Al-Alawi expresses his support for economic transformation and stresses the importance of dealing in multiple currencies
Al-Alawi expresses his support for economic transformation and stresses the importance of dealing in multiple currenciesToday, Tuesday, Member of Parliament Jassim Al-Alawi expressed his opinion on the current economic transformation, pointing out the importance of dealing in multiple currencies instead of relying exclusively on the US dollar.
In this context, Jassim referred, in a statement to an NRT Arabia correspondent in Baghdad, to the state of economic monopoly that the United States is witnessing and its restriction of economic operations in dollars, which causes embarrassment in the event of a dispute.
Jassim explained that any country that follows an American policy may face concealment of its dealings and the imposition of sanctions and pressure, which affects its economic reality and monetary circulation in that country.
He added, “This step taken by Iraq is not only an isolated step, but rather reflects a global trend towards liberating transactions from the dominance of the American economy.”
In a prediction for the coming period, Jassim expressed his expectation that currencies other than the dollar will enter Iraq, noting, “the presence of other currencies with a weight and size commensurate with the economic reality.”
He stressed that these currencies are widely circulated in Asian countries, including countries allied with Iraq, such as China and Russia, stressing that “converting to other currencies can provide broader economic opportunities and greater competition for the beneficiaries of these countries.”
Washington waves the dollar bill.. The US Federal Reserve continues to tamper with the Iraqi dinar, 16 NOV
Washington waves the dollar bill.. The US Federal Reserve continues to tamper with the Iraqi dinarInformation/report..
The American administration continues to work hard to destabilize the internal situation in Iraq, by creating many problems, which it has worked on over the past period, including those related to the security, economic, and even political aspects in light of the interference of its ambassador in Baghdad in issues outside her diplomatic work.
Over the past two years, the US Federal Reserve has worked to impose its unfair conditions aimed at weakening the Iraqi dinar against the dollar, under the pretext of ongoing smuggling operations.
The dollar selling market is witnessing a state of instability in light of the continuous rise and fall, which has created a worry in the Iraqi markets.
Representative Muhammad Al-Baldawi identified four factors behind the continued turmoil in the dollar market in Iraq.
Al-Baldawi said in an interview with “Al-Ma’louma” that “the post-2003 accumulations, the security unrest, and the lack of clarity of a comprehensive vision for reviving the national economy led to the dollar becoming an influential standard in the economy, especially since all the oil sold goes to a bank account in America before it is sold.” He arrives in Baghdad.
He added, “The turmoil occurring in the parallel market and the rise in the dollar exchange rate in recent weeks are clearly behind 4 important factors, most notably the US Federal Reserve’s delay in sending dollar shipments to the central bank and its repeated threats to impose sanctions on it within the framework of an American pressure policy that wants to directly strangle the national economy.” “.
He pointed out that “the economy is a clearly defined American game that is trying, through the dollar, to raise prices and create instability in the markets,” pointing out “the importance of reconsidering the diversification of the basket of currencies and seeking to end the file of dollarization in the markets by adopting the dinar to pay internal dues to reduce… Demand on the parallel market.
In turn, the Parliamentary Finance Committee revealed the details of the discussions between Iraq and America regarding the price of the dollar against the dinar, while indicating that the Central Bank of Iraq has developed solutions to control the continuous rise in exchange rates.
A member of the Finance Committee, Moeen Al-Kazemi, said in an interview with Al-Maalomah, that “the Central Bank is making intensive efforts through its discussions with the US Federal Reserve to ease restrictions on Iraqi banks, as well as developing practical solutions to liberalize the Iraqi currency by opening outlets in most countries of the world for dealing.” In various foreign currencies instead of the dollar.
He added, “The restrictions imposed by the US Federal Reserve and the failure to release Iraqi funds in dollars are behind political reasons for the purpose of its dominance over countries of the world, including Iraq.”
He pointed out that “Iraq receives approximately $10 billion monthly from selling oil, but it is deposited in the US Federal Reserve, which is constantly trying to obstruct its release.”
Al-Kadhimi continued, “The Central Bank has taken new measures by opening multiple outlets in countries around the world that deal in the currencies of the Chinese yuan, the Indian rupee, the European euro, and the Emirati dirham.”
It is noteworthy that the US sanctions are raising a wave of concern among the Iraqis, especially since all government and central bank measures have not succeeded in bringing the parallel exchange rate closer to the official rate.
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Sudanese Advisor - The Iraqi-American agreement constitutes the beginning of stabilizing the exchange rateMazhar Muhammad Saleh, advisor to Prime Minister Muhammad Shia al-Sudani for financial and economic affairs, saw the agreement of the Central Bank of Iraq and the representative of the US Federal Bank, regarding strengthening the balances of Iraqi banks in dollars and increasing their number, and strengthening other local banks with balances from an international currency basket, “a step towards stabilizing the dollar exchange rate” in The country.
Saleh added in a press statement, “The Iraqi Monetary Authority holds foreign currency reserves, which are the highest in Iraq’s financial history,” noting that “Iraq has the highest foreign currency reserves and high commercial efficiency. Today, the reserve currencies are sufficient for Iraqi trade for a period of (fifteen months).” While the global standard is (three months).”
He explained that external financing for the private sector takes place through the compliance platform, which required conditions that lasted for a year from last October to this November, and thus the banks adapted on the basis of global compliance with the use of foreign currency for the purpose of trade and not for other purposes that cause problems for the state.
He noted, “The agreement between Iraq and the United States indicates the presence of high flexibility in financing the private sector, by strengthening a number of banks in dollars, which have adapted themselves to global compliance and will finance Iraq from major global commercial centers.”
Saleh pointed out that more than 85% of foreign currency demand is made through the external platform managed by the Central Bank of Iraq, by enhancing the balances of foreign banks, while the parallel market constitutes only 15% of the speculators’ market, stressing that this The agreement marks the beginning of price stability in the exchange market.
An Iraqi government source had previously revealed an Iraqi-American agreement aimed at strengthening the balance of 10 Iraqi banks in dollars. He also revealed an increase in the number of Iraqi banks whose balances in Chinese yuan would be strengthened through the Singapore Development Bank to 13 banks, while the number Banks that have strengthened their accounts in Indian rupees with the Development Bank of Singapore 2, and other banks will be added within the next two weeks.
Dollar adjustment package: A deal with China and India precedes serious discussions with the US Treasury
Dollar adjustment package - A deal with China and India precedes serious discussions with the US TreasuryA government source said, on Tuesday, that the government is working on a draft “equal deal” to exchange trade and imports with China and India within the framework of measures to control the dollar exchange rates, noting that the Prime Minister directed the activation of a joint committee to hold serious discussions with the US Treasury regarding transfers.
The government is now working on an “equal deal” project to exchange trade and imports with some countries such as China and India.
The government is currently considering establishing a free zone to import materials and then market them to the private sector and ensure their delivery to the consumer at competitive prices and in Iraqi dinars.
The government is studying a re-export project and there are important discussions in this regard.
The government issued a series of measures to develop electronic payment systems and reduce dependence on cash.
The Prime Minister directed the activation of a joint committee between the government, the central bank and the private sector, under the supervision of his office, to hold serious discussions with the US Treasury regarding transfers through the foreign currency selling window, and the committee began its meetings.