An Economist Explains The Reasons For Continuing To Sell Oil In Dollars
Information / Baghdad...Economic expert Safwan Qusay explained, on Tuesday, the reasons for continuing to sell oil in the dollar currency instead of dealing directly with countries to obtain revenues without going through the US Federal Bank.
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Qusay told Al-Maalouma, “Oil in all countries of the world is sold in dollars, and this matter came through the agreement after World War II to make oil sales in dollars, and this connection is still in effect to this day.”
He added, "If Iraq wants to sell oil to China in the yuan instead of the dollar, this means that Iraq sells in dollars and then converts it to the Chinese currency in order to move away from the US Federal Bank."
He stated, "There are many corrupt people who may be encouraged to own this money if they deal with the Chinese currency, so it is better to continue dealing with countries in the dollar currency because there is oversight from the Federal Reserve over this currency, in addition to ensuring that billions do not go into the hands of corrupt people under different titles." . LINK
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