Demands for linking the currency sales window with customs to control prices

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Demands for linking the currency sales window with customs to control prices

Economical  10/11/2023

 

 

 Baghdad: Haider Falih Al-Rubaie 

 

Those concerned with economic affairs reduced the risks that could be caused by the rise in the exchange rate of the dollar in the parallel market, stressing that the stability of the costs of goods and materials in the local market resulted from financing foreign trade with the official rate of the dollar, while they attributed the continued rise of the green currency to the expansion of the volume of speculation and financing. Some foreign trade and meet the needs of travelers.

 

Despite the tireless efforts made by the monetary authority in the country, the price of the dollar witnessed an increase yesterday, amounting to 164 thousand dinars per 100 dollars, while economists urged during their talks with “Al-Sabah” the need for the government authorities to resort to expediting the linking of “ Customs with the currency sales window at the Central Bank,” stressing that this measure is sufficient to regulate internal trade and limit the rise in prices.

 

The researcher and specialist in economic affairs, Bassam Raad, pointed out during his talk to “Al-Sabah” that “what is happening now in terms of the rise in the exchange rate parallel to the dollar is the result of the expansion of speculation operations to achieve estimated profits without effort or fatigue, which has led to a significant increase in demand.” On the dollar.

 

Raad pointed out, “The facts confirm that the monetary policy has sufficient foreign currency reserves, as those reserves at the Central Bank exceeded (110) billion dollars, according to the latest statements, and these reserves are capable of bridging the gap between the two prices,” noting at the same time, that the selling window The currency continuously meets all dollar requests for external transfers and documentary credits aimed at financing foreign trade, which means that a flow of goods or services will enter the commercial markets at the official exchange rate (1310) dinars per dollar. It is assumed that these sales will limit the impact of the parallel exchange rate on commodity prices. and services in commercial markets.

 

The spokesman stressed the necessity of “regulating internal trade and linking the General Customs Authority to the foreign currency sales window in order for the internal markets to be controlled effectively and efficiently and with a reasonable and acceptable profit margin for the seller and buyer, in a way that maintains the stability of commodity prices and the growth of commercial market activity,” calling at the same time for research. “For new means of exchanging the values of payments or commercial barter with countries with which the electronic platform cannot finance trade due to their being subject to US sanctions or entering into understandings to obtain temporary or permanent exceptions.”