Iraq Economic Center: CBI should disengage from USD in its currency reserves, Use stable alternative currencies; Blames instability, high debt of the U.S.

Posted by on Oct 23, 2013 | Leave a Comment

Center calls for economic disengagement of the Iraqi dinar to the dollar
Date Posted: 2:39 pm, October 19, 2013

BAGHDAD (Independent) .. Economic Information Center called for Iraq to move from the dollar area and linking the Iraqi dinar more stable currencies.

The head of the center Dergham Mohammed Ali said in a statement today, “despite the announcement the White House, the end of the crisis, shutdown the government the U.S. but there is another crisis threatening the U.S. economy is the high ceiling of the government’s debt the U.S. to record levels reached 17 trillion dollars, a large sum difficult to deal with in light of the lack of indicators for the recovery of the U.S. economy, which is Mihdd new economic crises threaten the dollar zone. “

He stressed “the need for monetary policy in Iraq and in cooperation with the Iraqi government on the transfer of Iraq from the dollar area that are exposed to the risk of real economic not experienced since the Great Depression in the twenties of the last century, which would require a study to find alternatives to the dollar in the reserves of Iraq’s foreign currency basket includes Asian currencies the most stable, such as the Chinese yuan, in addition to the euro and the pound sterling and the Japanese yen and other currencies TOP stabilizing of the dollar. “

He also called on the center to “promote the transformation of the phenomenon of dollarization in the Iraqi market to a basket of currencies this through drawers partial beginning of the currencies in the currency auction and encourage the Iraqi market for traded through payment in these currencies, especially for imports coming from countries that are trading those currencies.”

He continued, “In addition to these measures Iraq put the idea of disengagement from oil exports in dollars meetings of the Petroleum Exporting Countries OPEC to protect oil prices from being influenced prices, the dollar and the need to search for real alternatives for development under the threat of oil prices associated with the U.S. economy, mainly the fact that the United States the largest importer of crude oil in the the world and any economic downturn سيصيبها the greatly reduce imported crude oil. “

The center said that “as it emphasizes the need for a serious move in this direction, the data to seriously اتشير the special programs to find the parallel development of alternatives to oil their replacement in the budget for Iraq to protect the Iraqi economy from price fluctuations in the global oil market.” (End)

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