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BRICS: Another country wants to dump the dollar on imports


6ly410
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BRICS: Another country wants to dump the dollar on imports

 NOVEMBER 17, 2023 7:00 2 MIN READING

 

Iraq is considering the creation of a free trade zone in which imported goods will be sold in the local currency, the Iraqi dinar.

This one initiative aims to benefit consumers with competitive prices and increase the value of the dinar in the foreign exchange market. The move is in line with the BRICS strategy to reduce dependence on the US dollar, intending to enable Iraqi consumers to offer imported goods at lower prices when purchased in dinars.

The government is seeking to streamline import procedures while mandating the use of dinars for transactions, reducing the dollar's role in the sale of imported products. The proposed free trade zone will serve as a hub for various imported goods and materials, facilitating bulk sales to the private sector in local currency. This strategic shift aims to strengthen Iraq's domestic economy and reduce dollar transactions within the zone

Iraq is actively challenging the dominance of the US dollar. It recently banned cash withdrawals in US dollars, effective January 1, 2024.

In addition, Iraq has formally applied to join BRICS, signaling its interest in diversifying away from the US dollar. This is in line with Iraq's broader strategy to minimize dependence on the dollar and encourage the use of the local currency, the dinar, in all transactions. Notably, the potential implications for various sectors in the US if BRICS were to reduce their use of the dollar are discussed.

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BRICS: Iraq to Ditch US Dollar for Imported Goods

Vinod Dsouza

November 16, 2023 https://watcher.guru/news/brics-iraq-ditch-us-dollar-imported-goods-use-local-currency

Source: IraqiNews.com / Photo: Alsharqiya 

Iraq is considering establishing a free trade zonefor selling imported goods in local currency, the Iraqi Dinar. The move would benefit consumers from competitive prices and help the dinar grow stronger in the currency market. Iraq’s free trade zone is following in the footsteps of BRICS who want to reduce dependency on the US dollar. Iraqi consumers stand to gain from the development as procuring imported goods in local currency dinar would be cheaper.

 

The Iraqi government intends to streamline the import procedure while guaranteeing that the dinar is used for transactions. Iraq is looking to nip the buds of the US dollar and limit its usage for selling imported products.

The free trade zone would be a center for all the imported goods, commodities, and materials. It would then be sold in bulk to the private sector in local currency, reported the Iraqi News Agency (INA). The move would help to solidify Iraq’s native economy and keep the US dollar away from transactions in the free trade zone.

 

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9 minutes ago, 6ly410 said:

intending to enable Iraqi consumers to offer imported goods at lower prices when purchased in dinars.

 

2 minutes ago, 6ly410 said:

Iraqi consumers stand to gain from the development as procuring imported goods in local currency dinar would be cheaper

 

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The CBI director-general of investment and remittances, Mazen Ahmed, told Reuters that Iraq will ban cash withdrawals and transactions in US dollars as of Jan. 1, 2024. Ahmed indicated it is a push to curb the misuse of its hard currency reserves in financial crimes and the evasion of sanctions on Iran.

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55 minutes ago, 6ly410 said:

The CBI director-general of investment and remittances, Mazen Ahmed, told Reuters that Iraq will ban cash withdrawals and transactions in US dollars as of Jan. 1, 2024. Ahmed indicated it is a push to curb the misuse of its hard currency reserves in financial crimes and the evasion of sanctions on Iran.

That Reuters story is full of information.

 

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