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Experts determine ways to control the “parallel dollar”
Economical 02/11/2024
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Baghdad: Haider Falih Al-Rubaie
Specialists in economic affairs have identified a number of factors that would control the exchange rate of the parallel dollar, stressing that granting the private industrial sector financial and administrative facilities could lead to moving the wheel of production and reducing imports that are financed with the parallel dollar from the black market. Stressing the importance of doubling loans that would establish a production base capable of meeting the local market’s requirements for goods and materials.
Economic calls have increased remarkably, demanding that loans and credit facilities granted by banks to the private sector be directed towards activating and increasing production processes, indicating that these facilities exceeded 50 trillion dinars last year 2023, but they did not contribute to increasing gross domestic product rates, stressing at the time He stressed the importance of building more bridges of trust between investors, businessmen and companies with government and private banks with the aim of facilitating the granting of loans directed towards increasing local production.
The specialists' calls come at a time when the government has intensified its efforts to eliminate the rise in exchange rates in the parallel market, which has greatly affected the movement of buying and selling goods and materials in the local markets. Following a package of decisions that contributed to closing the gap that occurred earlier between the official and the parallel dollar, A government source revealed earlier that electronic cards were issued to small merchants with a ceiling of $100,000 per month.
The new government step was met with economic welcome, which emphasized the importance of this measure in eliminating the significant rise in parallel exchange rates and reducing the jumps in the green currency, in addition to its importance in covering the prices of imported goods at the official dollar rate, thus achieving great stability in the local markets.
Economist Manaf Al-Sayegh said during his talk to “Al-Sabah” that “a large part of the solution lies in establishing a large production base capable of meeting the requirements of local markets and blocking the path to import operations that require huge sums of money from the dollar,” pointing out the necessity of “developing a strategic plan that begins with In the form of stages that include the significant qualitative advancement of the industrial and agricultural sectors, which constitute the backbone of the national economy.
Al-Sayegh also urged “the importance of the strategy including real steps to reform the banking and financial system in the country, and adapting it in a way that can be parallel to what developed countries have achieved in banking transactions, as well as moving towards reforms related to the trade balance, which can stimulate the movement of local production and exports.” National economy, thus significantly reducing the demand for the parallel dollar, pointing out that creating a balance between exports and imports is an important step to revitalize the national economy and enable it to achieve growth in all its sectors, thus diversifying sources and significantly reducing dependence on the oil sector.
In turn, economic expert Dr. Nabil Al-Marsoumi explained in an interview with “Al-Sabah” that the decline of the dollar index against the Iraqi dinar is on its way to decline, pointing to the seriousness of the monetary authority in diversifying currency reserves, as well as expanding the circle of payments from other currencies, not to mention simplifying Brief access to the electronic platform.
Al-Marsoumi stressed the importance of resolving problems related to trade with neighboring countries, by finding other ways to trade with those countries in order to find a close price between the official and parallel dollars.
The Governor of the Central Bank had confirmed in an interview with the Iraqi News Agency “INA” that “the indicator of the success of monetary policy in any country is controlling the general level of prices and reducing inflation,” explaining that “inflation has now decreased significantly compared to the beginning of 2023, which... “It indicates that foreign trade is covered by the official rate and that foreign financing operations are taking place smoothly, and all importers and traders can obtain and control the dollar at the official rate.”
Al-Alaq pointed out that “the Central Bank’s following of the rules and principles of external transfer in accordance with the conditions and requirements it set and its insistence on implementing them has prompted many hesitant merchants to enter the platform for selling foreign currency, especially since its use is easy and safe and it provides them with the dollar at the official rate.”
Al-Alaq pointed out that “the Central Bank confirms the possibility of meeting all requests for the dollar, whether personal, commercial, or any kind, as long as they are valid and legitimate.”
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