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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


    Iraq tends to use the yuan in non-oil foreign trade

    Rocky
    Rocky
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    Iraq tends to use the yuan in non-oil foreign trade Empty Iraq tends to use the yuan in non-oil foreign trade

    Post by Rocky Tue 28 Feb 2023, 6:22 am

    [size=47]Iraq tends to use the yuan in non-oil foreign trade[/size]


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    London

    The New Arab


    February 28, 2023
    [ltr][rtl]Iraq plans to pay for private sector imports from China in yuan (Murtaja Latif/AFP)[/rtl][/ltr]
    [You must be registered and logged in to see this link.] tends to use [You must be registered and logged in to see this link.] as an official currency in its non-oil foreign trade exchanges. The Iraqi government plans to pay for private sector imports from China in yuan in order to inject foreign currency into the financial system and help relieve pressure on the [You must be registered and logged in to see this link.] , according to the US Bloomberg Agency, today, Tuesday.
    Saudi Arabia and the UAE have previously taken steps to use currencies other than the dollar in non-oil transactions.

    The UAE and India are working to promote non-oil trade in rupees, and Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan recently said that the kingdom is open to trade in currencies other than the dollar.
    Iraq, the second largest producer in the Organization of the Petroleum Exporting Countries ( [You must be registered and logged in to see this link.] ), is intensifying its efforts to stabilize the dinar, after raising its value earlier this month. 
    Iraq suffered from a shortage of dollars after being subjected to US pressure to limit the flow of funds to neighboring Iran, as the Federal Reserve Board (US Central Bank) in New York imposed, last November, stricter controls on dollar transactions by Iraqi commercial banks. .
    An official source in the Central Bank of Iraq, who asked not to be named, said in previous statements to Al-Araby Al-Jadeed, “The bank launched, in the past short period, a second package of reforms to push the dollar to decline closer to the official price, and focused on facilitating trade financing from China.” Through the electronic platform, it also included the facilitation of money transfers to the United States and Europe and the facilitation of citizens transferring money through international companies (Western Union and Money Gram) and for various purposes.
    This is happening at a time when countries are balancing the US currency in global trade and establishing deeper economic relations with emerging powers in Asia, and China has been pressuring the use of the yuan in transactions with major energy and commodity exporters.
    While Middle Eastern economies may flirt with other currencies, according to Bloomberg, their decades-long dollar foundations are here to stay.
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