Home
The Chinese yuan between acceptance and rejection..and the Iraqi economic arena governs
[You must be registered and logged in to see this link.] | [You must be registered and logged in to see this link.]Number of readings: 66
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this link.]
[rtl]Baghdad / NINA / Report .. Renas Al-Radi: Opinions differed on the Central Bank's recent decision to use the Chinese currency in Iraqi trade instead of the US dollar, as some described it as positive, while others described it as a "political maneuver" .”
As for the central bank, he stressed that its main goal in issuing such a decision is to maintain the stability of the general monetary and economic situation and to face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar.
Since the beginning of 2023, the Central Bank of Iraq issued several decisions that would maintain the stability of the general monetary and economic situation and face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar, in addition to facilitating import and export. Operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Iraqi Central Bank is to strengthen the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan.
And the bank stressed: "The decision requires dealing in the Chinese yuan directly without the mediation of the US dollar in order to facilitate and accelerate financial transactions, and it will reduce import costs and protect against the risks of fluctuating exchange rates inside Iraq." But some economists have warned against this decision.
Economist Salam Sumaisem described the issue of dealing in the yuan as a "political maneuver" that will not achieve success in the long run.
Sumaisem said in a statement to Nina/, “The success of this decision requires the existence of a common value that takes place on the basis of evaluating the price of oil on which Iraq depends on one hand and the price of the Chinese yuan on the other hand, that is: how much is it equivalent to? He goes forward.
As for the expert in economic affairs, Raad Twij, he warned against using the yuan currency in Iraqi trade with China, saying: “Using the yuan in Iraqi trade with China means, in part, selling Iraqi oil in yuan, and this has caveats in making Iraqi oil revenues, under It governs the monetary policy of the Chinese Central Bank, and the possibilities of manipulating the value of the Chinese yuan in proportion to the interest of the Chinese economy, which may cause losses to Iraq, whether in selling Iraqi oil or in carrying out commodity trade.
Twigg added: "This decision must be cautious and studied carefully and in detail to know the pros and cons, calling for" the use of a cash basket of a group of international currencies that may preserve the value of the Iraqi dinar
. A first step of its kind in Iraq, as part of a package of measures aimed at facilitating access to foreign currencies,
while the expert in economic affairs, Safwan Qusay, confirmed: “The Iraqi trade in foreign currencies requires several important things that must be followed for success.”
Qusay said in a statement to / Nina/ That "the Central Bank of Iraq is trying to re-evaluate all monetary policies to control the demand for the dollar in the parallel market by expanding the circle of direct dealings in international currencies, including the Chinese yuan, the European euro, the Japanese yen and the US dollar to facilitate the task of final conversion for the purposes of international trade with the currency of the supplier, especially after if the central bank noticed that the adoption of the fixed price of the dinar against the dollar and the increase in the value of the dollar globally caused the decline of the Chinese yuan in the parallel market,And therefore traders tended to buy the yuan from the parallel market instead of the official market before the People's Bank of China (the central) adjusted the official value of the yuan and for more From once during the previous periods, in order to preserve its value , which is linked to the migration of most global currencies towards the US dollar, especially after raising interest rates on the US dollar in addition to the Russian-Ukrainian war.
And he stressed, "Dealing in foreign currencies needs to control the movement of imports by dealing with regular merchants and activating the role of local banks in financial transactions through documentary credits and controlled transfers, which contributes to the consolidation of the Iraqi trade system and thus Expand dealing with international brands and control the movement of imports and attract investment and stop the arrival of the dollar to the sanctioned countries and the survival of Iraq within the US dollar zone.
As for Dergham Muhammad Ali, a specialist in economic affairs, he described the use of the yuan in foreign trade as an unrealistic option, and Iraq may be subject to US economic sanctions that destroy its rentier economy, since Iraqi oil sales are exclusively in the dollar currency and that the area of the yuan currency is very limited globally and does not cover even 10 percent of Iraq imports.
Muhammad Ali said, "The conversion from the dollar to the yuan requires the payment of conversion commissions, and the United States may subject Iraq to economic sanctions that destroy its rentier economy, which is based entirely on imports."
So far, the features of the central bank's decision to deal with the Chinese yuan in trade or in the oil sector have not appeared..and the Iraqi citizen is waiting for the best for him to break the recent rise in the dollar exchange rate. / End 8 To receive more[/rtl]
As for the central bank, he stressed that its main goal in issuing such a decision is to maintain the stability of the general monetary and economic situation and to face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar.
Since the beginning of 2023, the Central Bank of Iraq issued several decisions that would maintain the stability of the general monetary and economic situation and face the risks of fluctuation of the Iraqi dinar exchange rate against the US dollar, in addition to facilitating import and export. Operations by opening new horizons with international banks, including Chinese banks.
Among the decisions of the Iraqi Central Bank is to strengthen the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan.
And the bank stressed: "The decision requires dealing in the Chinese yuan directly without the mediation of the US dollar in order to facilitate and accelerate financial transactions, and it will reduce import costs and protect against the risks of fluctuating exchange rates inside Iraq." But some economists have warned against this decision.
Economist Salam Sumaisem described the issue of dealing in the yuan as a "political maneuver" that will not achieve success in the long run.
Sumaisem said in a statement to Nina/, “The success of this decision requires the existence of a common value that takes place on the basis of evaluating the price of oil on which Iraq depends on one hand and the price of the Chinese yuan on the other hand, that is: how much is it equivalent to? He goes forward.
As for the expert in economic affairs, Raad Twij, he warned against using the yuan currency in Iraqi trade with China, saying: “Using the yuan in Iraqi trade with China means, in part, selling Iraqi oil in yuan, and this has caveats in making Iraqi oil revenues, under It governs the monetary policy of the Chinese Central Bank, and the possibilities of manipulating the value of the Chinese yuan in proportion to the interest of the Chinese economy, which may cause losses to Iraq, whether in selling Iraqi oil or in carrying out commodity trade.
Twigg added: "This decision must be cautious and studied carefully and in detail to know the pros and cons, calling for" the use of a cash basket of a group of international currencies that may preserve the value of the Iraqi dinar
. A first step of its kind in Iraq, as part of a package of measures aimed at facilitating access to foreign currencies,
while the expert in economic affairs, Safwan Qusay, confirmed: “The Iraqi trade in foreign currencies requires several important things that must be followed for success.”
Qusay said in a statement to / Nina/ That "the Central Bank of Iraq is trying to re-evaluate all monetary policies to control the demand for the dollar in the parallel market by expanding the circle of direct dealings in international currencies, including the Chinese yuan, the European euro, the Japanese yen and the US dollar to facilitate the task of final conversion for the purposes of international trade with the currency of the supplier, especially after if the central bank noticed that the adoption of the fixed price of the dinar against the dollar and the increase in the value of the dollar globally caused the decline of the Chinese yuan in the parallel market,And therefore traders tended to buy the yuan from the parallel market instead of the official market before the People's Bank of China (the central) adjusted the official value of the yuan and for more From once during the previous periods, in order to preserve its value , which is linked to the migration of most global currencies towards the US dollar, especially after raising interest rates on the US dollar in addition to the Russian-Ukrainian war.
And he stressed, "Dealing in foreign currencies needs to control the movement of imports by dealing with regular merchants and activating the role of local banks in financial transactions through documentary credits and controlled transfers, which contributes to the consolidation of the Iraqi trade system and thus Expand dealing with international brands and control the movement of imports and attract investment and stop the arrival of the dollar to the sanctioned countries and the survival of Iraq within the US dollar zone.
As for Dergham Muhammad Ali, a specialist in economic affairs, he described the use of the yuan in foreign trade as an unrealistic option, and Iraq may be subject to US economic sanctions that destroy its rentier economy, since Iraqi oil sales are exclusively in the dollar currency and that the area of the yuan currency is very limited globally and does not cover even 10 percent of Iraq imports.
Muhammad Ali said, "The conversion from the dollar to the yuan requires the payment of conversion commissions, and the United States may subject Iraq to economic sanctions that destroy its rentier economy, which is based entirely on imports."
So far, the features of the central bank's decision to deal with the Chinese yuan in trade or in the oil sector have not appeared..and the Iraqi citizen is waiting for the best for him to break the recent rise in the dollar exchange rate. / End 8 To receive more[/rtl]
[rtl][You must be registered and logged in to see this link.]
[/rtl]
[/rtl]
» Al-Alaq: The monetary situation in Iraq is excellent and our reserves support the stability of the e
» utube 11/23/24 MM&C Reporting-Expectations are High-IMF-Flexible Exchange Rate Regime-Pr
» utube 11/25/24 MM&C MM&C Iraq News-CBI Building Final Touches-Oil Exports-Development Road-Turkey-B
» Parliamentary movement to include the salary scale in the next session
» Parliamentary Finance Committee reveals the budget paragraphs included in the amendment
» Al-Maliki calls on the Bar Association to hold accountable members who violate professional conduct
» Politician: The security agreement with America has many aspects
» Kurdistan Planning: More than 6 million people live in the region, the oldest of them is 126 years o
» Al-Alaq: Arab consensus on the role of central bank programs in addressing challenges
» Economics saves from political drowning
» Agriculture calls for strict ban on import of "industrial fats" and warns of health risks
» Iraq is the fourth largest oil exporter to China
» Railways continue to maintain a number of its lines to ensure the smooth running of trains
» Parliament resumes its sessions tomorrow.. and these are the most important amendments in the budget
» Bitcoin Fails to Continue Rising as It Approaches $100,000
» Minister of Planning: There will be accurate figures for the population of each governorate
» Popular Mobilization Law is ready for voting
» Mechanisms for accepting people with disabilities into postgraduate studies
» Government coordination to create five thousand jobs
» Transport: Next month, a meeting with the international organization to resolve the European ban
» Census is a path to digital government
» Calls to facilitate loans and reduce interest rates for the private sector
» The launch of the third and final phase of the "population census"
» Al-Sudani: We have accomplished a step that is the most prominent in the framework of planning, deve
» Justice discusses modern mechanisms to develop investment in real estate and minors’ money
» Dubai to host Arabplast exhibition next month
» Al-Tamimi: Integrity plays a major role in establishing the foundations of laws that will uphold jus
» Reaching the most important people involved in the "theft of the century" in Diyala
» Transportation: Completion of excavation works and connection of the immersed tunnel manufacturing b
» Between internal and regional challenges... Formation of the Kurdistan government on a "slow fire" a
» Kurdistan Region Presidency: We will issue a regional order to determine the first session of parlia
» The Minister of Foreign Affairs announces the convening of the Ambassadors Conference tomorrow, Mond
» Al-Sudani: Iraq must always be at the forefront
» Al-Mashhadani: We support the Foreign Ministry in confronting any external interference that affects
» Al-Sudani chairs meeting with Oliver Wyman delegation
» Half a million beggars in Iraq.. 90% of them receive welfare salaries
» Sudanese announces preliminary results of the general population and housing census in detail
» The centenary of the Iraqi Ministry of Foreign Affairs.. A journey of challenges and achievements
» Prime Minister's Advisor Announces Assignment of Two International Companies to Study Iraqi Banking
» Agriculture: Integrated Support Project Provides 1,333 Job Opportunities
» The Media and Education Commission discuss introducing advanced curricula related to artificial inte
» Al-Mashhadani’s First Test: Discussing Israeli Threats and Avoiding Controversial Laws
» By name.. A parliamentary bloc reveals that five ministers will be questioned at the end of the legi
» The financial budget is subject to political and economic amendments in the next parliamentary sessi
» Will the government's efforts succeed in ending the electricity crisis in Iraq?
» Baghdad Airport Customs Increased to 400% After Implementing Automation
» EU: Integrated Support Project in Iraq Creates Jobs in Agriculture and Youth
» Al-Sudani attends the centenary ceremony of the establishment of the Ministry of Foreign Affairs
» Al-Mashhadani: We seek to keep foreign policy away from alignments that harm Iraq’s unity and sovere
» The Iraqi government is working to develop a competitive banking system and support the private sect
» Al-Alaq: Arab consensus on the role of central bank programs in addressing challenges
» Regional markets rise in first session of the week
» Kurdistan Region Presidency: We will issue an order to set the first session of the regional parliam
» Political differences hinder oil and gas law legislation
» Government coordination to create new job grades for graduates
» The financial budget is subject to amendments in the next parliamentary session
» Alsumaria Newsletter: Iraq reaches the final stages of the census and Parliament resumes its session
» After the elites and workers... Iranian factories "migrate" to Iraq
» Beggars in Iraq "refuse" welfare salaries.. Their profits are 10 times the salary!
» Amending the Election Law... A Means to Restore the Dilapidated Legitimacy
» Prime Minister announces population census results, Iraq reaches 45 million mark
» Find out the dollar exchange rates in the Iraqi markets
» Kurdistan Interior Ministry: General amnesty does not include those accused of killing women
» utube 11/21/24 MM&C MM&C News Reporting-Global Trade-Best Route in World-Purchase Power-Justice-Cen
» Al-Sudani discusses with the Secretary-General of the Digital Cooperation Organization enhancing dig
» President of the Republic: Partnership with the United States is essential to achieve regional stabi
» Mazhar Saleh reveals details of the 2023 budget and the 2024 budget horizon
» Absent control and rising corruption.. Sudan faces a harsh political winter
» A representative shows the laws prepared for voting during the upcoming sessions.
» Corrupt people in it.. Independent MP criticizes the performance of Al-Sudani's government
» Parliamentary Oil Committee reveals government move to end electricity crisis
» The Administrative Court postpones consideration of the lawsuit on the legitimacy of the Kirkuk gove
» MP: The ministerial reshuffle depends on consensus within the state administration
» Politicians put question marks on Al-Sudani: corruption, espionage and serving foreign interests
» The International Union of Arab Bankers honors the Chairman of the Private Banks Association: A prom
» Industry: Contracts to supply state ministries with food products
» After Shell Withdrawal, American Company Heads to Implement Al-Nibras Project in Iraq
» Revealing the fate of the Chinese deal in Iraq.. It was disrupted by this party
» The Central Bank of Iraq 77 years of challenges and reforms
» "Unprecedented numbers"... American "CNN" talks about tourism in Iraq
» After implementing automation, Baghdad Airport Customs jumps 400 percent
» Iraq participates in sustainable development activities
» Al-Sudani opens 790 model schools
» Parliamentary Culture: The Right to Information Law will satisfy all parties
» Al-Mashhadani to {Sabah}: Tomorrow we will discuss the Zionist threats
» Industry to {Sabah}: Contracts to supply state ministries with food products
» Trade cooperation between Najaf and Isfahan
» {New building} and {electronic systems} to develop forensic medicine
» A specialized center for monitoring the environmental situation in the capital
» International and parliamentary praise for the success of the "population census" process
» The European Union organizes a workshop in Basra on central administration and the wealth distributi
» The Media Authority and the Ministry of Education discuss the importance of enhancing and introducin
» Iraq's oil exports to America rose last week
» Electricity announces loss of 5,500 megawatts due to complete halt of Iranian gas supplies
» Tomorrow.. The Arab League is looking to unify its position against Israeli intentions to strike Ira
» The Central Bank moves its secret vaults to its new building.. Clarification of the truth of the cla
» Network reveals the fate of the Chinese deal.. It was disrupted by "Iraqi officials"
» From the White House to the "Leaders of Iraq"... A Message Regarding the Targeting of Baghdad