What Is The Importance Of The Recent Iraqi-American Agreement In The UAE Regarding The Dollar?
Economy |12-11-2023, 20:01 | Baghdad today – Baghdad Today, Sunday (November 12, 2023), economic affairs researcher Nasser Al-Kanani revealed the importance of the Iraqi-American negotiations in the Emirates regarding the recent agreement on dollar transfer mechanisms.
Al-Kinani said to “Baghdad Today” that “the recent dialogues between the Central Bank of Iraq and the US Federal Reserve, in the UAE, are a very important step in order to find real solutions to the dollar crisis that Iraq has been going through for nearly a year, and for which no solutions have been found.” As the dollar exchange rate continues to rise.”
He added, "Enhancing the balances of some Iraqi banks in dollars directly by (JP Morgan Bank) is an important step that will alleviate the scarcity of dollars in banks and the market, which was the reason for the recent rise in the exchange rate in the parallel market.
We also believe that implementing what was stated in the agreement The Iraqi-American latest regarding commercial transactions in the UAE dirham and the Chinese yuan will prompt a reduction in the dollar exchange rate in the coming days.”
Earlier, reports revealed an agreement between the Central Bank of Iraq and the US Federal Bank during a meeting in the Emirates, to add new banks as part of the work of enhancing foreign remittances.
According to the agreement, the number of banks capable of enhancing balances and transferring currencies abroad became 10 instead of 5 banks, and enhancing their balances in dollars in advance, in addition to strengthening a number of banks in Chinese yuan or the UAE dirham and the Indian rupee, which allows foreign trade to be easily enhanced and financed with dollars.