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: October 19, 2013 in Iraqi Dinar/Politics

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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==Alternate Article==

Economic center demanding the government to unlink the Iraqi dinar to the dollar
10/19/2013 – 14:57

called Media Center for Economic Saturday, the government need to work on the disengagement of the Iraqi dinar dollar, noting that current data do not indicate seriously special programs to find alternatives to the development of parallel oil.

Said the head of the center Dergham Mohammed Ali in a statement issued today, and received “Alsumaria News”, a copy of which was that “despite the end of the crisis shutdown of 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,” noting that “the U.S. economy is threatened by crises new economic threaten the dollar zone. ”

He called Muhammad Ali the Iraqi government to “study to find alternatives to the dollar in the reserves of Iraq’s foreign currency basket includes Asian currencies more stable, such as the Chinese yuan and the Japanese yen as well as the euro and the British pound and other currencies are stabilizing higher than the dollar,” noting that “the dollar zone is exposed to the risk of real economic not been exposed since the Great Depression in the twenties of the last century.”

stressed Muhammad Ali that “currency auction conducted by the Central Bank of Iraq will be the beginning of the introduction of these currencies and dealing in them and traded through the Iraqi market, in addition to Iraq put to the idea of disengagement from oil exports in dollars meetings of the Petroleum Exporting Countries OPEC to protect oil prices vulnerable to price the dollar that the United States the largest importer of crude oil in the world and that any economic downturn سيصيبها will reduce dramatically imported crude oil. ”

stressed Muhammad Ali on the need to “move in this direction as The current data do not indicate seriously special programs to find alternatives to the development of parallel oil to replace it in the budget for Iraq to protect the Iraqi economy from price fluctuations in the global oil market. ” The White House has issued on the first of October, the current orders to departments the federal government to stop partial to work in. , after he failed to Congress to reach an agreement on the budget for the new year.

approved the U.S. Congress, on October 17 current, a bill ending partial closure of the government departments and sparing Washington defaults on its debt, and hours before the deadline to raise the debt ceiling to 16.7 trillion dollars, but facing Washington risk of defaults.

warned several oil countries of the impact of closing the U.S. Government on the financial dealings of her country and its income from oil and especially those that deal with the United States directly.

noted that Iraq is a country yield unilateral depends on oil dramatically in financing general budget and the contribution of oil more than 90% in the GDP of the country.

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