Under the auspices of the President of the Northern Technical University, Professor Dr. Alia Abbas Ali Al-Attar, and under the supervision of the Dean of the College, Assistant Professor Dr. Samir Taha Yassin, the Department of Business Administration Technologies organized a workshop entitled (The decline in the exchange rate of the Iraqi dinar against the US dollar: causes, repercussions and solutions).
The lecture delivered by Dr. Ahmed Ibrahim Hussein
The workshop was attended by the Dean of the College, Assistant Professor Dr. Samir Taha Yassin, the Assistant Dean for Scientific Affairs, Dr. Ahmed Najm Chit, and several faculty members and faculty members.
The workshop included the following topics:
The first axis: the influencing and determining factors of the exchange rate
The second axis: the reasons for the decline in the exchange rate of the local currency against the US dollar
The third axis: the repercussions of the depreciation of the exchange rate
The aim of the workshop is as follows:
1. Identifying the most important reasons that led to the collapse of the local currency exchange rate against the US dollar, as well as the repercussions of this crisis
2. View the sums of money smuggled out of the country, according to the statements of the Parliamentary Integrity Committee
3. The process of the window’s work and suspicions of corruption (money laundering operations and forged import invoices) accompanying it, which impede its work and made the cost of this window very high.
The workshop reached several conclusions, the most important of which are:
1. The problem with the window’s work process lies in the suspicions of corruption that accompanied that process through the reports and statements made by senior Iraqi officials, which refer to large money laundering operations and forged import invoices, etc., which made the window’s cost very high. Since the economic reality is very fragile, this will constitute an important factor in obstructing the desired economic development and the fear of a collapse of the economic situation.
2. Iraq lacks accurate information base on the amount of money smuggled abroad, the parties that stole this money, and the countries that invest in it, which led to conflicting figures with large differences regarding the amount of money that was smuggled out of Iraq. For example, the Parliamentary Integrity Committee stated that the amount of smuggled money It is estimated at (350) billion dollars, equivalent to (32%) of Iraq’s total revenues over the past 18 years. To find out the truth about this matter, the concerned regulatory authorities have no choice but to resort to reliable and accredited companies for financial auditing and international courts to determine the destination of the smuggled money and the beneficiaries from it.
3. The Iraqi markets witnessed severe confusion due to the rise in the exchange rate, which cast a shadow over the poor groups and those with limited income due to the rise in the prices of basic and consumer goods in a country that is completely dependent on imports, and this leads to a decrease in economic well-being and an increase in poverty rates.
4. The fact that the Iraqi economy is unilateral in production depends on the export of oil, so decreasing the exchange rate of the local currency will not contribute to increasing the export of oil, since the latter determines its prices in the global market by this single price system on the one hand, and on the other hand, since the Iraqi economy is one-sided (oil) and lacks an industrial and agricultural production base that can be relied upon to provide a commodity alternat…