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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq's foreign trade

    Rocky
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    • Post n°1

    With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq's foreign trade Empty With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq's foreign trade

    Post by Rocky Tue 28 Feb 2023, 5:34 am

    [size=45][size=41]With anticipation of the results, the Chinese yuan is chasing the dollar in Iraq's foreign trade[/size]
     16 hours ago
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    New dealings in Iraq's foreign trade through the use of the Chinese yuan currency to help strengthen its dinar and to relieve pressure on the dollar after the latter witnessed large booms against the Iraqi dinar in the parallel market, which caused great economic problems and revived the black market.
    The Central Bank of Iraq revealed that the step of paying in Chinese yuan comes within the second package of transactions, which includes organizing foreign trade from Beijing, by providing facilities for financial transfers to the United States and Europe, using the same mechanism later.
    A number of specialists in financial and economic policy agreed that the use of the Chinese yuan currency comes to relieve pressure on the dollar and to reduce the time period for cash transfers for trade purposes.
     
    Payment is subject to compliance
     
    And the financial advisor to the Prime Minister and former deputy governor of the bank, Mazhar Muhammad Salih, said in a press interview seen by “Takadam” that “the step of paying in the yuan currency comes so that the mechanisms that are in dollars are lighter,” adding that “this does not mean that it is not subject to compliance rules, as all transactions Foreign affairs and foreign trade financing, whether in dollars, yuan or euros, are subject today to the compliance platform, in which the papers must be correct, the final beneficiary is present, and the goods enter Iraq.
     
    He added, "This measure will not extend its application to Iraq's oil trade," explaining, "This measure covers only private sector imports."
    He pointed out that "Iraq's trade with China is large, and in order not to be hindered, the Chinese yuan was adopted as an intermediary currency to finance foreign trade for the private sector only, but this does not prevent the existence of auditing, compliance and knowledge of the final beneficiary."
     
    Throw ashes in the eyes
     
    “The use of this or that currency in commercial exchanges and monetary and financial transactions is not subject to decisions from above, but rather to the facts that control the global monetary system,” says economist and oil expert Hamza Al-Jawahiri, in a press interview seen by “Takadam”.
    He added, "Many countries previously announced the abandonment of the dollar and the adoption of other currencies such as the ruble and the yuan, but these decisions were in most cases sterile, and it is an attempt to sow ashes in the eyes and achieve imaginary victories. It is related to confidence in these currencies and the independence of the central banks that issue them."
    He pointed out that “the adoption of the yuan in relation to foreign trade for any country means narrowing the opportunities for trade exchange to a large extent because the confidence of dealers in it at the global level is limited, while the dollar is still on the throne of monetary transactions.”
    And he stressed that "most of Iraq's foreign trade takes place with China, so if Iraq succeeds in converting it into Chinese yuan, this is considered liberation from the dominance of the dollar in global trade and it will be in the interest of Iraq."
     
    The conversion is faster
     
    The economist and professor of economics at the Iraqi University confirmed that “using the yuan currency in foreign trade with China will be subject to the same previous conditions and will not be outside the electronic platform, which is the point that some had imagined that it would not be subject to the platform,” noting that “in all cases, you will pay in dollars until you get on the other currency.
    He added, "Some of the merchants called on the government to import goods from China in their local currency to facilitate the import process faster, which was approved by the Central Bank of Iraq." The American who will finance Iraqi trade through China by paying in dollars and converting it into Chinese yuan.
    Al-Mashhadani explained that “this process may make merchants feel more reassured, liberated, and quick in transferring, after these transfers were made for more than 20 days, which is a long period for them, while relying on the Chinese Bank as an agent or the Asian Development Bank will shorten the period due to the presence of a financial balance in these banks.” .
    Iraq witnessed a shortage of dollars after it was subjected to pressure from the United States aimed at limiting the flow of money to neighboring countries, which had been imposed financial sanctions by the United States of America, and the Federal Reserve Bank of New York last November imposed stricter controls on dollar transactions for banks. As a result, the approval of transfers slowed down and ultimately prompted merchants to buy dollars from exchange offices, which raised the price of the dollar against the Iraqi dinar to high levels, which led to a rise in the prices of basic and food items in the local markets.
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