Iraq Moves Away From US Dollar to Trade with China in Yuan
- Iraq has recently announced their intention to trade with China in their own currency, the Chinese Yuan, instead of the US dollar
- This decision has been made in order to improve access to foreign currency and follows other countries who have begun to move away from the US dollar
- The Iraqi Central Bank is attempting to boost local banks by converting US Dollar reserves held in accounts with JP Morgan and the Development Bank of Singapore into Yuan
- This comes at a time when Washington is enforcing stricter control on international transactions by Iraqi commercial Banks and when Iraq’s oil production accounts for 90% of its income.
Iraq Joins Global Movement Away From US Dollar Amid Trade Tensions
- Iraq is shifting away from relying on the US dollar as a universal financial tool
- China, India, Turkey, Iran, Russia, Saudi Arabia and now Iraq are all moving away from the US Dollar
- This is due to economic sanctions and trade conflicts triggered by Washington
- Iraq has chosen to join these other countries in moving away from the US dollar before it is too late
- Global tension caused by economic sanctions and trade conflicts have forced targeted countries to find alternative payment systems.