British newspaper accuses America of the deterioration of the Iraqi dinar against the dollar
British newspaper accuses America of the deterioration of the Iraqi dinar against the dollar
12-26-2022
Information/translation.
A report by the British newspaper, The National, confirmed, on Monday, that the measures taken by the US Federal Reserve Bank, by emphasizing the conversion of dollars, led to a decrease in the value of the Iraqi dinar on the black market.
And the report, which was translated by the agency / information /, quoted an official in the Central Bank of Iraq and a lawmaker who refused to reveal their identity, that “the US Federal Reserve applied audit procedures to Iraqi foreign transactions, which delayed the process of releasing funds from the United States to cover imports and other needs.”
And the report stated that “every dollar that Iraq earns from selling crude oil goes to an account at the Federal Reserve Bank in New York, and Iraq withdraws government salaries and imports at a time when oil revenues make up nearly 95 percent of the federal budget and the war-torn country depends heavily on on imports to meet the demand for foodstuffs and materials for the main sectors of the economy.
The report indicated that “the Federal Reserve Bank of New York is providing Iraq with hard currency at the request of the Iraqi government, whether in cash or foreign transactions, while some of this money is used to cover government imports and other requirements, much of it is passed to commercial banks, ostensibly for imports.” The private sector is in an operation that was hijacked by the money laundering cartels in Iraq long ago.”
One of the owners of exchange companies stressed, “Iraq does not have a problem with money at all. It has good reserves, but it seems as if the issue is politically motivated because the Americans are upset.”
And he indicated that, “Over the past 19 years, the Federal Reserve has never delayed any request or transaction from Iraq and they would approve any bill immediately. But since early this month, the Americans began applying audit procedures to foreign transactions, and the new process delayed every transaction.” for up to two weeks.”
almaalomah.me
