D-8 countries including Pakistan asked to ditch dollar for national currencies

[Shahzaz ud din]

D-8 countries including Pakistan asked to ditch dollar for national currencies
4 Nov, 2018

ANKARA – Thanks to the mechanism to use non-dollar and non-Euro currencies by D-8 member states, taking advantage of national currencies is a priority, Head of Iran expert group in D-8Commission said.

Speaking to the Islamic Republic News Agency (IRNA) on Friday, Abolghasem Tahmasebi said during the meeting issues related to D-8 annual plans and also the budget were discussed.

The annual budget and also establishing D-8 university were also ratified in the meeting, he said.

Referring to using national currencies for trade, Tahmasebi said trade will be facilitated as a result.

He also referred to launching D-8 credit card by Malaysian delegation which is the same as master card, saying the issue will be reviewed by the member states.

The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development of co-operation among the following countries: Bangladesh, Egypt, Nigeria, Indonesia, Iran, Malaysia, Pakistan, and Turkey. APP/IRNA

 

[Basel]

D-8 countries including Pakistan asked to ditch dollar for national currencies
4 Nov, 2018

ANKARA – Thanks to the mechanism to use non-dollar and non-Euro currencies by D-8 member states, taking advantage of national currencies is a priority, Head of Iran expert group in D-8Commission said.

Speaking to the Islamic Republic News Agency (IRNA) on Friday, Abolghasem Tahmasebi said during the meeting issues related to D-8 annual plans and also the budget were discussed.

The annual budget and also establishing D-8 university were also ratified in the meeting, he said.

Referring to using national currencies for trade, Tahmasebi said trade will be facilitated as a result.

He also referred to launching D-8 credit card by Malaysian delegation which is the same as master card, saying the issue will be reviewed by the member states.

The D-8 Organization for Economic Cooperation, also known as Developing-8, is an organization for development of co-operation among the following countries: Bangladesh, Egypt, Nigeria, Indonesia, Iran, Malaysia, Pakistan, and Turkey. APP/IRNA

US and west will come after those countries and people who try to ditch Dollar or western currency.

 

[Oracle]

We have good example of Libya , venezualla , and even russia

try to dictch dollor and freedom will come to your country

 

[jamal18]

We have good example of Libya , venezualla , and even russia

try to dictch dollor and freedom will come to your country

You forgot democracy.

Freedom and democracy can only be delivered with bombs.

 

[war&peace]

We have good example of Libya , venezualla , and even russia

try to dictch dollor and freedom will come to your country

The difference is that they did it alone and it was not the time but if a sizeable number of countries does it simultaneously....it will be a different game altogether. Many countries are already in the process... and now you have BRICS

Qaddafi was a good person but not the smartest kid around the block...in fact pretty dumb.

 

[MultaniGuy]

The difference is that they did it alone and it was not the time but if a sizeable number of countries does it simultaneously....it will be a different game altogether. Many countries are already in the process... and now you have BRICS

Qaddafi was a good person but not the smartest kid around the block...in fact pretty dumb.

Only if many countries do it simultaneously to ditch the dollar, then will it work. But if countries do it individually they will fail.

 

[Yaseen1]

Ditching dollar will only work if paper currency is replaced by new type of currency otherwise replacing it with other paper currency will have same affect in long run that is economy swings between inflation and growth

 

[jamal18]

Keep pushing. No matter how many times you fail, one attempt will succeed. Then the entire rotten edifice will fall.

 

[maximuswarrior]

It is not a bad idea at all.

 

[PaklovesTurkiye]

Go for it, assholes...Go for it...Do it.

World is getting out of American influence. Don't shy

 

[Samlee]

We have good example of Libya , venezualla , and even russia

try to dictch dollor and freedom will come to your country

I Would Love To See USA Try Doing To Putin and Xi What They Did To Saddam and Gaddafi.

Times Are Different.Infact If News Is To Be Believed Trump Himself Has Been Installed By Russia

 

[war&peace]

Only if many countries do it simultaneously to ditch the dollar, then will it work. But if countries do it individually they will fail.

That's exactly what I said.

 

[valkyr_96]

It won't change anything....any flight of capital is in dollars not in yuan, ringgits etc. Since majority of oil is dollar denominated (discounting the fact that most global services are all dollar denominated), if Iran chooses to accept all or any of the D8 currencies, there can be a small impact on dollar (however Iran would require a lot of hedging as none of these currencies are stable enough when compared to the dollar). Iran already deals in Indian rupee it earns with its oil trade and uses it to purchase necessary commodities, but it also needs a lot of western specialized tech such as machinery, computers, airplane for this it needs dollars/euros (they also have a side business of supporting Hezbollah and such types which obviously need dollar/euros), hence Iran will most likely prefer to trade in euros (which they had proposed and maybe doing so now).

 

[sohail.ishaque]

Ditching dollar will only work if paper currency is replaced by new type of currency otherwise replacing it with other paper currency will have same affect in long run that is economy swings between inflation and growth

New type of currency like Bitcoin ?

 

[valkyr_96]

I Would Love To See USA Try Doing To Putin and Xi What They Did To Saddam and Gaddafi.

Times Are Different.Infact If News Is To Be Believed Trump Himself Has Been Installed By Russia

Why would they do anything, the truth is China hold the highest share in US treasuries.
http://ticdata.treasury.gov/Publish/mfh.txt

New type of currency like Bitcoin ?

bitcoin is quite volatile....furthermore it requires acceptability and circulation....right now it is mostly hoarded and/or passed around by speculators as an alternative investment fad. When you think of Bitcoin think of the Banksy portrait that shredded itself after it was auctioned.