Iraq should reject Iranian request to Trade in Local Currencies: Expert

A famous economic expert Majid Al-Suri issued a press interview that Iraqi approval of an Iranian request to change trade currency between both countries. Point to be noted that Iran has forwarded a request of trading in local currency instead of the U.S dollar between Iraq and Iran. He pointed out that this kind of commitment will not be in the favor of Iraq. He added that Iraq should not make any agreement with Iran in local currencies. It is due to the difference in trade balance and it will be in the favor of Iran because most of the trade will provide benefits to Iran. He said in his press interview that the approval of this Iranian request will work to store the Iraqi currency within the territory of Iran, and it will not be in the best interest of Iraq.

Iraq will reject an Iranian request to use local currencies

Al-Suri also pointed out that this kind of decision will not be acceptable by the Central Bank of Iraq. The Iraqi government officials in the Iraqi Finance Ministry are consulting with the heads of Iraqi Central Bank. They believe that the Central Bank of Iraq will not discuss on such a matter. A number of countries, including India, China, Brazil, Russia and South Africa, are trying to decrease the control of U.S dollar over international trade. He added that the recent trade war between China and the United States has witnessed the impact. On Sunday, the Governor of the Iranian Central Bank and Crown Prince Ali Abdullah Saif announced the follow-up of the bank to conclude monetary agreements with Iraq, Russia, and Azerbaijan to deal with their local currencies.

Share This Post

Recent Articles

· Designed by RF