Al-Bayati: Iraq has its options to deal with currencies alternative to the dollar

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Al-Bayati: Iraq has its options to deal with currencies alternative to the dollar

On Sunday, former MP Jassem Al-Bayati confirmed that Iraq possesses alternative currencies that can be used in the event of bank sanctions, which can be agreed upon with the US Treasury.

According to Al-Bayati, a delegation from the US Treasury visited Baghdad to prepare for an upcoming visit by a delegation from Baghdad to Washington. The Central Bank has set some alternative options to the dollar, including the euro, the UAE riyal, and the Chinese yen, which will be discussed during the meeting.

He stated that the recognition of the proposed alternatives by the US Treasury would benefit Iraq. He also mentioned that there is concern about the possibility of imposing limitations and disrupting the relationship between some Iraqi banks and the US dollar.

In his statement, he mentioned that certain banks may face restrictions imposed by the US Treasury, but they could still deal in other currencies if they agree to it. He also expressed that it’s unlikely for any sanctions to be imposed. He emphasized that if something like this was to happen, it would be announced clearly and explicitly.