Iraqi Finance Committee Deputy Calls for End to American Hegemony and Raises Suspicions of US Interference in Iraq
Iraq is economically dominated by the US, and the government does not truly control or have access to its own money. He has also raised suspicions of US interference in Iraq and called for the strengthening and diversifying of relations with China.
Hussain Mouanes, a member of the Finance Committee in the Iraqi Council of Representatives, discusses Iraq’s economic system and the recently passed federal budget. Mouanes, who has been politically active through many different stages of Iraq’s recent history, believes that Iraq’s economic system has been built incorrectly and that Iraq needs to reform existing financial legislation. He has criticized the dominance of the US dollar in Iraq’s economy, calling for the country to diversify its sources, basket, and storage of currency.
Mouanes believes that the Iraqi dinar must be strengthened and consolidated within Iraq as the primary currency used in transactions and ultimately be part of the basket of international currencies.
Key Issues Raised:
- Hussain Mouanes, a member of the Finance Committee in the Iraqi Council of Representatives, called for Iraq to diversify its sources, basket, and storage of currency.
- Mouanes argues that Iraq is economically dominated by the US, and the government does not truly control or have access to its own money.
- He criticized the new banking restrictions on Iraqi dollar bank accounts, any and all banking transactions in dollars, and America’s imposition of an electronic platform to register all Iraqi currency exchanges.
- Mouanes believes that Iraq needs to strengthen the Iraqi dinar and consolidate it as the primary currency used in transactions and ultimately be part of the basket of international currencies.
- Mouanes also raised suspicions of US interference in Iraq, referring to the American delay in inviting Sudani to Washington.
- He criticized the ongoing US presence in Iraq and called for strengthening and diversifying relations with China, which he believes would be more economically beneficial for Iraq.
The United States has too much control and influence over Iraq
Mouanes criticized the current system of selling oil and transferring 100 percent of those revenues to the US Federal Bank and called for the development of real economic foundations to advance Iraq and break free from the dollar’s hegemony.
Mouanes argued that Iraq is economically dominated by the US, and the government does not truly control or have access to its own money. He also criticized the new banking restrictions on Iraqi dollar bank accounts, any and all banking transactions in dollars, and America’s imposition of an electronic platform to register all Iraqi currency exchanges.
Mouanes believes that Iraq needs to diversify its sources, basket, and storage of currency, especially given that the whole world is moving in this direction. He emphasized that the Iraqi dinar must be strengthened and consolidated within Iraq as the primary currency used in transactions and ultimately be part of the basket of international currencies.
Moreover, Mouanes raised suspicions of US interference in Iraq, referring to the American delay in inviting Sudani to Washington. Mouanes argued that the prime minister should assert his position in meetings as he represents the face of Iraq. He criticized the ongoing US presence in Iraq and called for strengthening and diversifying relations with China, which he believes would be more economically beneficial for Iraq.
Mouanes’s remarks come amid growing concerns over the impact of American policies on Iraq’s interests, especially given the ongoing US presence in the country. It remains to be seen how Iraq will navigate these challenges and whether it will be successful in breaking free from the US dollar’s hegemony.
Factual reference: The Cradle Exclusive: Iraqi finance committee deputy calls for diversification away from US dollar by Zaher Mousa (May 10 2023)
