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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The most prominent economist: Iraq will remain captive to the dollar, and there is no benefit in ado

    Rocky
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    • Post n°1

    The most prominent economist: Iraq will remain captive to the dollar, and there is no benefit in ado Empty The most prominent economist: Iraq will remain captive to the dollar, and there is no benefit in ado

    Post by Rocky Fri 24 Feb 2023, 5:10 am

    [rtl]The most prominent economist: Iraq will remain captive to the dollar, and there is no benefit in adopting the Chinese yuan[/rtl]

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    [rtl]Baghdad-Iraq today:

    Professor of Economics at the University of Basra, Nabil Al-Marsoumi, commented on the decision of the Central Bank to deal in commercial exchanges with China in Chinese yuan instead of dollars.

    He said in a “press release”: “The Central Bank announced that regulating the financing of foreign trade with China will be directly and in the Chinese yuan currency, and although Iraq began diversifying its cash reserves five years ago, the dollar prevails because oil Revenues are in dollars, and it has only a few Chinese yuan, as Iraq is trying to restore the value of the dinar through a strategy that is now being pursued by other official banks in the Middle East.

    He added, “The strategy includes relying on the Chinese yuan currency for the purpose of trade exchange with China, in addition to the European euro, the UAE dirham and the Jordanian dinar, as the authorities seek to provide other foreign currencies for local dealings besides the US dollar.It is known that many countries have begun to take the same steps that the Central Bank of Iraq is taking and others have already begun to implement them, as Saudi Arabia issued a decision that includes obtaining the Chinese yuan instead of the dollar in exchange for oil sold to China, while Egypt decided to replace the guarantee bonds with the yuan currency instead of the dollar before it was followed by Israel, which also announced the use of the Chinese yuan alongside the Canadian and Australian dollars as a direct substitute for the US dollar .

    He pointed out that “as long as oil is priced in dollars and as long as oil exports dominate Iraqi exports in light of the almost complete disappearance of non-oil exports, it becomes impossible for Iraq to liberate itself from the US dollar, as Iraq needs in the end the dollar to obtain the yuan.”

    He explained that "Iraq's reliance on the yuan to finance its foreign trade with China through the US (JP Morgan) Bank and the Development Bank in Singapore will not change anything, and it will remain captive to the dollar."[/rtl]
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    [/rtl]

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