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An economist told NINA: The Central Bank's decision to strengthen the balances of Iraqi banks that have accounts with Chinese banks in yuan is an unrealistic decision
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[rtl]Baghdad / NINA / - The specialist in economic affairs, Dergham Muhammad Ali, renewed his warning against the use of the Chinese currency (the yuan) in Iraqi trade, stressing that the Central Bank's decision to strengthen the balances of Iraqi banks that have accounts with Chinese banks in Chinese yuan is an unrealistic decision.
Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "using the yuan in foreign trade is an unrealistic option, since Iraqi oil sales are exclusively in the dollar currency, and the area of the yuan currency is very limited globally and does not cover even 10 percent of Iraq's imports.
He pointed out, "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."
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./ End 8[/rtl]
Muhammad Ali said in a statement to the National Iraqi News Agency ( NINA ) that "using the yuan in foreign trade is an unrealistic option, since Iraqi oil sales are exclusively in the dollar currency, and the area of the yuan currency is very limited globally and does not cover even 10 percent of Iraq's imports.
He pointed out, "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."
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./ End 8[/rtl]
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