Iraqi Parliament Calling To Ditch US Dollar For Oil Trade

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from Great Game India:

The Finance Committee of the Iraqi Parliament stated that they are calling to ditch the US dollar for oil trade.

To thwart US sanctions on the Iraqi banking system, the Finance Committee of the Iraqi parliament started on January 31st, urging the sale of oil in currencies other than the US dollar.

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“The US Treasury still uses the pretext of money laundering to impose sanctions on Iraqi banks. This requires a national stance to put an end to these arbitrary decisions,” the statement said.

“Imposing sanctions on Iraqi banks undermines and obstructs Central Bank efforts to stabilize the dollar exchange rate and reduce the selling gap between official and parallel rates,” it added.

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The Finance Committee reaffirmed its “call on the government and the Central Bank of Iraq to take quick measures against the dominance of the dollar, by diversifying cash reserves from foreign currencies,” as well as its “rejection of these practices, due to their repercussions on the livelihoods of citizens.”

This week, Washington placed sanctions on Iraq’s Al-Huda Bank because it allegedly laundered money for Iran. Over the past year, similar fines have been imposed on several other institutions.

The declaration was made the same day that a top US Treasury official stated that Washington anticipates Baghdad’s assistance in locating and sabotaging the financial resources of resistance groups in Iraq funded by Iran.

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