In Baghdad, on Tuesday, economic expert Safwan Qusay shed light on the reasons why Iraq still opts to sell oil in US dollars instead of directly dealing with countries to obtain revenues without involving the US Federal Bank.
Qusay stated that oil is sold in dollars in all countries of the world. This agreement was made after World War II, and it is still in effect today.
“If Iraq decides to sell oil to China using the yuan currency instead of the US dollar, it means that Iraq will sell their oil in US dollars and then convert it to yuan to avoid relying on the US Federal Reserve Bank.”
According to him, dealing with the Chinese currency could encourage many corrupt individuals to claim the money. Therefore, it is better to continue transactions in the dollar currency, which is overseen by the Federal Reserve. This will prevent billions of dollars from falling into the hands of corrupt people who use different methods to claim the money.
