An Iraqi delegation visits Washington to discuss the crisis of the rising dollar
An Iraqi delegation visits Washington to discuss the crisis of the rising dollar
2023-01-25 01:19
Shafaq News/ The Islamic Supreme Council, one of the forces of the coordination framework, revealed today, Wednesday, that an Iraqi delegation will soon visit the United States of America in order to discuss the high exchange rate of the dollar in Iraq.
The spokesman for the council, Ali al-Daffi, told Shafaq News agency, “A leading delegation from the Iraqi Ministry of Finance and the Central Bank of Iraq will visit the United States of America in the coming days in order to discuss the US Federal Reserve’s policy and give an appropriate opportunity of time so that Iraqi banks can adapt and deal with the system.” The new banker.
Al-Daffi stated, “The issue of fighting corruption, money laundering, and currency smuggling cannot be addressed with the stroke of a pen, but rather requires decisions and procedures,” stressing, “We support fighting corruption and ending money laundering and currency smuggling from Iraq, but there must be a reasonable amount of time.” So that the Iraqi government can follow up and implement these measures.
The US ambassador to Iraq, Alina Romanowski, says that the United States does not set the exchange rate for the dollar and has not imposed sanctions on new Iraqi banks.
Romanowski said in a televised interview that Washington “continues a mechanism that took several years to strengthen the Iraqi banking sector to help it comply with the global banking system, and to ensure that the banking system is not used to launder the Iraqi people’s money and smuggle it out of Iraq.”
Romanowski also indicated that these procedures began two years ago with gradual implementation by Iraqi banks, according to an agreement between the US Federal Bank and the Central Bank of Iraq, adding that they are “designed to prevent and restrict money laundering, as suspending or postponing them leads to a rollback in the system.”
And the Iraqi currency lost about 10 percent of its value, says the Wall Street Journal in a report it published a few days ago, after procedures related to imposing compliance rules on the Central Bank of Iraq’s dealings with currency dealers with regard to the US dollar.
Under the new procedures, Iraqi banks are required to submit dollar transfers on a new online platform with the Central Bank of Iraq, which are then reviewed by the Federal Reserve Bank.
US officials say the system aims to limit the use of the Iraqi banking system to smuggle dollars to Tehran, Damascus and money laundering havens across the Middle East.
shafaq.com
