Diversifying The Foreign Currency Commodity In Iraq..Does It Increase The Value Of The Dinar?, 15 NOV

 Diversifying The Foreign Currency Commodity In Iraq..Does It Increase The Value Of The Dinar?, 15 NOV

November 14, 2023  Baghdad/Al-Masala Al-Hadath: The Finance Committee in the House of Representatives said, on Monday, that there is a necessary and important need to diversify the basket of foreign currencies in Iraq and not depend on the US dollar. Diversifying the basket of foreign currencies also helps enhance trade with other countries that use these currencies. It also contributes to increasing the attractiveness of foreign investments.

Members of the committee believe that “the basket of foreign currencies in Iraq must be diversified and not relied on the dollar in commercial transactions, whether external or even internal, as this reduces American dominance over the Iraqi economy.”

The committee considers that the Iraqi economic environment is ready and prepared to strengthen banks in various foreign currencies and not be limited to the US dollar.

The committee expects that the coming days will witness various commercial transactions through the UAE dirham, as well as the Chinese yuan and other currencies, and this will reduce the demand for the dollar, and will have an impact on reducing the dollar exchange rate in the parallel market.”

The currencies that could be useful to Iraq are the euro, as it is the second most widely used currency in the world, and it is a relatively stable currency, in addition to the Japanese yen, as a relatively stable currency, which is a basic currency in many financial markets, as well as the Chinese yuan, which is a rising currency, and a basic currency in Many emerging markets, in addition to the UAE dirham and the Saudi riyal, which is a basic currency in the Gulf region.  https://almasalah.com/archives/72960