Why Did Iraq Stop Dealing In The Chinese Yuan?

 Why Did Iraq Stop Dealing In The Chinese Yuan?

Economy   Why did Iraq stop dealing in the Chinese yuan? Doc-P-493658-638563711944282995

1,919 views  Alsumaria News – Local   The Parliamentary Finance Committee revealed the reasons behind Iraq’s suspension of dealing in the Chinese yuan, while indicating that many of the Central Bank’s procedures are governed by American will.

Committee member Moeen Al-Kazemi said in a statement to Al-Sumaria News, "The US Federal Bank  imposed on Iraq to stop dealing in the Chinese yuan, under the pretext that there was manipulation in some transfers or certain problems occurred, indicating that "Iraq's money, as we know, is included in the  US Federal Bank  as a result of the sale of oil at an amount of 3.5 million barrels per day, and this money enters the Federal Bank and is not transferred to Iraq in cash.

 It witnessed a transfer to Iraq through corruption transfers from the Central Bank and the Federal Declaration."

Al-Kadhimi continued, "Many of the central bank's measures are taken by the government with political will, and this will may be explained by administrative and financial reasons, not financing terrorism, and others," and he announced that "the reasons are political with the aim of pressuring the Iraqi government."

Is it possible to deal in Chinese currency?

Al-Kadhimi stressed that "the merchant and the Central Bank must have multiple options and not only deal in dollars, so this suspension is temporary and not permanent," noting that "the committee will ask the Central Bank to address the issue and have a diverse price basket, so that the options are more for the Central Bank and Iraqi merchants."

Al-Kadhimi stated earlier that "China's remittances in the yuan currency have been temporarily suspended until auditing mechanisms are found."   He continued, "During the past period, there has been a great deal of manipulation of China's affairs."   LINK