The electronic platform needs to be closely and periodically monitored in order to fulfill the purpose for which it was prepared, because some greedy merchants buy the dollar at the set government price or the import dollar and sell it at the commercial price. He pointed out the necessity of adopting the issue of monitoring seriously to prevent greedy merchants from exploiting citizens. Al-Marsoumi stressed the importance of having a unified customs system, one tariff, and one tax system, so that there is central control over the border crossings, and so that these procedures do not remain formal and have a limited effect in reducing the gap between the parallel and official prices.
Prime Minister Muhammad Shiaa Al-Sudani recently revealed that 26 billion dollars were not included in the tax system, which was scheduled to enter the state treasury. For his part, economic and financial expert Dr. Mustafa Hantoush told “Al-Sabah”: The tax reduction that was added to some goods And products is a very important and necessary measure. He explained that paying with the so-called (official dollar) for some goods gives them a lot of ease and comfort during the sales process, as is the case with mobile phone devices and gold, as importers suffer from the difficulty of approval and the tax question, which constitutes a great burden during the import process. Hantoush pointed out that Reducing the tax on cigarettes from 110 percent to 30 percent. As for medicines, many of them are imported through Kurdistan and are subject to high rates or are banned for various reasons, so the situation must be addressed. He continued that many detergents are charged 50 percent, of which about 5-15 percent is allocated to the region. It is noteworthy that the Council of Ministers recently took several decisions, including those regulating trade and the importation of some materials and goods, which some merchants are forced to finance from the informal currency market. Foreign financing, and the negative repercussions that such financing would have on the exchange rate. Therefore, the Council took a number of decisions and measures aimed at facilitating importers of gold goods, cars, mobile phones, and cigarettes from benefiting from the services of the foreign banking financial transfer platform, in a way that makes it easier for importers of these goods to obtain... Financing in foreign currency at the official exchange rate saves them the need to resort to purchasing foreign currency from the informal market.
Edited by: Ali Mowafaq
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