REINALDO JC
Iraq
The future of international trade transactions in US dollars in Iraq
The US dollar is the first global currency for foreign trade transactions between the countries of the world, which constitutes 80% of the volume of international financial transactions and represents about 60% of the currencies of international reserves. The dollar is the only currency that absorbs large financial transactions in the oil, energy sector and international oil trading, up to 100 million barrels in addition to other commodities and other currencies constitute within (20%-25%).
The dollar plays a key role in the control of the US economy over the global economy in multiple fields, and many countries tried to get rid of the dominance of the US dollar in previous periods but could not. Therefore, the BRICS group was established, whose member countries, China, Brazil, India and South Africa, are trying to limit the control of the dollar in international trade and banking transactions, and the number of countries in it is now within 9 countries.
After several countries, including Arab countries such as Egypt, Saudi Arabia and the United Arab Emirates, in addition to Ethiopia and Iran, organized in 2024, one of its main objectives is to limit the dominance of the dollar over the global trade movement and cooperation between the tax and customs authorities of the group countries and to reach the development of a new currency to be used among the group countries.
Iraq, with the aim of reorganizing the financing of foreign trade, began to conclude agreements with central banks with which Iraq has a wide trade exchange in agreement with sober correspondent banks in China, India, the UAE and Turkey to deal with the Chinese yuan, the Indian rupee, the UAE dirham and the Turkish lira to achieve two objectives. The first is to enable our banks to agree with correspondent banks in these countries and other countries to deal with them directly after canceling the electronic platform, and the second is to introduce new foreign currencies for commercial and banking transactions other than the US dollar to enable banks that do not have American correspondent banks to continue their foreign transfers with those alternative countries according to special agreements with their central banks.
This can help control the reduction of the wide domestic demand for the US dollar, create a state of balance in the monetary market and maintain the purchasing power of the local currency, which is the Iraqi dinar, and this method is now applicable, in addition to the existence of dealings in the US dollar as well.
EXCERPTS FROM MARKZ
The Ministry of Commerce announced that the general population census is “an important step in directing investments, which accelerates development steps in all regions of Iraq.”
“The government’s direction by conducting the general census despite the difficulties it faced, but goes towards attracting international effort to the national labor market in a way that promotes the economy, giving those in charge of the economic file a clear vision of the economic reality with the creation of database, which represents a starting point for economic policies, which aim to address the imbalance in economic construction.”
He pointed out that “the step of the general population census will accurately reflect the reality of human wealth and the percentage of youth, as they represent an important economic force, which can be employed in the knowledge and investment sectors and the various joints of the economy, which have the elements of advancement and development.”
He pointed out that “the general population census is a statistical procedure, which represents a database on the numbers of Iraqis and the nature of their work,” pointing out that it “the first of its kind in decades, as the last census was held in 1987, and that it is a developmental work, aimed at directing the country’s resources in the right direction.
He pointed out that it is “a measure that serves the country economically and socially through its treatment of poverty, unemployment, knowing needy families, the number of workers and the unemployed, and the advancement of the economic reality in general, which is a message of reassurance to citizens and the country alike, in the sense that the country has become immune from saboteurs and terrorist acts, and in a situation that allows it this great and important measure.”
Hanoun stressed that “the census will determine the actual number of the population inside the country, and residents outside the country in cooperation with the Ministry of Foreign Affairs later, and non-Iraqi working and residents will be counted, which will contribute to limiting their numbers and knowing their living conditions.”
He explained that the census is “the most important source of economic and social data for all countries of the world,” pointing out that “knowledge of the census results enables the drawing of public policies and developing strategies related to investment, housing, education, health and capital investment linked to road networks, communications, the development of public services and development programs, accompanied by enabling countries to distribute budgets between administrative regions according to development needs.”
The census is very useful in enabling the private sector and investors to advance development, raise the level of urban planning and support decision makers in decision-making.
He added that “the economic view of the population is limited to two aspects: first, the population is a consumer power that exerts pressure on available economic resources, and that these pressures increase in intepensity as resources are limited and one-sided.”
https://alforatnews.iq/news/التجارة-التعداد-السكاني-منطلق-لتحولات-اقتصادية-مهمة-وتمكين-القطاع-الخاص
EXCERPTS FROM MARKZ