Iraq expresses interest in joining the BRICS alliance and being a part of the global de-dollarization process. The country aims to lift its economy with the help of other developing countries by trading in local currencies. The Iraqi Dinar is among the hardest-hit currencies as the US dollar experienced a spectacular rise in Q3 of this year. This puts Iraq in a tight spot as the nation is unable to keep its native economy intact amid the onslaught of the US dollar.
The country now wants to join BRICS in an attempt to leverage the de-dollarization initiatives. Iraq has used several means to contain the growth of the US dollar including banning the USD in the foreign exchange black market. It also banned all cash withdrawals in the US dollar effective from Jan. 1, 2024 onwards.
Iraq Ready To Join the BRICS Alliance
Member of Parliament (MP) Zeinab Al-Mousawi explained that BRICS could benefit tremendously if it allows Iraq to join the alliance. He explained that Iraq could bring economic benefits to BRICS and further strengthen the group of nations. Mousawi revealed that Iraq is rich in natural resources and minerals that will come of use to BRICS financially.
BRICS “are rich in oil, metals, rare minerals used in technological industries, and grains,” he said. The MP added that Iraq has no shortages of certain natural resources and minerals, including petroleum. However, he acknowledged that Iraq has no investment capabilities but could utilize its natural resources to create wealth.
Iraq exports close to 857,000 barrels of oil to various countries across the world every day. Nonetheless, Mousawi made it clear that Iraq wants to distance itself from the clutches of the US dollar. We want to be “Free of Washington’s financial and trade restrictions,” he summed it up to Amwaj Media.