In a world characterized by such economic fluctuations; Residents of developing countries, who are most affected by the consequences of these fluctuations, are looking for ways and channels that enable them to earn hard currency. To improve their living conditions and contribute to increasing their countries’ foreign exchange income; But what are the legitimate means to achieve this?
There are several methods that individuals can use to earn hard currency legitimately, among these channels:
- Self-Employment: Individuals can start their own business or provide their services independently. This could include offering their skills in areas such as design, writing, photography, software development, among others. Freelancing can provide good opportunities to earn hard currency.
- Working online: There are many opportunities to work online, such as online commerce, blogging, working as an editor or translator, in addition to working in the field of affiliate marketing, and so on. Individuals can earn hard currency through these activities.
- Trading in Financial Markets: Individuals can trade stocks, forex, commodities and CFDs with the help of reliable brokers. They must be careful and prepared for the risks associated with this type of investment.
- aTo invest in stocks and bonds: Individuals can legitimately purchase stocks and bonds from financial markets and invest their money to earn a dollar-denominated return on investment.
- Investing in real estate: Individuals with relatively large financial net worth can buy real estate and either rent it to foreigners to achieve a monthly income or benefit from the increase in its value over time. Hotel rooms and apartments can also be a way to achieve this.
- Working in the fields of information technology: There are many opportunities to work in the field of information technology, programming, and software development, and these jobs provide good opportunities to earn hard currency.
- Searching for job opportunities abroad: Job opportunities outside the country make it easier to obtain hard currency, especially in rich countries. While remittances from expatriates are among the most prominent sources of hard currency for many emerging economies.
It is noteworthy that individuals must follow local and international laws and regulations regarding earning hard currency and taxes related to these activities.
Hard currency management
For his part, the economic expert, Dr. Ali Al-Idrissi, said in special statements to the “Eqtisad Sky News Arabia” website, that in light of the economic crisis that many emerging economies are going through regarding the management of hard currency, the role of individuals in finding legitimate channels to earn dollars and contribute to Providing foreign exchange.
Al-Idrissi stated that content via “social media” in all its forms, whether on YouTube, TikTok, Facebook, Instagram, or otherwise, was a reason for many to earn a lot of hard currency for individuals, and some made millions from it through advertisements, explaining that it is the most profitable of all. Other legitimate means. But he stresses the need for these currencies to be exchanged through legitimate channels, away from the black market.
Al-Idrissi added, in his statements, that e-commerce also allows individuals to export a good or service via the Internet, such as some “online” courses and training courses, as well as working remotely in some large companies such as “Google” and “YouTube,” or even dealing with small companies. Outside.
Dollar crisis
In general, the main reasons promoting the dollar crisis in emerging economies can be summarized as follows:
- Balance of international transactions (increase in imports in dollars versus exports)
- The cost of external debt.
- Geopolitical and economic developments.
- Declining capital flows.
- Commodity market fluctuations.
- Local policies in some countries.
Global debt rates reached record levels of $307 trillion in the second quarter of this year 2023, despite the rise in interest rates by central banks as part of efforts to curb inflation, according to data from the Institute of International Finance.
For his part, economic expert Bilal Shuaib, in special statements to Sky News Arabia, enumerates the reasons for the aggravation of the dollar crisis that emerging economies are suffering from, explaining that the most prominent of these reasons is the increase in consumption in developing countries and the lack of value of work, as these societies have become indiscriminate in consumption. It is unorganized and relies heavily on imports from abroad, in addition to the weak value of exports and the large increase in imports.
The monetary policy followed by the US Federal Reserve regarding keeping interest rates high has harmed the economies of countries around the world, especially developing countries, threatening them with reduced growth and exposure to recession. This prompted the United Nations Trade and Development Program (UNCTAD) to sound the alarm and call for urgent changes in current global policies to reverse this path.
Shuaib added that all branches of international companies that invest in developing countries depend on importing raw materials. In addition, the inflation of foreign debt further exacerbates the dollar crisis and causes a rise in the poverty rate, deficit and weak infrastructure.
According to the United Nations Conference on Trade and Development, total global foreign direct investment fell by 12 percent in 2022, to $1.3 trillion, after a sharp decline in 2020 and a strong recovery in 2021. UNCTAD attributes this slowdown to multiple global crises. Namely, the war in Ukraine, high food and energy prices, and debt pressures.
In this context, Shuaib warned, at the same time, that exporting resources and raw materials in their raw form at a low price without adding added value to them, and then importing them in the form of a final product at many times their price, deprives the economies of these emerging countries of a great advantage that could provide them with hard currency and allow… Great job opportunities, as part of his talk about the reasons for the worsening foreign currency crisis, which prompted countries, institutions and individuals to search for alternative opportunities to obtain the dollar.
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