Adjusting the exchange of the dollar between national product support and the dream of economic recovery
Dr. Yahya Kamal al-Bayati, director of the Center for Market Research and Consumer Protection, said that the government faces a strong and significant challenge in the face of the current economic crisis, which made it put forward the white paper reform, asking: Is the white paper able alone to address economic and social problems, and did the budget include solutions to improve the reality of the development of the existing infrastructure to revive the Iraqi economy, in light of the decision of the Central Bank to adjust the exchange rate?
National product support
“This decision was supposed to be preceded by the support of the national product, which is witnessing a clear absence in the market, as well as the support of the private sector to take its role properly, while not neglecting the importance, for the purpose of success of the economic reform process,” al-Bayati said.
“The exchange rate of the dollar against the dinar needs to be revised because it has negatively affected commodity prices in the markets and made them rise by 20 percent from their pre-central rate adjustments, which are supposed to revive the Iraqi economy with deliberate steps,” he said.
Consumer Protection Act
“The Consumer Protection Act No. 1 of 2010 needs to activate and adopt the mechanisms for its application on the ground, as well as the Consumer Protection Council, which includes a number of ministries, to the citizen” he said.
“The intended integration lacks follow-up, and every process taken by the government needs to be monitored and monitored to activate it,” he said, calling on those in charge of the Iraqi consumer protection file to activate the Iraqi consumer protection law to preserve the hard currency and the capital cycle domestically, and to reduce the depletion of our resources on imports only without real development.
Al-Bayati stressed that the central bank’s decision late last year contributed to the adjustment of the exchange rate of the dollar in the market, where our local markets faced a new problem that requires the government to put in place appropriate mechanisms in how to control it and reduce manipulation in it. It’s real.”
Al-Bayati stressed “the need to support the local product in a focused way because it deals in national currency and not in dollars, which may make a difference that citizens feel when buying it from the markets after it is provided.”