Sale of crude oil in local currency
09/25/2013 12:00 AM
said researcher economic state fair: that of Iraq to sell crude oil in local currency depends on the stability of the general situation of the country as well as the stability of the dinar exchange rate and recorded as currency global.
said in a statement (morning) that the moment is appropriate to take such a step because stability currency linked to the stability of the economic situation and the country’s public, as well as that any fluctuation is happening in global oil prices will directly affect the value of the Iraqi currency.
, and pointed out that the registration dinar currency global makes it vulnerable to speculation and subject to fluctuation between high and low price in the global markets as may be reflected in the value of true in the internal business dealings in particular, and he covered 80 billion dollars.
was a member of the Economic Committee the Nora Albjara parliamentary suggested earlier sale of crude oil in Iraqi dinars instead of dollars, to support the local currency and increase its value against foreign currencies. The Bijari indicated thatthe central bank does not agree to the sale of oil in Iraqi dinars for fear of fraud in the local currency.
Article Source: http://bit.ly/1bQrMqn