MNT GOAT
In Shafaq News the Central Bank of Iraq confirmed, on Saturday and I quote from the article- “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. This was just the start as 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)”.
But here is the best part of today’s news, as if it was not very good already these past weeks. I quote from the article – “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 in 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.”
I would like to briefly explain how trade payments work between countries. For example, factory owners in China don’t want anything but the Chinese yuan, just like factories in the US want US dollars. So according to this article today, now China (the first country) will accept the dinar but through trade brokers at the bank that will convert the dinar to yuan for the companies. My main point is this – the dinar is now slowly being rolled out and recognized as a valuable currency to the world and soon to be widely accepted as a global currency by many more countries. Get it? It is slow to roll out but this move by the China and the CBI is a very important one. Just remember now that just over a year ago no one wanted the dinar. China, of all the developed countries, is now willing to trade using the dinar as payment. WOW!
NEWS
THE IRAQI CENTRAL BANK CONFIRMS TO SHAFAQ NEWS THE PROVISION OF FIVE FOREIGN CURRENCIES AS AN ALTERNATIVE TO THE DOLLAR FOR MERCHANTS
2024-03-02
Shafaq News/ 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.
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