Iran and Iraq Can Reduce Dollar Dominance by Using Dinar in Trade, Official Says
The Iranian government is determined to decrease the dominance of the American dollar in foreign trade by promoting the use of national currencies. According to an Iranian official, replacing the dollar with the Iraqi dinar in bilateral trade between Iran and Iraq would undermine the dollar’s supremacy. Here are the key points:
– The head of the Iran-Iraq Chamber of Commerce, Yehya Eshaq, emphasized that using national currencies is a priority for the Iranian government.
– By favoring the dinar over the dollar in trade operations with Iraq, Iran actively challenges the dollar’s dominance.
– Transacting in national currencies can accelerate the shift away from U.S. control on global trade.
– The annual exchange of goods and services between Iran and Iraq exceeds $10 billion.
– Adopting a trade system based on national currencies would strengthen relations and foster stronger trade ties.
In summary, Iran and Iraq have the opportunity to reduce the dominance of the dollar by maximizing trade exchanges with their national currencies. This move would benefit both nations and contribute to a fair international system.
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