The Iranian government is seeking to eliminate the dominance of the US dollar by using the Iraqi dinar in the process of trade exchange between the two countries, an Iranian official said on Saturday.
The head of the Iran-Iraqi Chamber of Commerce, Yahya Al-Ishaq, was quoted by the Maher news agency as saying: “By using the dinar instead of the dollar in trade with Iraq, we are getting rid of the dollar’s dominance in imports and exports as planned by the government.
He added that trading in the national currencies of different countries is one of the goals of the 13th government, adding that most countries of the world seek to break American dominance on their exchanges and the use of national currencies of countries can help speed up this process.
Turning to Iran-Iraq relations, Al-Ishaq said: More than $10 billion in goods and services are exchanged annually between the two countries, which, if the trade system is implemented with the national currencies of the two countries, can contribute to deepening these relations and establishing good trade.
The Iranian official pointed to the problems of trade with the national currencies of the two countries and said that: Balance in trade is very important in this new system; if Iraq imports more than Iran and pays all its debts in dinars, problems will appear on other Iranian exchanges, because we must be able to meet our needs in the received dinar.
He pointed out that the arrival of three million religious tourists to Iraq and the large number of health tourists from this country to Iran can help disburse the dinar instead of the dollar.
The Chairman of the Iran-Iraqi Joint Chamber of Commerce stressed that we should be able to limit the dominance of the dollar by maximizing exchanges with the national currencies of the two countries, saying that the proposal presented by this country is a system and Iran is following it and can help the two countries lift the US pressure on the two countries.
On the 10% difference between the price of the dinar in the open market and the bank’s dinar, Al-Ishaq said that this will make Iran’s competitors more successful in the Iraqi market and measures must be taken to solve this problem.
He stressed that the interaction between Iran and Iraq in this area could be an important measure that we can benefit from most through appropriate follow-up.