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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The US Federal Reserve stops financial transfers to 14 Iraqi banks

    Rocky
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    • Post n°1

    The US Federal Reserve stops financial transfers to 14 Iraqi banks Empty The US Federal Reserve stops financial transfers to 14 Iraqi banks

    Post by Rocky Tue 15 Nov 2022, 9:57 am

    The US Federal Reserve stops financial transfers to 14 Iraqi banks
    [size=16] November 15, 2022
    [/size]
    Journal(JNA)
    In an economic step, the first of its kind in Iraq in years, the US Federal Bank stops financial transfers to 14 Iraqi banks, and opens an investigation into the files of these banks, in preparation for their inclusion in the blacklist.
    The US Federal Reserve's decision to stop money transfers with Iraqi banks came as a result of accusing these banks of illegally smuggling money from the currency auction.
    An informed source said in an interview with ( The Journal ), that “the US Federal Bank issued its decision to stop financial transfers to 14 Iraqi banks, on charges of smuggling money from the currency auction (of the Central Bank), to countries under US sanctions, without revealing the source’s name.” These banks.
    He added, "The Federal Bank has opened an investigation into the records of these banks, and this will result in the imposition of larger and wider penalties, including the inclusion of these banks in the blacklist and the end of work with them."
    The penalty for blacklisting states that all financial transactions between the US financial system and the bank being blacklisted will be stopped and punished.
    These sanctions came less than a month after Muhammad Shiaa al-Sudani assumed the presidency of the new government and pledged to work to put the Iraqi economy on the right path.
    Today, Tuesday, the Iraqi market witnessed speculation in the exchange rate of the dollar, as it recorded today 148,500 Iraqi dinars for 100 US dollars, noting that the official price from the Iraqi Bank is 1450 dinars for every one US dollar.
    As the exchange rate of the dollar rose to record levels, with a difference of 3,500 dinars from the official real rate from the Central Bank, and this benefits the speculators among the owners of banking companies, who started today by buying dollars only and not selling.
    The Iraqi economy suffers from large economic inflation due to political problems, instability of the financial market, high rates of corruption and money smuggling, which created a kind of mistrust among the Iraqi citizen. In dollars, with four of its largest banks during this month, for the same reasons.
    The Journal
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