Iraq to allow trade with China in yuan - state media
February 22, 20237:18 PM GMT+8Last Updated an hour ago
DUBAI, Feb 22 (Reuters) - Iraq's central bank said on Wednesday it planned to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency.
The central bank has been taking urgent steps to compensate for a dollar shortage in local markets, which prompted the cabinet to approve a currency revaluation earlier this month.
"It is the first time imports would be financed from China in yuan, as Iraqi imports from China have been financed in (U.S.) dollars only," the government's economic adviser, Mudhir Salih, told Reuters on Wednesday.
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