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Through the dollar and the yuan... the US Treasury continues to impose its guardianship over the Iraqi economy
July 16 14:32 1 Shares
Information/report..
The Parliamentary Finance Committee indicated earlier that it would demand that the Central Bank address the issue of the exchange rate and the flow of foreign trade through the use of the currency basket diversification system, so that there would be more options for the Central Bank and Iraqi merchants.
The currency basket system is a monetary system used by the central banks of countries to determine the exchange rate of their local currencies.
The system is based on a group of currencies chosen by the central bank of each country, and the
basket consists of a group of the most powerful banknotes affecting the global economy.
In an “unsuccessful” step, as experts in economic affairs describe it, the Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.”
While economic experts warned of the effects of this decision on the local market and its cause of an increase in the exchange rate of the US dollar and an increase in exchange rates.
Inflation, which has negative repercussions on the economic situation of the Iraqi family, presented 3 solutions to the Central Bank of Iraq to continue the flow of remittances to China.
In the latest Iraqi government move to stop dealing in the Chinese yuan, informed sources revealed to Shafaq News Agency, yesterday, Saturday, that the Governor of the Central Bank of Iraq, Ali Al-Alaq, is making an officially unannounced visit to the United States of America to discuss with officials in Washington regarding the US Federal Reserve’s decision to stop dealing in Baghdad. In Chinese yuan.
The Central Bank of Iraq had previously strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually,
but the US Federal Reserve’s policy is still putting the stick in the wheel of liberating the Iraqi dinar and achieving gains at the expense of the dollar exchange rate, Therefore,
when the US Federal Reserve saw that the Chinese yuan was being used in foreign transfers,
it quickly issued a decision to stop transfers under the pretext that there were suspicions in some transfers in the Chinese yuan.
A member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, described the
US Federal Reserve’s decision to stop remittances in the Chinese yuan as “arbitrary” against the Iraqi economy. Al-Kadhimi said in a statement to the Al-Ma’louma Agency,
“The decision to stop transfers in the Chinese yuan was issued by the US Federal Bank due to its claim that there were suspicions about some transfers in the Chinese yuan.” He pointed out that
"the Central Bank of Iraq has contracted with an international company to evaluate and monitor remittances, and this company is a supplier of acceptance and trust for the US Federal Reserve." He pointed out that
"after a short period, the Central Bank of Iraq will resume transferring remittances in Chinese yuan to Iraqi merchants and in general," noting that
"these US Federal Reserve measures are considered arbitrary against Iraq and its national economy."
For his part, commenting on this decision, the economic expert, Zia Al-Mohsen, confirmed that
“stopping dealing in the Chinese yuan by the Central Bank of Iraq is an unsuccessful step if we take into account that trade dealing with China exceeds 65 billion dollars.”
Al-Mohsen said in a statement to the Maalouma Agency,
“This decision will have a negative impact on the local market, and the demand for the dollar will increase, which means an increase in the exchange rate of the US dollar in the local market, which will increase inflation rates, which will have negative effects on The economic situation of the Iraqi family.
The Central Bank of Iraq stopped trading in the Chinese yuan after the US Federal Reserve accused Iraq of "inflating remittances."
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets.
It is noteworthy that the Central Bank of Iraq also moved to strengthen its assets in the UAE dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union. Iraq also began opening bank accounts in the Indian rupee for a number of Iraqi banks. Ended / 25 AD
https://almaalomah.me/news/70483/economy/عبر-الدولار-واليوان-الخزانة-الأمريكية-تواصل-فرض-وصايتها-على
July 16 14:32 1 Shares
Information/report..
The Parliamentary Finance Committee indicated earlier that it would demand that the Central Bank address the issue of the exchange rate and the flow of foreign trade through the use of the currency basket diversification system, so that there would be more options for the Central Bank and Iraqi merchants.
The currency basket system is a monetary system used by the central banks of countries to determine the exchange rate of their local currencies.
The system is based on a group of currencies chosen by the central bank of each country, and the
basket consists of a group of the most powerful banknotes affecting the global economy.
In an “unsuccessful” step, as experts in economic affairs describe it, the Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.”
While economic experts warned of the effects of this decision on the local market and its cause of an increase in the exchange rate of the US dollar and an increase in exchange rates.
Inflation, which has negative repercussions on the economic situation of the Iraqi family, presented 3 solutions to the Central Bank of Iraq to continue the flow of remittances to China.
In the latest Iraqi government move to stop dealing in the Chinese yuan, informed sources revealed to Shafaq News Agency, yesterday, Saturday, that the Governor of the Central Bank of Iraq, Ali Al-Alaq, is making an officially unannounced visit to the United States of America to discuss with officials in Washington regarding the US Federal Reserve’s decision to stop dealing in Baghdad. In Chinese yuan.
The Central Bank of Iraq had previously strengthened its assets denominated in the yuan through the Singapore Development Bank to finance Iraqi trade and imports with China by about 12 billion dollars annually,
but the US Federal Reserve’s policy is still putting the stick in the wheel of liberating the Iraqi dinar and achieving gains at the expense of the dollar exchange rate, Therefore,
when the US Federal Reserve saw that the Chinese yuan was being used in foreign transfers,
it quickly issued a decision to stop transfers under the pretext that there were suspicions in some transfers in the Chinese yuan.
A member of the Parliamentary Finance Committee, Representative Moeen Al-Kadhimi, described the
US Federal Reserve’s decision to stop remittances in the Chinese yuan as “arbitrary” against the Iraqi economy. Al-Kadhimi said in a statement to the Al-Ma’louma Agency,
“The decision to stop transfers in the Chinese yuan was issued by the US Federal Bank due to its claim that there were suspicions about some transfers in the Chinese yuan.” He pointed out that
"the Central Bank of Iraq has contracted with an international company to evaluate and monitor remittances, and this company is a supplier of acceptance and trust for the US Federal Reserve." He pointed out that
"after a short period, the Central Bank of Iraq will resume transferring remittances in Chinese yuan to Iraqi merchants and in general," noting that
"these US Federal Reserve measures are considered arbitrary against Iraq and its national economy."
For his part, commenting on this decision, the economic expert, Zia Al-Mohsen, confirmed that
“stopping dealing in the Chinese yuan by the Central Bank of Iraq is an unsuccessful step if we take into account that trade dealing with China exceeds 65 billion dollars.”
Al-Mohsen said in a statement to the Maalouma Agency,
“This decision will have a negative impact on the local market, and the demand for the dollar will increase, which means an increase in the exchange rate of the US dollar in the local market, which will increase inflation rates, which will have negative effects on The economic situation of the Iraqi family.
The Central Bank of Iraq stopped trading in the Chinese yuan after the US Federal Reserve accused Iraq of "inflating remittances."
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and banning the dollar under many pretexts, which in one way or another led to a severe financial crisis in the local markets.
It is noteworthy that the Central Bank of Iraq also moved to strengthen its assets in the UAE dirham and negotiated an increase in its assets denominated in euros to finance trade with the European Union. Iraq also began opening bank accounts in the Indian rupee for a number of Iraqi banks. Ended / 25 AD
https://almaalomah.me/news/70483/economy/عبر-الدولار-واليوان-الخزانة-الأمريكية-تواصل-فرض-وصايتها-على
