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

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iraq news

Economic researcher Hisham Al-Baydani suggests that Iraq joining BRICS would help diversify foreign currency sources and free from American restrictions.

According to Al-Maalouma, Al-Baydani stated that Iraq needs to be liberated from the limitations imposed by Washington on its foreign currency sources. This is especially important following the remarks and declarations made by the American ambassador in Baghdad regarding further restrictions on the use of the dollar.

“The restrictions imposed by the US on Baghdad caused fluctuation in exchange rates, affecting citizens’ transactions, as there is a demand for foreign currency in the local market,” he said.

He suggested that Iraq could potentially find a solution by joining BRICS, as it is a country with abundant oil resources but is currently under foreign financial control imposed by the American administration on the Iraqi monetary authority.

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