View Full Version : Crude oil sales in local currency

Hue Mi
09-24-2013, 11:49 PM
Crude oil sales in local currency (http://www.alsabaah.iq/ArticleShow.aspx?ID=55078)

25/9/13 12: 00 am

Economic researcher said no just: that Iraq sells crude oil to local currency depends on the stability of the General conditions of the country to the stability of the dinar exchange rate and register it as a world currency.

She said in a statement to (morning) to present inappropriate to take such a step for the stability of the currency is linked to the general economic situation and stability of the country, as well as any volatility in global oil prices would impact directly on the value of the Iraqi currency.

The registration of the dinar as a world currency makes it vulnerable to speculative and subject to high volatility and low price at the world market has reflected its true value in internal business dealings, it is covered by $80 billion.

The parliamentary Economic Committee member Nora albegari earlier proposed selling crude oil in Iraqi dinars instead of dollars, to support the local currency and add value to the hard currency. Albegari noted that the Central Bank does not approve the sale of oil Iraqi dinar for fear of fraud in local currency.