AN EXPERT COMMENTS ON THE USE OF THE IRAQI CURRENCY IN COMMERCIAL TRANSACTIONS WITH IRAN
Today, Tuesday (May 7, 2024), expert in financial and economic affairs, Alaa Glob Al-Fahd, commented on the possibility of Iraq losing money through its use of the national currency in commercial transactions with Iran .
Al-Fahd told Baghdad Al-Youm, “The idea of commercial dealings being in the local currency between Iraq and Iran is not new today. Rather, it is a decision by the Central Bank of Iraq as well as the Iraqi government to negotiate this issue with more than one country, not just Iran, including Iran.” The UAE”.
He explained that “exchange is in the UAE dirham, with China in the yuan, with Iran in the toman, and even with Turkey there is negotiation that trade exchange be in the lira .
He continued, “This matter creates confidence in the local currency, when it has value at the global level and this follows the strength of the Iraqi dinar, and this issue does not constitute any loss for Iraq and Iran . “
He added, “This currency will be transformed into goods or exchanged and bartered, if there is a joint trade exchange between the two countries. We believe that this issue has many more positives than negatives, and this gives strength to the local currency and gives it confidence even at the level of the citizen and merchant as well as the foreign merchant and not Local only.”
Yesterday, Monday, Iranian Vice President Mohammad Mokhber called on Iraq to use “national currencies” in trade and economic exchanges between the two countries . The office of the Iranian Vice President said in a statement followed by “Baghdad Today”, “The necessity of expanding economic relations and improving the level of trade cooperation between the Islamic Republic of Iran and Iraq was emphasized .
He added, “The relations between Tehran and Baghdad are close, strong and sincere, and the union of the two countries is a source of loss and fear for enemies and a point of hope and prosperity. They are two countries and their people will taste the sweet taste of this union in expanding economic relations between them.”
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