Economic praise for Iraq and Russia’s agreement to deal in dinars and rubles: a masterstroke


According to economic expert Bassem Anton, the Iraqi-Russian agreement in transactions between the two countries in the local currencies of the dinar and the ruble will open new doors with other countries for dealing in local currencies, reducing demand for the dollar, describing the agreement as a “masterstroke.”

Anton said in an interview with Al-Maalouma: “Raising the issue of dealings between Iraq and the Russian Federation at the highest level of two figures played a role in agreeing with the Russian side to conduct transactions between the two countries in the local currencies of the ruble and dinar, especially since the volume of Russian annual investments in Iraq amounted to 19 One billion annually, and this is a very large number.”

“In light of the agreement, Iraq will open new horizons of openness with important countries to deal in local currency,” he added. As a result, demand for the dollar will fall, while the value of the Iraqi dinar would climb versus the dollar.”

He said, “Among the basic and strategic measures of the current government and future governments is to activate the agricultural and industrial sector to achieve self-sufficiency, which will also reduce the demand for the dollar to obtain agricultural and industrial products from abroad, and after that the country will emerge from dependence on the unilateral rentier economy dependent on the sale of oil.”

Prime Minister Muhammad Shiaa Al-Sudani stated the government’s interest in investing in gas yesterday, Wednesday, especially because this wealth has gotten little attention since the discovery of oil.

Prime Minister Muhammad Shiaa Al-Sudani has returned from Moscow, which he visited the day before yesterday, Tuesday.


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