Economic expert: Iraq can not trade in its local currency


 

 

Economy

Thursday 5 October 2017 11:52 am
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BAGHDAD (Reuters) – Iraq’s agreement with other countries to trade through the local currency and abandonment of the dollar will have positive repercussions on the economic situation, the economic expert said on Thursday, pointing out that Iraq can not take such steps at the moment because of weakness Economy and the absence of national industry.

“Iraq’s agreement with other countries for commercial exchange through the local currency and abandonment of the dollar will have a positive return on the economy,” Smisem said, “noting that” trade in local currency will reduce the inflation rate significantly because of the lack of the need to buy Dollar or reduce the proportion of purchase. “

The economic expert said that “Iraq can not take such steps at the present time because of the weakness of the economy and the absence of national industry as it is still dependent on foreign imports and a large percentage,” noting that “the agreement between Turkey and Iran on trade in local currency came because the economy of the two countries Strong and at the same level will benefit the two countries due to the decline of the Turkish lira as well as for Iran, which was suffering from economic sanctions. “

On Wednesday, Turkish President Recep Tayyip Erdogan announced the use of local currency as an alternative to the dollar in trade between Turkey and Iran. Finished 2

http://aynaliraqnews.com/index.php?aa=news&id22=83545

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2 thoughts on “Economic expert: Iraq can not trade in its local currency

  1. Not sure of the impact. Sounds like Iraq not yet able to trade in local currency whigh I assume Would be positive. Due to continued weakness in Iraqi economy?

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