The need to achieve a balance in the money supply through the withdrawal of the Iraqi dinar
Economic Researcher calls for the need to achieve a balance in the money supply through the withdrawal of the Iraqi dinar
08/03/2013 12:00 AM
Accurate diagnosis of the weaknesses in the Iraqi economy
Baghdad – Hussein ثغب, the Tamimi
said economic researcher Edeid Xiaa Awad importance of maintaining the balance of the money supply in circulation through the withdrawal of the Iraqi dinar in excess of the needs of the local market and exchange rate stability. He pointed to the need to Toviralsjulh cash foreign currency necessary for traders and businessmen to cover the needs of the Iraqi market of imported goods and services at a time when the country suffers a shortage of production due to the decline of the productive sectors, مشخصا and accurately weaknesses in the movement of the national economy.
said in an interview for the (morning) The Central Bank of Iraq represents a rib of the system of economic solution to the value of the Iraqi dinar, not the solution as a whole, especially that he was who stands only in the economic arena has made achievements cash under a duty cash, including the quest to reduce the value of the Iraqi dinar exchange rate against the dollar is the U.S. domestic market ( 1700 JD / $) to (1210 dinars / $), through his followers open market operations in the sale of foreign currency and pumped through the daily auction to meet the requirements imports Iraq and the needs of the Iraqi market, a utility cash only effective instrument of monetary policy.
value of the currency
and the he does not can study the stability of the value of the currency in isolation from the facts of economic reality and its components essential, and that the most important merits it is based on four pillars basic It is like building a box that is based on the four columns or pillars lever that must be integrated and harmony among them as a package in the movement of their growth and development to contribute those policies in the pace of consistency in the lift and raise the value of the currency (purchasing power)., and pointed out that any imbalance in that leads to an imbalance in the balance of the value of the currency and purchasing power, these columns are monetary policies, financial and development policy, in addition to the political skills of any political and social stability and security and administrative capacity in the management of the country and hiring policies, material wealth and human resources.
and said if we say that the reality of the Iraqi economy is an economy yield unilateral depends on its core resources on oil export revenues, and that there is an imbalance structurally prevail all sectors, there is no economic plan and clear comprised under wings of those policies and work to achieve their goals and ambitions, as there is a reality vague about the future of this economy, no one knows where we are going in قطارنا economic, as well as a weakness in the coordination and harmonization between those policies up often to the extent of variation and the intersection in orientations and that all of them go off متباعد different from the other.
and demanded Awad creating a plan or policy development in the true sense aims to develop a comprehensive economic, Valqtaat economic productivity Home (industry, agriculture) in full retreat and does not constitute only a portion (2 percent) of the gross domestic product (GDP), with the deterioration of service facilities essential for the life of the citizen (electricity, drinking water, sewage, municipal services and the environment) corresponding financial resources super budgets annually with large numbers exceeded the total aggregate limit of 500 billion dollars during the period (2003 – 2012) and the percentage of more than (70 percent) of which is dedicated to the budgets of operational and that more than half of investment budgets returned from the provinces to the Finance Ministry for the poor implementation of projects assigned to them, while the Iraqi citizen will not touch any positive improvement on the ground.
weak sectors of production
and pointed out that the fiscal policy is the other in another valley, it also seems to operate according to economic theory notion that the increase in consumer spending, the government leads to increased demand for goods and services produced locally, and thus the prosperity of the productive sectors of local, pointing out that this trend theory may apply to the economies of countries that have reached advanced appointed and has rules productivity actors and pattern economically and clearly defined, which does not apply to turn on the case of Iraq in the current situation Excellence already weak sectors of production and the deterioration of its infrastructure and that Iraq has become an open market fences and open fully on the outside to import all its needs from the machinery and heavy equipment through to fruits and vegetables.
list of imports
and concluded his speech by saying that the list of imports expanding and goes annually, according to the expansion and development of the needs and requirements of Iraqi society, In 2004 the volume of imports Iraq (8) billion dollars to rise in 2007 to 24 billion dollars, and then to jump those imports in 2011 to approximately (48 billion).
and qualitative terms, what items imported Iraq (only) of tomato paste up to more than 100 million dollars a year despite the presence of more than 7 plants for the production of tomatoes was covering domestic demand but Off completely, and oil derivatives accounted for one-third of أقيام imports Iraq during the above period.