"ANALYSIS OF IRAQ NEWS: EXAMPLE OF THE CURRENCIES FOR THE BASKET" BY FRANK26, 3 MARCH

 Frank26:  "EXAMPLE OF THE CURRENCIES FOR THE BASKET"...F26

The Iraqi Central Bank confirms to Shafaq News the provision of five foreign currencies as an alternative to the dollar for merchants

3/2/2024

 The Central Bank of Iraq confirmed, on Saturday, that it has provided five alternative currencies to the dollar, for merchants to use in purchasing their goods from other countries using each country’s currency through the bank.

Deputy Governor of the Central Bank, Ammar Hamad, told Shafaq News Agency, “The Central Bank provided other foreign currencies to Iraqi merchants, which are (the euro, the Chinese yuan, the Turkish lira, the Emirati dirham, and the Indian rupee).

He added, "These currencies have become available to merchants for the purpose of financing foreign trade. When a merchant imports goods from China, he can now pay the Iraqi dinar to the Iraqi bank, and through the bank, the amount will be paid to the Chinese company and factory in the Chinese currency."

Last week, the Central Bank of Iraq's total sales of hard currency in US dollars amounted to more than one billion dollars.

Shafaq News Agency correspondent stated that the Central Bank sold during the past week, and for a period of five days during which the auction was opened, one billion and 52 million and 796 thousand and 86 dollars, at a daily rate of 210 million and 559 million and 217 dollars, lower than what it recorded the previous week, when it amounted to one billion and 62. One million 587 thousand and 198 dollars.   LINK