Published November 16, 2023
Iraq is considering establishing a free trade zonefor selling imported goods in local currency, the Iraqi Dinar. The move would benefit consumers from competitive prices and help the dinar grow stronger in the currency market. Iraq’s free trade zone is following in the footsteps of BRICS who want to reduce dependency on the US dollar. Iraqi consumers stand to gain from the development as procuring imported goods in local currency dinar would be cheaper.
The Iraqi government intends to streamline the import procedure while guaranteeing that the dinar is used for transactions. Iraq is looking to nip the buds of the US dollar and limit its usage for selling imported products.
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SOURCE: www.watcher.guru
RELATED: BRICS To Spread De-Dollarization in Africa Through New Member Ethiopia
Published November 16, 2023
The 15th BRICS summit in August this year was historic as the alliance inducted six new countries into the bloc. BRICS invited five oil-producing countries Saudi Arabia, the UAE, Egypt, Iran, and Ethiopia to control the global oil market. Argentina, the only non-oil exporting country was invited into the bloc, as they allowed multinational corporations to pay in local currencies for cross-border transactions. However, BRICS inducted Ethiopia as their long-term goal is to promote de-dollarization initiative in Africa through the new member.
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SOURCE: www.watcher.guru
RELATED: BRICS: Russia Pausing US Dollar Exchange Pays Off, Ruble Outshines USD
Published November 15, 2023
Surprisingly, the gamble from the BRICS country paid off as the Ruble outperformed the US dollar this month. The Russian Ruble recovered from 101 and is now trading at 87.90 on Wednesday. The 14-point recovery occurred after the country paused all US dollar exchanges to help the Ruble climb up.
Additionally, Russia also dumped rubles and Yuan sets worth 0.8 billion Rubles equivalent to $8.7 million in the currency market. The move helped the Ruble trade in large numbers in the foreign exchange market outperforming other currencies. It is reported that Russia initiated large amounts of ‘buy’ and ‘sell’ to keep the Ruble on top.
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SOURCE: www.watcher.guru
