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After the success of the recent negotiations in Washington, an expert identifies indicators of declining demand for the dollar
Economy | Yesterday, 19:10 |
Baghdad Today - Baghdad
Financial and economic affairs researcher Alaa Glob Al-Fahd confirmed today, Saturday (August 31, 2024), that the
Central Bank succeeded during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that
this will lead to a significant decrease in demand for the dollar. Al-Fahd said in an interview with "Baghdad Today", that
"as part of the discussions of the Central Bank of Iraq during the past hours with the US Federal Reserve and the US Treasury, which lasted for three days, 13 Iraqi banks were included in direct external correspondence (remittances) and the diversification of the currency basket." He states,
"There will be commercial transactions in the UAE dirham, the Indian rupee, and the Chinese yuan, and
this gives the Iraqi government flexibility to diversify the basket of commercial currencies." Al-Fahd added,
"The dollar is currently the master of commercial transactions in Iraq, as it is the only source of oil revenues that are sold in dollars, and the reserves of the Central Bank of Iraq are in US dollars, and that is why it is the basic currency for foreign trade." He continued,
"After diversifying the basket of foreign currencies for foreign trade, there will be a decrease in the issue of pressure on the dollar, and
most of the demand for the dollar currently is not a local demand, but rather a demand for neighboring countries, due to the sanctions on those countries, and
this demand will decrease significantly after diversifying the basket." Currencies in foreign trade transactions.
Yesterday, Friday (August 30, 2024), the Central Bank announced the participation of 13 Iraqi banks in the external transfer, indicating that this step comes within efforts to support economic growth and expand the horizons of international cooperation with global markets.
The bank said in a statement that the new phase of external transfer operations has begun, which is
an important step aimed at
enhancing the diversity of currencies and
facilitating international transfer operations, noting that this announcement came after
reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the currencies of the euro, the Chinese yuan, and the rupee. Indian and UAE dirham.
https://baghdadtoday.news/256923-بعد-نجاح-المفاوضات-الأخيرة-في-واشنطن.-خبير-يحدد-مؤشرات-انخفاض-الطلب-على-الدولار.html
Economy | Yesterday, 19:10 |
Baghdad Today - Baghdad
Financial and economic affairs researcher Alaa Glob Al-Fahd confirmed today, Saturday (August 31, 2024), that the
Central Bank succeeded during the recent negotiations in Washington in diversifying the basket of commercial currencies, indicating that
this will lead to a significant decrease in demand for the dollar. Al-Fahd said in an interview with "Baghdad Today", that
"as part of the discussions of the Central Bank of Iraq during the past hours with the US Federal Reserve and the US Treasury, which lasted for three days, 13 Iraqi banks were included in direct external correspondence (remittances) and the diversification of the currency basket." He states,
"There will be commercial transactions in the UAE dirham, the Indian rupee, and the Chinese yuan, and
this gives the Iraqi government flexibility to diversify the basket of commercial currencies." Al-Fahd added,
"The dollar is currently the master of commercial transactions in Iraq, as it is the only source of oil revenues that are sold in dollars, and the reserves of the Central Bank of Iraq are in US dollars, and that is why it is the basic currency for foreign trade." He continued,
"After diversifying the basket of foreign currencies for foreign trade, there will be a decrease in the issue of pressure on the dollar, and
most of the demand for the dollar currently is not a local demand, but rather a demand for neighboring countries, due to the sanctions on those countries, and
this demand will decrease significantly after diversifying the basket." Currencies in foreign trade transactions.
Yesterday, Friday (August 30, 2024), the Central Bank announced the participation of 13 Iraqi banks in the external transfer, indicating that this step comes within efforts to support economic growth and expand the horizons of international cooperation with global markets.
The bank said in a statement that the new phase of external transfer operations has begun, which is
an important step aimed at
enhancing the diversity of currencies and
facilitating international transfer operations, noting that this announcement came after
reaching an agreement on the mechanisms for regulating these operations, as it will include dealing in the currencies of the euro, the Chinese yuan, and the rupee. Indian and UAE dirham.
https://baghdadtoday.news/256923-بعد-نجاح-المفاوضات-الأخيرة-في-واشنطن.-خبير-يحدد-مؤشرات-انخفاض-الطلب-على-الدولار.html
