Home
Experts determine ways to control the “parallel dollar”
Economical 02/11/2024
[You must be registered and logged in to see this image.]
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.”
[You must be registered and logged in to see this link.]
» Central Bank dollar sales rise in today's auction
» Divided into three... Al-Fatlawi criticizes the Arab and Islamic position towards the aggression on
» Parliamentary Transport Committee reveals upcoming quadripartite meeting on development path
» Parliamentary Planning: The ministerial amendment is based on 4 directions
» "Until the case is settled"... the judiciary suspends the decision to dismiss Al-Karwi from the pres
» Increasing for a year and a half.. Announcing the results of the investigation into Baghdad's pollut
» Banking Association: Reducing inflation helped stabilize commodity prices
» Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”
» Parliamentary Finance settles the controversy: This is the fate of the appointments file in the 2025
» Trade Bank of Iraq explains procedures for money transfers and combating money laundering
» Within three days, Iraq indicates an increase in the number of aircraft landing and crossing the air
» Public services reveal the reality of the capital.. This is what it needs
» Population growth and ongoing suffering.. A briefing on the "deteriorating" situation in Baghdad
» Parliamentary Committee Proposes Attracting Real Estate Developers
» Direction to transfer beneficiaries of the protection network to the Social Security Law
» Speaker of Parliament
» I learned {morning}
» Al-Sudani directs to establish the concept of (Made in Iraq)
» Al-Mashhadani to {Al-Sabah}: Controversial laws will be presented unanimously
» Establishment of Al-Ghadeer Residential City in Muthanna
» Work: Transferring beneficiaries of the safety net to the Social Security Law
» Parliamentary Immigration Committee demands increasing the amount of the return grant
» The most prominent achievements of the Sudanese government in the education sector
» Welcome to the trends of establishing an administrative capital
» Securities trade more than 88 billion shares
» Focus on the banking sector
» Imports and dependence on oil are obstacles to Iraq’s accession to the World Trade Organization
» Preparatory meetings for the 40th session of the Standing Committee for Economic and Commercial Coop
» Minister of Industry: Our visit program to Basra will include following up on the progress of work a
» Al-Mashhadani and the Secretary-General of the Iraqi National Project stress the importance of activ
» Minister of Industry discusses action plan to complete steel plant in Basra and operate it on schedu
» Al-Sayhoud: Accelerating the implementation of the strategic development road project will advance t
» Amnesty International issues a “warning” to the Iraqi government over “violations” inside Al-Jadaa c
» Retirement releases civilian and military salaries for November gradually
» The regional government between consensus and complexity.. Will the Democratic Party have the final
» "Industrial Investment" is ready for voting.. MP: Attract more real estate developers to establish d
» Rafidain denies stopping its electronic payment cards at fuel stations
» Iraqi Interior Ministry: Corruption rate in electronic passports since its implementation has reache
» Parliamentary Defense: Removing US Forces from Iraq is Urgent
» MP: Parliament will pass controversial laws and question two ministers
» A veteran returned with a rare agreement between Al-Maliki and Al-Halbousi.. Who is the new Speaker
» US report recommends informing “Iraqi leaders” of consequences of Iran’s use of “Iraqi arena” agains
» Iraqi parliament recommends changing five ministers in Al-Sudani's government
» Parliamentarian calls for investigation into the largest corruption files in Diyala
» Al-Yekti: Forming the new government in the region will be very complicated
» Movement warns of an agenda to target Iraq
» The Ministry of Construction confirms that the government is proceeding with the service of resident
» More than a billion dollars in sales from the Central Bank of Iraq during the week
» Providing entrepreneurship initiative loans to more than 5,000 people
» Parliamentary Committee announces seeking to amend the Oil Ministry Law
» Directive from Al-Sudani to the Crisis and Disaster Management Center
» The drug scourge is worsening and Iraq launches a community campaign to confront it
» Suspended laws await Al-Mashhadani’s “hammer”… Parliament Speaker faces “complex” files and short ti
» Retirement Authority: Completing procedures for disbursing retirees’ salaries for the current month
» The regional finance department hands over the payroll lists to the federal finance department
» Morning list of dollar exchange rates in Iraq
» Al-Sudani receives invitation to participate in Arab-Islamic summit on Gaza and Lebanon
» Al-Maliki receives Al-Mashhadani and they stress the importance of activating the parliament's work
» Governmental move to transfer beneficiaries of the protection network to the Social Security Law
» utube 10/31/24 MM&C MM&C News Reporting-Security & Stability-Sinjar Allocations-Unprecedented Develo
» utube 10/31/24 MM&C Central Bank Governor of Iraq-Monetary Stability Directly Stimulating the Econom
» utube 11/2/24 MM&C Report-Iraq 3 Presidents-National-Constitutional Entitlements-Open Market Operati
» Türkiye and Iraq.. Coordination against the Kurdistan
» Qatar affirms its aspiration to participate effectively in the path of development
» Amidst air alert, US forces resume training activity at Harir base
» Al-Sudani's advisor reveals the positives of the Central Bank's interest rate cut
» Leader in the framework: Ankara has 75 illegal military sites inside Iraq
» Parliamentary Committee Reveals New Details on Oil Smuggling
» Al-Sahaf: America relies on deception regarding the withdrawal of its forces from Iraq
» "It failed in its work".. Al-Salihi calls on Al-Sudani to include the defense in the ministerial cha
» With more than a billion dollars, Iraq is the fourth country that imports the most from Türkiye duri
» Parliamentary Committee announces seeking to amend the Oil Ministry Law
» Türkiye: Development Road Designs 90% Complete
» Al-Azzawi on the “Baghdadna” platform: It supports digital transformation files and provides service
» What are the positives of the Central Bank reducing interest rates? Al-Sudani’s advisor explains
» Foreign Report: A major Chinese company is exploring an oil field in central Iraq
» Governmental move to establish an administrative capital in Baghdad
» Al-Mandlawi and Al-Hakim agree to proceed with the legislation of important laws and activate the su
» Parliamentary Education Committee acquits the “education sector” of the spread of poverty and unempl
» The Ministry of Electricity denies the increase in tariffs and confirms the continuation of support
» MP calls for not passing the partnership contract between Iraq and the International Finance Corpora
» “A fraudulent maze” reveals “thorny” files that swallow the pockets of Iraqis
» "Sudanese Meter" .. Failure to achieve 57% of promises, and full and partial implementation reaches
» Al-Maliki's coalition denies that Halbousi supports Al-Mashhadani in reaching the parliament preside
» State of Law: Ministerial change is currently ruled out
» Independent candidates in Sulaymaniyah and Halabja reject the results of the Kurdistan Parliament el
» Al-Sudani and Erdogan discuss unifying positions on regional developments
» Iraq reduces oil exports and domestic consumption
» Parliament is unaware of the details of the 2025 budget and fears of a “shock” in oil prices
» Al-Mashhadani and Barzani stress the need to resolve pending issues and pass laws that serve the int
» The President of the Republic congratulates the Mandaeans on the occasion of the Prosperity Festival
» After meeting Erdogan, Al-Sudani concludes his visit to Türkiye and returns to Baghdad
» Israel sends a strong warning message to Iraq
» US officials: Israel is exposed to daily attacks by drones from Iraq
» Dollar exchange rates in Iraq today
» Al-Sudani opens two factories to produce medicines and intravenous solutions in Baghdad
» How ‘Rare’ Are Sex-Trait Modification Surgeries on Children?
» US Calls on China to ‘Curb’ North Korean Involvement in Russia–Ukraine War