The Iraqi Central Bank confirms to the provision of five foreign currencies as an alternative to the dollar for merchants

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The Iraqi Central Bank confirms to the provision of five foreign currencies as an alternative to the dollar for merchants

The Central Bank of Iraq revealed on Saturday that it has supplied five alternative currencies to the dollar for retailers to use when purchasing items from other nations via the bank.

Ammar Hamad, Deputy Governor of the Central Bank, informed the Agency that the Central Bank gave various foreign currencies to Iraqi businesses, including the euro, Chinese yuan, Turkish lira, Emirati dirham, and Indian rupee.

He went on to say, “These currencies have been available to merchants for the purpose of funding international trade. When a merchant buys items from China, he may now pay the Iraqi dinar to an Iraqi bank, which will then pay the money to the Chinese firm and factory in Chinese currency.

Last week, the Central Bank of Iraq sold more than $1 billion in hard cash in US dollars.

According to a correspondent, the Central Bank sold one billion and 52 million and 796 thousand and 86 dollars over the last week, at a daily rate of 210 million and 559 million and 217 dollars, which was lower than the previous week’s total of one billion and 62 million and 587 thousand and 198 dollars.