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Iraq: a new rise in the dollar exchange rate and warnings of exacerbating poverty rates


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The fear of the working class of citizens has escalated due to the high prices in the country ... and bloggers demanding the return of the dollar to its previous price
 

Between the high exchange rate of the dollar against the Iraqi dinar and the failure to approve the budget, the concerns of the working class are rising and their angry reactions are floating towards the miserable situation, as Iraqi activists launched during the past period the hashtag "I want a diamond" with the aim of returning the value of the dinar to its previous price.
 
 


The government has not found a way out for the suffering of the working class in the crises that the Iraqis are going through successively in this era, starting with the repercussions of the invasion. Corona And through the low price of the dinar against the dollar, the final blow is the refusal to vote on the budget.

While the rise in the prices of consumer and food commodities, especially edible oil, created a wide crisis and a state of discontent in the street, amid demands to deter the "greed of merchants" and to develop solutions that rise to the level of the economic and livelihood situation that the Iraqi citizen is going through, while some held the Ministry of Trade fully responsible for not distributing the items of the ration card in a manner. It prevents the monopolies the market is witnessing now.

 

 

 

 

 

 
 

 

Citizens' fear of rising prices escalated
1,872 views•Premiered 4 hours ago

 

 

ali akai
3 hours ago
Before the period and the beginning of the demonstrations, Maliki donated $ 116 billion to Iran to fill the economic deficit .. A document is present and spread on social media and knowledge sites. I also donated billions to Palestine , and al-Kazimi donated billions to the Kurdistan region


 

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I am not surprised because Maliki is and always have been loyal to Iran!! He is a traitor to the Iraqi people. Maliki is responsible for the crisis Al-Khazmei is trying to get Iraqi out of. Maliki caused a lot of financial damage and loss of life when he was Prime Minister for 8 years and the Iraqi people are well aware of this. I also believe he is responsible for the budget not being passed in some kind of way. I believe he will eventually be charged for the crimes he has caused but not until Iraq has been reinstated internationally. The man is evil!! 

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The high exchange rate of the dollar hits chicken in Maysan (video)

image.php?token=f066b4b97f7bf6795d16e372
 

 

 

03-29-2021 08:17 PM - Readings: 18744

 

 

 

The dollar's rise hits chickens in Maysan
940 views•Premiered 9 hours ago

 



7 Comments

Bit Hassoun
7 hours ago
Iran and its tails have destroyed us, but you fear God 😔 ♥ ️😔


Baghdadi honey
7 hours ago
Oh God, I don’t give you. The poor will not live

 



Hassan Hassan
7 hours ago
God does not help you government

 


Hassan Hassan
7 hours ago
Vinegar rejoice the government


Bit Hassoun
7 hours ago
Chicken 10,000. 9 thousand. Wayne Ako 7


Fahad El-Iraqi
8 hours ago
Boycott the Iranian product because the corrupt are behind the rise in order to buy the Iranian corrupt product that causes diseases for the Iraqis. Oh God, destroy Iran and destroy all its mercenaries in Iraq and those who deal with them

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Al-Kazemi directs to prevent price manipulation

 
 Baghdad: Morning
 
Yesterday, Monday, Prime Minister Mustafa Al-Kazemi directed the Ministry of the Interior and the National Security Agency, to take the necessary measures to prevent tampering with the citizens' food and follow the markets, stop the greed of some merchants and follow the markets.
Al-Kazemi also directed, "to support the ministries of commerce and agriculture, to work utmost efforts to prepare flour at reasonable prices." The statement added, "The directive came due to the high prices of locally manufactured foodstuffs, and the attempt of weak souls and some greedy merchants to confuse the social situation, and to exploit the demand of citizens to buy foodstuffs near the holy month of Ramadan, as it happens annually." In addition, the Prime Minister, during his meeting with a group of notables and people in the city of Adhamiya, listened to the problems and demands raised by the people in the meeting, directing the concerned authorities to follow up and address them as soon as possible. Al-Kazemi stressed the need to redouble service and municipal efforts in the streets and neighborhoods of Adhamiya and all areas of the capital, Baghdad, in a way that alleviates the suffering of citizens and meets their needs.
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The Iraqi Finance Ministry reveals the reasons for the high prices of foodstuffs in the market

The Iraqi Finance Ministry reveals the reasons for the high prices of foodstuffs in the market
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Mubasher: The Iraqi Ministry of Finance revealed, today, Tuesday, the reasons for the high prices of foodstuffs in the local markets.

The media office of the Ministry of Finance said in a statement received by the Iraqi News Agency (INA), that it "worked with continuous follow-up to observe the effect of the change in the exchange rate in the local markets, as it held several meetings with government officials and representatives of the private and industrial sector, with the aim of discussing the changes occurring due to the change of the price." Drainage with the movement of local markets and work to protect the poor.

Al-Maliah added that the Ministry of Planning published a statistic that included 486 types of foodstuffs, which showed the effect of changing prices between November of 2020 and February of 2021 on it, as it indicated that the change in prices was slight and not due to the effect of exchange rates.

The ministry indicated that there are merchants trying to achieve a profitable benefit by linking the exchange rate to the rise in prices in the local markets.

Al Maliah added that it "hopes that the relevant authorities will take their role in monitoring the varying movement of market prices to prevent tampering with citizens' sustenance."

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On Tuesday, the Ministry of Finance considered that the change in prices was slight and not due to the effect of exchange rates, while it emphasized its work on following up the impact of the change in the exchange rate in the local markets.

The ministry said, according to the Iraqi News Agency, "We are working to follow up the impact of the change in the exchange rate in the local markets and we have held several meetings with government officials and representatives of the private sector and industrialists for the purpose of discussing the changes taking place."
 
 
She added that "The Ministry of Planning A statistic that included 486 items of food was published that showed following the change in prices between November of 2020 and February of 2021, considering that “the change in prices was slight and not due to the effect of exchange rates. In the local markets. "
 
The ministry pointed out that it hopes "from the relevant authorities to take their role in monitoring the movement of varying market prices to prevent tampering with the citizens' food."
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%D8%AF%D9%88%D9%84%D8%A7%D8%B1-1-696x435

 

Information / private.

Economic expert Ihssan Al-Kinani confirmed that the prices of foodstuffs and the local market in general will rise more than before, after the official adoption of the current dollar exchange rate in the budget.

Al-Kinani said to / the information /, that "the current exchange rate of the dollar has been decided within Parliament to remain as it is without any reduction, which is an official approval to besiege the people."

He added that "the prices of food and the local market will rise from the current price, which is high compared to the past months, and therefore the rise will be doubled after the official announcement of the price of the dollar approved in the budget."

And that "the citizen's purchasing power will decrease significantly compared to last year, which will increase the poverty rate to more than 40 percent, in light of the lack of government measures to ensure that market prices, especially the local product, remain the same without any increase as a result of being affected by the high exchange rate of the dollar." 25 n

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Editing date: 01/04/2021 18:07 • 75 times read
http://www.alliraqnews.com/uploads/news/image/medium/story_img_6065e1ca020ae.jpeg
[Baghdad-Where]
Dozens of residents of Wasit province demonstrated, on Thursday, to protest against the high prices and the harm to the poor.
A reporter said that dozens of residents of Wasit Governorate demonstrated this afternoon in front of the local government building to protest against the high prices and the harm of the poor.

The Central Bank of Iraq had raised the exchange rate of the dollar against the dinar by about 20 percent late last year, in an effort to provide liquidity to face the financial crisis caused by the decline in oil prices.

And the Iraqi parliament voted, on Wednesday (March 31, 2021), on the federal budget law for the fiscal year 2021, with a deficit of more than 28 trillion dinars, and a tug of war that lasted for months.

The general budget revenues amounted to more than 101 trillion Iraqi dinars, while expenditures were estimated at 129 trillion.

The price of a barrel of oil was calculated in the budget at 45 dollars instead of the Iraqi dinar, and the government's proposed price for a dollar was fixed at 1450 dinars per dollar.
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Al-Mustaqilla / - The United Nations Food and Agriculture Organization (FAO) in Iraq and the United Nations World Food Program today released a "study on the value chain of agricultural products, dates, grapes, tomatoes and wheat in Iraq."

 

This important review, which includes the period 2019-20, was conducted with the aim of identifying the needs and priority interventions related to the rehabilitation of the agricultural sector in Iraq and long-term competitiveness, by analyzing market interconnections and challenges in the main value chains.

“We have prepared a comprehensive study of the sector that provides a lot of insights on a number of potential value chains for investments,” said Dr. Salah Hajj Hassan, FAO Representative in Iraq.

"We have realized that if we are to succeed, we need to take a holistic approach, and this requires us to consider weaknesses across the entire value chain and forge partnerships to meet different needs," he added. Certainly, this will provide us with better chances for success, and create many sustainable / continuous employment opportunities).

Together with the REACH initiative, FAO and the World Food Program conducted an analysis of the national (local) market and gender-sensitive value chain in Iraq, using desk reviews and analysis of secondary data supported by individual interviews, and intense group discussions with farmers. Interviews of key people with actors, operators and experts in each value chain.

The results include the need to improve the services required for the agricultural sector, identify requirements at various stages of the production cycle, and launch investments to improve agricultural practices in order to increase revenues for farmers and traders, in addition to highlighting the importance of enhancing cooperation and teamwork in marketing, branding, packaging and procurement.

“This analysis identifies opportunities to improve the market and add value to these main foods in Iraq - dates, grapes, tomatoes and wheat,” said the representative of the World Food Program in Iraq, Abdul Rahman Megaj. The Food and Agriculture Organization and the World Food Program, in cooperation with the government, partners and local communities, are supporting the long-term competitiveness of these four food items in the market, which will have positive impacts on all parts of the food sector.

The study also recommends identifying new opportunities for public-private partnerships to facilitate access to appropriate resources and use them in a more strategic manner for the advancement of the agricultural sector in Iraq.

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Here Official Press release 

 

 

 

31 March 2021, Baghdad: The Food and Agriculture Organization of the United Nations in Iraq (FAO) and the United Nations World Food Programme (WFP) released today ‘Agricultural value chain study in Iraq: Dates, Grapes, Tomatoes and Wheat.’ This important review covering 2019-20 was conducted with the aim of identifying priority needs and interventions associated with the rehabilitation and long-term competitiveness of Iraq’s agricultural sector through an analysis of market linkages and bottlenecks in key value chains.

 

“We have produced a comprehensive study for the sector that provides a lot of insights into a number of prospective value chains for investments. We have come to realize that we need to have a holistic approach if we want to be successful. This requires us to consider weaknesses across the whole value chain and form partnerships to address the various needs. This would for sure provide us with the best chances for success, and create many sustainable jobs,” said Dr. Salah El Hajj Hassan, FAO Representative in Iraq.

FAO and WFP together with the REACH Initiative conducted a cross-national market and gender-sensitive value chain analysis in Iraq, using desk reviews and analysis of secondary data, supported by individual interviews, focus group discussions with farmers, and key informant interviews with actors and experts along each value chain. The findings include the need to improve services required for the agriculture sector, identify the requirements at different stages of the production cycle, unlocking investments to improve agricultural practices in order to increase the revenue for farmers and traders, in addition to highlighting the importance of strengthened cooperation and collective action in marketing, branding, packaging and procurement.

“This analysis identifies the opportunities to better market and add value to these key foods in Iraq – dates, grapes, tomatoes and wheat,” said WFP Representative in Iraq Abdirahman Meygag. “Together with the government, partners and communities, FAO and WFP are supporting the long-term market competitiveness of these four foods, which will have positive effects throughout the food sector.”

The study also recommends identifying new opportunities for public-private partnerships to more strategically facilitate the acquisition and use of fit-to-purpose resources to advance the agricultural sector in Iraq.

Agricultural value chain study in Iraq is available for download at:
http://www.fao.org/documents/card/en/c/CB2132EN
http://wfp.org/countries/iraq

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So we see Iraq blaming the dollar for Iraqis woes for not having food. This puts the psychological factor into the minds of the Iraqis so that they will trust their currency more over the dollar. This is a targeted campaign to dedollarize Iraq without actually dedollarizing. If Iraqis think the dollar is bad but the dinar is good then they will be more apt to use their own currency to purchase goods and services. The devaluation is a ploy to get Iraqis in the habit of reaching for the dinar over the dollar. Right now they are panicking because they are starving and the GOI is saying to use the dinar. This is in combination with the zero cash sales of the currency auction they are trying to get rid of the MCP that the IMF want them to get rid of before they will allow Iraq into Article 8.  This is the psychological factor needed.

Edited by Theseus
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5 hours ago, Theseus said:

So we see Iraq blaming the dollar for Iraqis woes for not having food. This puts the psychological factor into the minds of the Iraqis so that they will trust their currency more over the dollar. This is a targeted campaign to dedollarize Iraq without actually dedollarizing. If Iraqis think the dollar is bad but the dinar is good then they will be more apt to use their own currency to purchase goods and services. The devaluation is a ploy to get Iraqis in the habit of reaching for the dinar over the dollar. Right now they are panicking because they are starving and the GOI is saying to use the dinar. This is in combination with the zero cash sales of the currency auction they are trying to get rid of the MCP that the IMF want them to get rid of before they will allow Iraq into Article 8.  This is the psychological factor needed.

I always enjoy your thoughts and views Theseus, good post here.

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The government does not control the markets.” Vice: Raising the dollar exchange rate wasted a third of Iraqis ’revenues - urgent

 

 

792 Policy 2021/04/02 12:40 Baghdad Today -

Baghdad A member of the Parliamentary Economic Committee, Representative Nada Shaker, confirmed today, Friday (April 2, 2021) that the current exchange rate of the dollar and the government's lack of control over the markets may lead to the loss of a third of the revenues of Iraqis from employees or other brackets. Shaker said in an interview with (Baghdad Today), "The exchange rate of the dollar has been fixed for several weeks after the Central Bank's decision to raise it to 1450 dinars, but the most important question is whether food prices have been fixed at a certain limit? The answer: No, because unfortunately it was subject to market speculation and lack of control." The government has exacerbated the damage to the markets, to large segments of the Iraqis suffering from poverty and destitution. " She pointed out that "the harm of the high exchange rate was not limited to foodstuffs, but included rents, professions and even private generators because of the failure to activate the government's tools to control the rhythm of economic security and hold accountable those who try to exploit the crisis to achieve great profits." Shaker added, "The government's lack of control over the markets has led to devouring a third of the Iraqi revenues from employees or other brackets because of the high price that did not stop at a certain limit but rather is continuing," noting that "the exchange rate hike above 1450 dinars is very likely because it is subject to factors." There are many, including speculations and crises, but in the end it is the citizen who pays the price in the end. " And she stressed, "The need for an urgent government roadmap to reduce the prices of basic foodstuffs and provide the ration card items that constitute a lifeline for millions of poor people in Iraq, and for there to be severe accountability for those who try to manipulate prices and exploit any crisis to raise them without being concerned about its danger to society." And the exchange rate of the US dollar recorded, this afternoon, Thursday, an increase that exceeded the 1470 Iraqi dinars barrier for the first time since it was amended by a government decision at the end of last December, while food prices continued to rise in the market for at least two weeks. The selling price in the Kifah Stock Exchange in Baghdad was recorded at 147,250 for sale to citizens and 146,250 for purchase, while an exchange rate ranging between 147,250 - 147,500 was recorded for sale on the Karrada and Harithiya stock exchanges. The exchange rate in the Kurdistan region was recorded at 147,250 for sale and 146,250 for purchase, which is the same price as most southern cities. This morning, the exchange rate recorded 146.700 in the Al-Kifah Stock Exchange in Baghdad, and it rose before 4 pm to 147.750 in the Kurdistan region before retreating again. Globally, the exchange rate of the dinar against the dollar was 1459.19, according to Google finance quoted by Morningstar, the global financial institution. Economists expected that the exchange rate will not exceed the 1480 dinars barrier in the next few days and will settle in the long term below 1500 dinars against the dollar after the budget was voted on, while the Central Bank confirms that it continues to sell the dollar at 1470 dinars to the public and those who want to buy from banks.

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Governmental action to limit the rise in prices before Ramadan

 
Baghdad: Morning 
 
 
With the advent of the blessed month of Ramadan, the government has taken a number of measures to curb the high prices and monopolize foodstuffs that the citizen needs. The first of these measures was revealed by the spokesman for the Ministry of Interior, Major General Khaled Al-Muhanna, to the Iraqi News Agency (INA), stressing that "the security detachments, Some merchants who have a monopoly on food have been arrested with the intention of raising their price value, in contradiction with the law. ”Major General Al-Mihna explained that,“ if the increase in prices corresponds to the rate of increase in the value of the dollar, then it is a natural matter, ”referring to the follow-up tasks by institutions Other, within the framework of the support provided by the state to balance and prevent the import of similar materials as well as support the local product.
These measures come in response to the directive of the Prime Minister, Mustafa Al-Kazemi, the Ministry of Interior and the National Security Agency to monitor the unreasonable rise in prices as a result of the greed of some merchants.
A few days ago, and in conjunction with the distribution of food items for the month of Ramadan, the financial and commercial control teams of the Ministry of Commerce, in coordination with organized crime, began tours in the local markets to monitor market prices and put an end to cases of manipulation that are taking place to raise the prices of foodstuffs needed by the citizen.
The Ministry of Trade revealed in a statement that those tours resulted in seizing expired materials, which were referred to the judiciary according to seizure notes, as well as following up on those who violated the local market prices and referring them to the judiciary.
The ministry pointed out that "the tours also included checking the validity of the materials for human consumption, as well as checking the materials forbidden to import by decisions of the Council of Ministers to preserve the national product."
Parliamentary committees harmonized with these measures, as the Economic Committee presented three proposals to control the continuous rise in prices.
Committee member MP Nada Shaker said in a press statement: "The proposals are for the government to create a roadmap to reduce the prices of basic foodstuffs and provide the ration card items, and for there to be severe accountability for those who try to manipulate prices and exploit any crisis to raise them."
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  •  Time: 04/2021 10:32:28
  •  
  •  Read: 2,015 times
Deputy warns of continuing high poverty rates: Save the citizen
  
{Baghdad: Al Furat News} The representative of the Al-Sadiqoun bloc, Fadel Al-Fatlawi, confirmed today, Sunday, that the decision to fix the dollar exchange rate is one of the improvised decisions that have not been properly studied by the government, warning at the same time that the poverty rate in the country will continue to rise.
 

In a statement, Al-Furat News received a copy of it, Al-Fatlawi said, "The exchange rate of the dollar has the right to substantial material damage to the citizen's living conditions, and this represents an impromptu decision that was not properly studied."
He added that "setting the exchange rate in the budget was not appropriate for the poor segments, as there are more than 10 million Iraqi citizens below the poverty line, according to the data and statistics of the Ministry of Planning."
Al-Fatlawi stated that "the government is required to find solutions that will save the citizen and ensure that the difficult living situation he is going through will not be harmed, especially with the high rate of unemployment and poverty, which necessitates radical changes that will benefit the people."

Hussein Hatem

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Could be something ,could be nothing , but as a former business owner I was always suspicious of round numbers . As of today, Iraqi dinar is a round 1460.000 per USD and a round .00068 .   I scrolled other countries ,and Iraq is the only one with such round numbers. Go figure.

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1 minute ago, dinarham said:

Could be something ,could be nothing , but as a former business owner I was always suspicious of round numbers . As of today, Iraqi dinar is a round 1460.000 per USD and a round .00068 .   I scrolled other countries ,and Iraq is the only one with such round numbers. Go figure.

Hmmmm... 🤔

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bazar-1-1.jpg?resize=696%2C522&ssl=1

Yes Iraq: Baghdad

 

After a directive from Prime Minister Mustafa Al-Kazemi to pursue merchants, monopolists and food price raisers, it seems that the Ministry of Interior has completed its mission without making any change and that prices will remain the same, as the ministry discovered that prices were not raised by merchants and that their rise is natural and related to global stock exchanges.

"There are several complaints received from citizens regarding the price increase of some foodstuffs, especially oil and sugar," the ministry's spokesman, Major General Khaled Al-Muhanna, told the official agency in statements that the Directorate of Economic Crime Control and the Directorate of Crime Combat The organization turns out that these two articles were their rise related to the rise in global stock exchanges due to the Corona pandemic and what came with it.

Global blockbuster raises prices

And one of the reasons cited by the ordeal caused a rise in prices globally, n "some countries producing these materials have suffered from problems related to the desire of some countries to secure their food security, and there is a demand for these materials in addition to the issue of maritime transport in which there is a rise in prices," noting that " "This increase in prices corresponds to the global increase in global stock exchanges, and the Ministry of Commerce has the official pricing on global stock exchanges. Figures are up-to-date."

 

"All materials on the market are not priced by the ministries of commerce and agriculture," Al-Muhanna added, noting that "the Ministry of Interior is concerned only in the legal aspect, which is related to the practice of some monopolies or speculation in the market and other such matters that are inconsistent with the law."

 

Simple cases of monopoly .. and it's over

He stressed that "in the past period, some cases of monopoly occurred under the circumstances of the Corona pandemic, as some tried to monopolize foodstuffs, but the Economic Crime Control Directorate responded to these cases and the materials were seized in the local markets."

Regarding poultry and fish, Al-Mihna said, "These materials have influenced global conditions, as there are many raw materials such as food and medicine, which is an import process that has increased their prices."

According to Al-Muhanna's statement, the prices of chicken, fish, oil and sugar have risen for global reasons and for ways to reduce their prices, and they will remain on the global stock exchange.

 

Less than a week ago, Al-Kazemi had instructed the Ministry of Interior and the National Security Agency to take the necessary measures to prevent tampering with the citizens' food, while he called on the Ministries of Commerce and Agriculture to prepare flour at reasonable prices.

The General Secretariat of the Council of Ministers said in a statement: “Prime Minister Mustafa Al-Kazemi directed the Ministry of the Interior and the National Security Agency to take the necessary measures to prevent tampering with the citizens’ food, stop the greed of some merchants and follow the markets. ”

She added, "He also directed, with the support of the ministries of commerce and agriculture, to work with the utmost efforts to prepare flour at reasonable prices." Citizens to buy foodstuffs due to the close of the blessed month of Ramadan, as it happens annually.

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%D8%A7%D8%B3%D9%88%D8%A7%D9%82-%D9%85%D9

Al-Maaloumeh / Baghdad ..
MP Nada Shaker Jawdat called on Tuesday to activate economic security to avoid a humanitarian catastrophe that affects millions of Iraqis.
Jawdat said in an interview with "the information", that "prices in the markets for various materials, especially food, are not fixed, and they are constantly rising, as there is no government policy that prevents their rise at the present time, which calls for an urgent activation of economic security in terms of forcefully entering to control the rhythm of prices and hold violators accountable."
Jawdat added, “There are a set of solutions that can help the poor and the simple from the high price fever through the government's resort to the principle of reviving cooperative markets and pumping large quantities of basic materials to sell them at very low prices in addition to organizing the ration card file, diversifying its vocabulary and delivering it at specific time intervals. For all slides ”.
She pointed out that "the government has the task of supporting the poor in the face of the rise, which will have very severe damage, especially since the rise has not stopped and may exploit the period of Ramadan to push prices higher, which will add to the plight of large segments of Iraqis."
The Iraqi market has witnessed a continuous rise in prices, especially for foodstuffs, in the past weeks. ”25F ended

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  •  
 2021-04-07 07:24
 

Shafaq News / Member of the Economic Committee, MP Nada Shaker Jawdat considered, on Wednesday, that merchants took advantage of the change in the price of the dollar to significantly raise prices in the local markets, calling on the government to return the cooperative markets.

 

Jawdat said in an interview with Shafaq News that "merchants took advantage of the high dollar price to raise the prices of goods in a large and obscene manner," indicating that "the merchants presently are from influential classes and personalities in the state who import these materials and control the markets." Behind them are powerful personalities. "

 

"The government must return the cooperative markets supported by the state, which it controlled and supported the employee and the simple citizen, away from the greed of merchants," she added.

 

"The Ministry of Commerce failed to mitigate the impact of the high price of the dollar after the citizen fell prey to the greed of merchants, as the ration card items did not improve, and they also fell prey to corruption," Jawdat indicated.

 

She pointed out that "the ration card is the same as the employee file, in which there are large and awesome numbers, and there are fake families and aliens, and there are families who have more than one card and families outside Iraq," stressing the need to "organize this card through the creation of a correct database for Iraq."

 

The Central Bank of Iraq had decided to raise the price of selling the dollar to banks and exchange companies to 1460 dinars, from 1182 dinars to the dollar, with the aim of compensating for the decline in oil revenues caused by the deterioration of oil prices, which led to a significant increase in prices in the local markets.

 

Iraq relies on 90% of its income on oil revenues, and the last time it reduced the value of the dinar was in December 2015 when it raised the selling price of the dollar to 1182 dinars, compared to 1166 dinars in the past.

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Economic Committee: The decisions to open imports confirm the error of the decision to raise the price of the dollar

Economie01:50 - 07/04/2021

 
image
 
 

 

BAGHDAD - Mawazine News
The Parliamentary Economy and Investment Committee promised, on Wednesday, that the National Security Council issued a decision to open the import of tomatoes and poultry factories to fill the shortfall in local production, confirming that the decision to raise the price of the dollar was hasty.
A member of the committee, Mazen Al-Faily said: "This is what we previously warned against and indicated that the exchange rate decision is not for the sake of supporting the national industry and favoring the competition between the national product and the imported product in favor of the national product. This means the high value of its import on the consumer due to the high exchange rate of the dollar, so how about the rest of the industries that depend on raw materials and production lines that are imported from outside Iraq.
Al-Faily added: "Less than a week after the parliament voted to fix the exchange rate (1450) dinars per dollar, the errors of this decision and its direct harm to citizens, whether they were workers in the agricultural and industrial sectors or were consumers, became apparent, which clearly indicates what we stated three years ago. Months of the dollar exchange rate decision was not considered and hasty and did not provide the introductions and requirements for revitalizing the industrial sector and increasing the chances of competing the national product with the importer. "
And he added: "Knowing that one of the clearest ways to support the local product is to stop the foreign importer who is similar to it, and not to open the doors of the outlets in front of importing the foreign product."
He continued: "For all the above, we demand the government to quickly reverse this wrong decision and restore the dollar’s exchange rate to what it was previously in order to spare the citizens more suffering and economic distress that will negatively affect the country's political and economic stability, with an emphasis on the need to monitor the currency auction and adopt mechanisms and procedures. Control blocks the path of parasitic banks that in their previous history have been unable to deplete hard currency without presenting any significant economic or development activity. "Ended 29 / A 43

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