BRICS: Iraq to Ditch US Dollar for Imported Goods
Iraq is considering establishing a free trade zone for selling imported goods in local currency, the Iraq i 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. Iraq i consumers stand to gain from the development as procuring imported goods in local currency Dinar would be cheaper. Also Read: BRICS To Spread De-Dollarization in Africa Through New Member Ethiopia 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. The free trade zone would be a center for all the imported goods, commodities, and materials. It would then be sold in bulk to the private sector in local currency, reported the Iraqi News Agency (INA). The move ...