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An economist warns of the dangers of lifting protection from Iraqi money abroad

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An economist warns of the dangers of lifting protection from Iraqi money abroad

By AhadNA3 01/12/2020 09:16 AM | Views: 893
Al-Ahed News- Baghdad


Today, Sunday, economist Qusay Safwan warned of the dangers of lifting protection from Iraqi money abroad, pointing out that Iraq should diversify in foreign currencies and keep its money and bonds away from the risks of economic war.

Safwan said in a press statement seen by Al-Ahd News, that "facing the American treasury and its penalties in the event of lifting the system of protection against Iraqi funds will expose the country to the threats of creditors, especially that Iraq has 32 billion dollars in treasury shares in America, and once the protection is lifted it will be Threatened.”

He added, "Iraqi funds outside of America can be frozen and creditors demand their dues, and therefore the Finance Ministry is supposed to try to reduce the risks of imposing these sanctions by converting them into assets and bringing them into the local environment in order to avoid the risks of the American embargo."

He explained, "Iraq is supposed to avoid sanctions by diversifying foreign currencies and not neglecting the financial protection system in Washington," pointing out that

"Iraqi monetary fiscal policy is free in the process of withdrawing funds that are in Washington, but in practice, Iraq is betting on the strength of the dollar and the stability of American bond prices."

The process of converting the monetary reserve to another environment may indicate that the monetary fiscal policy has begun to withdraw from the dollar economic environment and this will expose Iraq to economic risks.

He stressed that "the Iraqi economy is dollar, and therefore it is assumed that there will be a reduction in the severity of tensions, as it is possible to take advantage of the gold reserves to reduce the risks of threatening the Iraqi economy, through trading in this mineral."
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