Al-Zaidi sends a message to Parliament regarding monetary policy in Iraq

Al-Zaidi sends a message to Parliament regarding monetary policy in Iraq

Shibl al-Zaidi, Secretary-General of the Iraqi Islamic Movement’s “Imam Ali Brigades,” addressed a letter to the Iraqi parliament today, Monday, questioning the country’s monetary (financial) policies.

In a follow-up tweet, Al-Zaidi said, “One of the common mistakes in the monetary (financial) policy pursued in Iraq since the fall until now is that we are subject to the American mood and its fluctuations and under its absolute control, and it has been noticed recently that the American Treasury aims to punish 37 banks.” Iraq proposes terminating Iraqi banking activity and replacing it with international and Arab banks, limiting currency auctions and remittances to those institutions, and regulating banking services and remittances. This is what Iraqi legislators must address by drafting legislation that prohibits foreign banks from participating in the auction.

He went on to say that if such an auction is required urgently, it will be held only for the sake of the country’s people. Similarly, exits must be discovered that liberate us from mortgaging the Iraqi economy to the American port, such as selling oil in other foreign currencies and importing it from other nations, or implementing a barter system in development and economic ventures that create jobs. New projects for people or service projects with long-term contracts can be funded using the oil barter system.”

He went on to state, “Reviving industry, trade, and liberal professions and supporting them will advance the economic reality of the country and contribute to creating an outlet for monetary policy and breaking American restrictions.” He emphasized that the current scenario is wonderful, but it is vulnerable to collapse once conflicts and crises stop. Which is now devouring the world, but the perplexing question is: What if oil prices changed in a country where 25% of its citizens are paid based on sales?