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Changing the exchange rate serves the current economic policy

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Changing the exchange rate serves the current economic policy Empty Changing the exchange rate serves the current economic policy

Post by GirlBye Sat Oct 24, 2020 2:27 pm

Some people think that the real value of the dinar compared to the exchange of the dollar is the main criterion in assessing the real value of the dinar, yes the exchange rate is important compared to the dollar, but the real value of the dinar is that you have a specific amount of money, for example.

(100.00 dinars) And you can buy your important and necessary needs of meat, fruits, vegetables and foodstuffs to ensure a decent life for you. You return to your home and part of that amount remains in your possession.  And that only comes with the presence of industry, agriculture, livestock and local natural resources with convincing consumer specifications. Yes, he will say wondering, but these materials are closely related to hard currency.

The answer is that when the local production is competitive and sober, it will be sold at very low numbers that have nothing to do with the exchange rate of the dollar, whatever it is. The simplest example of Iran is that it exports to us many types of fruits and vegetables, and the industry with Iranian production is completely indifferent to the low exchange rate of the Iranian riyal.

As for the state of stability in the exchange rate, it is a matter that should be determined by supply and demand without interference from the central bank, unless needed.
Iraq is the only country in the world that has a currency auction to sell dollars.
One example is Egypt, where the exchange rate of the Egyptian pound 5 years ago was 100 = 600 Egyptian pounds, knowing that the salaries of employees in Egypt are very low. 1900 for every $ 100, meaning that the currency declined by a third.

However, Egypt's economic policy is sober, as it is an industrial and agricultural country with distinguished production. In an example of the current situation in Iraq, specifically at the end of 2006, the dollar exchange rate was $ 100 = 150,000 Iraqi dinars, and even the salaries of employees were relatively lower than they are now.


The important thing is that changing the exchange rate is not necessarily a negative thing.
The Iraqi government has no alternative but to sell oil, collect hard currency and sell that hard currency at the dubious Central Bank auction to obtain Iraqi money to pay the state’s needs, which began to shrink and disappear, to remain only for its urgent need to secure salaries Of various kinds.

In 2007, the currency auction did not exceed 100 million dollars a day, and today the currency auction is almost 200 million dollars. The stability of the exchange rate has not been maintained by major industrial and trading countries such as China, America and Europe.


Indeed, it is paradoxically that China almost a year ago devalued its currency by more than 15%. This is an attempt by China to export the largest amount of its industries abroad and urged investors to invest and enter the Chinese market. America at the time accused China of deliberately manipulating its local currency.

Solutions like the one-tributary Iraq situation. It is an attempt to raise the exchange rate gradually and without any noticeable effect on the salaries of limited income, meaning more precisely, an attempt to raise the price every month by 10 points, which does not have a strong impact on the market.


In other words, more precisely, after a year, the exchange rate will be 132,000 = $ 100,
with a focus on other resources such as (taxes of all kinds, favorable money from services, etc.)
while reducing the percentage of very high salaries that overburden the budget and setting a ceiling for the highest salaries at the country level, for example, $ 5,000. = 6.000,000 dinars, it is a rewarding salary and meets the needs of every person who gets a distinguished position, whether he who rules the country or who works in the judiciary and others. As for the salaries of employees that are less than 2000,000 dinars, they do not affect any change.


Part of the employees ’salaries may be distributed in hard currency dollars to achieve a balance in the demand and supply price. It is possible to print a specific additional amount of the Iraqi currency to cover the deficit without significantly affecting the exchange rate. The important thing in the matter is that the exchange rate is not a sacred number and the change of the exchange rate, when done in a scientific manner according to consistent and clear data, may serve the economic policy of the country in the current crisis situation.

http://www.iraqyoon.net/53748/
GirlBye
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