Expert: Iraq will reject an Iranian request to use local currencies instead of the dollar in trade

Monday 9 July 2018 10:37 am


BAGHDAD (Reuters) - Iraq's approval of any Iranian request to replace trade between the two countries in local currency instead of the US dollar has been ruled out by economic expert Majid al-Suri, while he pointed out that such an agreement would not be in favor of Iraq.

"Iraq can not apply trade with Iran in local currencies becausethe trade balance will be in favor of Iran and most of the trade is for its benefit," he told Iraq News.

He added that "the implementation of this agreement will work to store the Iraqi currency within Iran, which is not in the interest of Iraq, pointing out that" such a decision is not only the competence of the Central Bank of Iraq, but the power of the Government of the Ministry of Finance in consultation with the Central Bank of Iraq and do not expect the bank The Central Bank of Iraq on such a matter. "

"A number of countries, including India, Russia, China, Brazil and South Africa, are trying to reduce the dollar's control over international trade and the trade war between China and the United States has resulted," he said.

The governor of the Central Bank of Iran and Crown Prince Ali Abdullah Saif announced on Sunday the follow-up of the bank to conclude monetary agreements with Iraq, Russia and Azerbaijan to deal with national currencies. Finished