أهمية سعر الصرف في الاقتصاد الوطني

Former Federal Reserve Chairman Ben Volcker emphasized the importance of exchange rates as the most influential element in the national economy. The exchange rate can be considered a key tool that determines the country’s ability to interact with the global economy.

Firstly, the exchange rate directly affects individual prices, such as prices of goods and services within the country. When the national currency’s exchange rate increases, imported goods become less expensive, leading to a decrease in the prices of these goods in local markets. On the other hand, when the exchange rate decreases, import costs rise, resulting in an increase in domestic prices.

Secondly, the exchange rate plays a crucial role in determining the level of exports and imports. A strong national currency makes exports less competitive in global markets due to their higher prices compared to goods and products from countries with weaker currencies. Conversely, a lower currency value can increase the attractiveness of exports due to lower costs, thereby enhancing economic growth.

Thirdly, the exchange rate affects the level of economic activity in general. Large fluctuations in the exchange rate can lead to economic uncertainty, affecting investment and consumption decisions. Companies and investors require exchange rate stability for planning and achieving sustainable results. Significant fluctuations can disrupt their plans and lead to economic performance variations.

In conclusion, the exchange rate is not just a financial indicator but a vital element that affects the entire fabric of the economy. Therefore, governments find themselves in a difficult position when facing significant exchange rate fluctuations. Intervention becomes a necessity to maintain economic and social stability.

Governments and regulatory bodies should handle exchange rate policies carefully and strive to strike a balance between achieving currency stability and ensuring sufficient flexibility to respond to global economic changes. Only through a deep understanding of the effects of exchange rates can effective economic policies be developed to achieve sustainable prosperity.