Iran Suggests Iraq Abandon US Dollar in Bilateral Trade

Iran's parliament speaker, Mohammad Bagher Ghalibaf, suggested that Iraq abandon the US dollar in bilateral trade during a gathering of Iranian and Iraqi economic actors at Iran's embassy in Baghdad. He emphasized the need for a precise economic and trade road map to challenge US dollar dominance.

Ghalibaf highlighted the importance of using national currencies, stating that 'the era of American domination has passed.' He claimed that 75 percent of the world's maritime transport passes through Muslim countries, including the Strait of Hormuz, the Persian Gulf, Bab al-Mandab, and the Suez Canal.

The Iranian parliament speaker also stressed the significance of security and economy being intertwined. 'No matter how much military power we have, if the people are hungry and we have no financial circulation, economic growth or national production, we will not survive,' he said.