A consensus on the economic importance of reducing the dinar, and a disagreement over its timing

A consensus on the economic importance of reducing the dinar, and a disagreement over its timing



This is a opinion by college students and professors




Sunday 14th February 2021



A consensus on the economic importance of reducing the dinar, and a disagreement over its timing Baghdad: Hussein Thahab Academics and experts in economic affairs have unanimously agreed on the importance of the decision to devalue the local currency, but the timing was not appropriate yet, and the symposium recommended the actual direction of comprehensive tax reform, as this saves billions of dollars annually, with customs collections delegated in all ports to specialized international companies Under the investment.

The symposium organized by the College of Business Economics at Al-Nahrain University carried the slogan «devaluation and its impact on the Iraqi economy» the foundations of the axes of graduate students and was attended by a number of experts and specialists in economic affairs.

Dean of the College Dr. Nagham Hussein Nehme said: “The symposium shed light on the role of the economic sectors in promoting the reality of development in the country, and I stood at the rationale for the decision to devalue the currency, which carries in it the pros and cons, as the attendees emphasized the timing of the decision, it was preferable to be more studied, and is chosen Good time ».

She indicated that «the step of devaluation of the Iraqi currency should have been accompanied by other steps, represented in supporting industry and agriculture and creating an investment environment. It would have been a major positive step in the economy of Iraq and transforming it from a consumer country to a self-sufficient, productive country, if the factors were available. The appropriate factories, local raw materials, infrastructure and other requirements.

In turn, the academic Dr. said. Abdul Sattar Al-Bayati: “The positive effects of reducing the value of the official exchange rate help, in some circumstances, to transfer demand for specific goods and services from abroad to the interior, to be reflected in the domestic product. The increase in internal demand automatically increases the demand for local goods, which is reflected in the The need for producers and distributors of these commodities, and those working to sell them, to provide more jobs, which reduces unemployment and provides a boost to the local market.

He warned that «the low currency will not constitute attractive conditions for a migrant worker to come to the country, which provides greater opportunities and options for the local worker in his country, and the rise in the value of the Iraqi dinar in general does not encourage investment in the sectors that Iraq wishes to develop».

Postgraduate students have an imprint in this important seminar. Ibrahim Hussein Abboud said: "The government plan is based on the assumption that reducing the value of the Iraqi currency will make imported goods more expensive, and give Iraqi goods made locally, the ability to compete, which will develop the economy after some time." He pointed out that "the infrastructure does not need more than a competitive environment, to revive hundreds of existing projects, but in reality they are stalled or not operating at full production capacity as a result of the imported product controlling the local market.

" In turn, graduate student Al-Zahraa Kazem Jawad urged “the need to support the industrial and agricultural sectors and provide all facilities. Regarding the industrial sector, there are many industries for which Iraq was previously famous, such as the leather industry, the manufacture of bricks, glass and others, and these are important industries that have an effective role in the economy.

If it is taken care of and developed, as well as the agricultural sector, the most important agricultural products available in abundance are dates, in addition to grains and the finest types of rice, and the optimal investment of tourism revenues in Iraq, especially Iraq is famous for its religious tourism, whose revenues are very large if they are invested in a form. Right".

And she stressed "activating the strategy for the advancement of the private sector that was approved by the government and following what was stated in it carefully and seriously, as it is important, accurate and developed in a concentrated manner after studies and discussions between all parties from the government, the private sector and specialists."



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