Economist: Joining BRICS is one of the solutions to diversify sources of hard currency


According to economic affairs scholar Hisham Al-Baydani, Iraq’s entrance to BRICS is one of the answers to diversify the country’s sources of foreign money and be free of American constraints, particularly on the dollar.

According to Al-Baydani, “Iraq must be freed from the restrictions imposed by Washington on its sources of foreign currency, especially after the hints and statements of the American ambassador in Baghdad regarding more restrictions on the movement of the dollar.”

He said, “The American restrictions imposed on Baghdad caused exchange rates to fluctuate, which affected citizens’ transactions in general, especially since there is demand for foreign currency in the local market.”

He said that “joining BRICS may be one of the solutions that could be a way out for Iraq, which is rich in oil resources, but is governed economically by a foreign financial policy imposed by the American administration on the Iraqi monetary authority.”


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