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Specialists: The Chinese yuan will not change anything in the local market
Economical 2023/03/02
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Yesterday, Wednesday, the exchange rate of the dollar against the dinar rose in the local markets, to exceed the barrier of 1550 per 100 dollars, while specialists believe that the Chinese yuan will not change anything in the Iraqi market, since the dollar prevails.
Iraq continues to enhance the digitization of its financial and banking services, coinciding with the passage of two months since the start of implementing a series of financial reforms, in response to the measures taken by the US Federal Bank to limit dollar smuggling.
The central bank intends to regulate the financing of foreign trade directly from China in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to currencies.
foreign.
The most prominent of these measures was the imposition of an electronic trading platform for the sale of hard currency in the Central Bank of Iraq, allowing the United States to monitor the movement of money transfers in hard currency (dollars), and banning various companies and banks from dealing with them.
Financial expert Muhammad Al-Sheikhly attributed the continued existence of a difference between the official exchange rate for the dinar offered by the Central Bank at 1310 dinars to the dollar, and the black market trades exceeding 1520 dinars, to the lack of sales of the Central Bank of dollars through the official window, and the continued great demand for it in the market.
For his part, economist Nabil Al-Marsoumi explained that liberating Iraq from the US dollar is impossible, pointing out that the Chinese yuan will not change anything in the market.
Iraqi.
Al-Marsoumi said, "Iraq began diversifying its cash reserves five years ago, but the dollar prevails because oil revenues are in dollars and it has only a few Chinese yuan. Today, it is trying to restore the value of the dinar through a strategy that is being followed 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 euro, the Emirati dirham and the Jordanian dinar, as the Iraqi authorities seek to provide other foreign currencies for local dealings besides the dollar."
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