Yesterday, Nabil Al-Marsoumi, a Professor of Economics at the University of Basra, suggested two possible solutions for managing the dollar crisis. In a post titled “Can Iraq sell oil in Chinese yuan?”, Al-Marsoumi proposed that Iraq could choose to sell its oil to China in yuan, as it produces more than one million barrels of oil per day. Al-Marsoumi also stated that since the US treasury believes it has the authority to prevent any country under its sanctions from using the dollar, Iraq has the right to make its own decision in this regard.
He stated that the generated income should be utilized for settling his business deals with nations that are under the US sanctions.
He continued by saying that if the individual controlling the Iraqi money is an employee of the American treasury, as Hadi Al-Amiri claims, then it may not be possible for him to achieve his goals. Therefore, it is important to establish a positive relationship and coordinate with the Americans. On the other hand, if this is not done, the dollar may become irrelevant.