Friday, November 24, 2023

Diversify Foreign Currency Sources to Curb Dollar Dominance, Urges Atwan Al-Atwani, 24 NOV

 Diversify Foreign Currency Sources to Curb Dollar Dominance, Urges Atwan Al-Atwani

In a significant turn of events, Atwan Al-Atwani, the head of the Parliamentary Finance Committee, asserted the need for diversifying foreign currency sources in commercial transactions. The move is deemed critical in tackling the escalating demand for the US dollar. Al-Atwani lauded the Central Bank of Iraq for its monumental strides in stabilizing the market, curbing the dominance of the US dollar, and bolstering the Iraqi dinar’s role in international trade.

Addressing Dollar Dominance

Al-Atwani underscored the importance of this approach as a comprehensive solution and a well-considered strategy to pave new avenues. These avenues are expected to ensure the smooth execution of commercial transactions on multiple levels. The primary objective, he pointed out, is to reduce the overwhelming reliance on the US dollar and promote the use of other viable currencies in international trade.

Supporting the Central Bank of Iraq

Reiterating his full support for the Central Bank of Iraq, Al-Atwani was positive about the bank’s consistent steps towards rolling out realistic solutions for the crisis. The bank’s initiatives are aimed at reinforcing the Iraqi dinar’s position in global trade and reducing the market’s dependency on the US dollar.

Greenbridge Capital Launch

In related news, Banco Latinoamericano de Comercio Exterior – Bladex (BLX), TC Latin America Partners and Toesca Asset Management announced the launch of Greenbridge Capital, a regional private lending platform. The first factoring vehicle of this platform will be funded by Bladex. The joint venture is set to commence operations in Chile by the end of 2023, with future expansion plans for other countries in the region, including Colombia, Peru, and Mexico. Greenbridge Capital’s first vehicle, with a financing capacity of up to $200 million, will focus exclusively on the Chilean factoring market.

https://bnn.network/world/iraq/diversify-foreign-currency-sources-to-curb-dollar-dominance-urges-atwan-al-atwani/


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