Adjusting the dollar exchange between supporting the national product and the dream of economic recovery

[yota691]

Adjusting the dollar exchange between supporting the national product and the dream of economic recovery

Monday January 18, 2021 27

 

  Baghdad: Mustafa Al-Hashemi

 

The director of the Market Research and Consumer Protection Center, Dr. Yahya Kamal Al-Bayati, said that the government is facing a strong and big challenge in the face of the current economic crisis, which made it present the reform white paper, asking: Is the white paper capable on its own to address economic and social problems, and did the budget include solutions to advance the reality of development The existing infrastructure to revive the Iraqi economy, in light of the Central Bank’s decision to adjust the exchange rate?

Al-Bayati confirmed that the Central Bank’s decision, late last year, contributed to adjusting the dollar’s exchange rate in the market, as our local markets faced a new problem that requires the government to put in place appropriate mechanisms in how to control it and limit manipulation 

In which.

 

National product support

Al-Bayati indicated that "this decision was supposed to be preceded by support for the national product, which is witnessing a clear absence in the market, as well as support for the private sector to take its role properly, with the need not to overlook the importance of limiting imports, for the purpose of the success of the economic reform process."

He believed that "the exchange rate of the dollar against the dinar now needs to be revised because it has negatively affected the rates of commodity prices in the market and made them rise by 20 percent from their rates before the central decision to amend the exchange rate, which is supposed to revive the Iraqi economy with deliberate steps."

 

Consumer Protection Act

The Director of the Market Research and Consumer Protection Center added that "the Consumer Protection Law No. 1 of 2010 needs to activate and adopt mechanisms for its implementation on the ground, as well as the Consumer Protection Council, which includes in its formation a number of ministries," noting that "Iraq needs institutional integration." Through engaging work between ministries and departments and coordinating efforts aimed at solving economic problems with a national vision to raise the standard of living

Citizen ».

And that “the intended integration lacks follow-up, and every process that the government takes needs to be monitored and activated, calling on those in charge of the economic file in Iraq to activate the Iraqi consumer protection law to preserve the hard currency and the domestic capital cycle, and we limit the depletion of our resources on import only without There is real development ».

Al-Bayati focused on "the need to support the local product in a focused manner because it deals in the national currency and not in dollars, which may make a difference that the citizen touches when buying it from the market after providing it in it."

[mr.unlikely]

Im sure this is just a coincidence that the cost of goods went up by 20% after devaluing the dinar by 20%. Like when the dollar drops in price and the cost of a barrel of oil goes up in dollar terms, just a coincidence.  devalue the dinar domestic goods become more attractive to consumers cause they are cheaper, except that they are still on the dollar standard soooo, all goods imported and domestic will rise with inflation forced by the manipulation of the dinar vs. the dollar.

Doesn't take an economist to figure this shiite out. Question is: Now what are they going to do about it?