Economist: Joining BRICS is one of the solutions to diversify sources of hard currency

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Economist: Joining BRICS is one of the solutions to diversify sources of hard currency

According to economic affairs researcher Hisham Al-Baydani, one way for Iraq to diversify its foreign currency sources and avoid US restrictions on the dollar is by joining BRICS. He believes that this would help the country be freed from American restrictions and could be a solution to the issue of foreign currency within Iraq.

According to Al-Baydani, Iraq needs to be freed from the currency restrictions imposed by Washington, particularly after the American ambassador in Baghdad hinted at further restrictions on the movement of the dollar.

According to him, the restrictions on Baghdad by America caused the exchange rates to fluctuate. This affected the transactions of citizens in general, since there is a demand for foreign currency in the local market.

He suggested that Iraq could potentially find a solution to its economic challenges by becoming a member of BRICS. Iraq has abundant oil resources but is currently under foreign financial government control imposed by the American administration on the Iraqi monetary authority.