Today, Tuesday, Member of Parliament Jassim Al-Alawi spoke out about the present economic transition, emphasizing the need of trading in several currencies rather than relying just on the US dollar.
In this regard, Jassim pointed to the United States’ economic monopoly and its restriction of commercial operations in dollars, which creates embarrassment in the event of a dispute, in a comment to a NRT Arabia journalist in Baghdad.
Jassim emphasized that any nation that follows an American agenda may suffer the concealment of its activities as well as the implementation of sanctions and pressure, which impacts the country’s economic reality and monetary circulation.
Furthermore, he stated, “This step taken by Iraq is not only an isolated step, but rather reflects a global trend towards liberating transactions from the dominance of the American economy.”
Jassim predicted that currencies other than the dollar will enter Iraq in the future, citing “the presence of other currencies with a weight and size commensurate with the economic reality.”
He emphasized that these currencies are extensively used in Asian nations, including Iraqi allies like as China and Russia, and that “converting to other currencies can provide broader economic opportunities and greater competition for the beneficiaries of these countries.”