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The adoption of local currencies in commercial relations

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The adoption of local currencies in commercial relations

Tuesday 05 January 2021 43
Baghdad: Morning


A member of the Businessmen Union called on Ahmed to proceed to adopt local currencies in foreign commercial dealings.

"The completion of commercial operations with regional countries and beyond is an important matter that facilitates the flow of commercial performance,

and it is approved among many countries of the world," he said, noting that

"adopting this type of international trade at the present time is important."

Cross trade

He pointed out that "there are international agreements that regulate this type of cross-border trade because of the benefits it brings to the various economies of the world, and

among the countries that adopt this type of trade Malaysia with its neighboring countries and other countries."

It is noteworthy that China adopts many foreign projects, especially the Japanese, using the local Chinese currency (the yuan) as a means to settle urgent payments and obligations, and

these settlements are less vulnerable to the fluctuations of the process in foreign exchange rates and to avoid the difference margins required by the transfer process through the dollar.

Economic blocks

Muklef emphasized that the volume of trade exchange with neighboring countries and global economic blocs is very large, and

it needs greater organization for the cross-border trade process,

as Iraq needs many products to cover local demand, which makes it imperative that it go to international markets to cover the requirements of its local market.

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