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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Expected US sanctions.. What is the truth about imposing guardianship on the Central Bank of Iraq?

    Rocky
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    Expected US sanctions.. What is the truth about imposing guardianship on the Central Bank of Iraq? Empty Expected US sanctions.. What is the truth about imposing guardianship on the Central Bank of Iraq?

    Post by Rocky Tue 10 Jan 2023, 5:51 am

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    A report published by the official newspaper predicted that the US Treasury Department would impose sanctions during the coming period against some Iraqi private banks on charges of smuggling foreign currency from Iraq to neighboring countries.

    The report, which was followed by IQ NEWS, indicated that "the International Monetary Fund and the US Federal Bank issued recommendations to monitor the window for buying and selling currency and foreign remittances."

    The text of the report:

    Haider Al-Sheikh, an expert in financial affairs, said that the imposition of international guardianship over the central bank is in the event of the collapse of the local currency or the bankruptcy of the bank, as happened in Lebanon, except that what is happening in Iraq is different and there are recommendations raised by the International Monetary Fund and the US Federal Bank to reconsider Some banks and companies participating in the window of buying and selling foreign currency and monitoring the funds in their possession and foreign transfers.

    Al-Sheikh added that the financial reserves of Iraq and the economic situation do not allow the World Bank to impose guardianship on the Central Bank of Iraq, especially since the reserves of the Central Bank approached 90 billion dollars, and the Iraqi reserves will reach 100 billion dollars in early 2024.

    Al-Sheikh explained that the issue of smuggling foreign currency to countries Neighborhood continues and has not ended, which will prompt the International Monetary Fund to link the window for selling foreign currency to the US Federal Bank to monitor funds and transfers that leave Iraq, indicating that this procedure does not mean that the central bank has become under international tutelage, because international procedures and recommendations come to maintain the exchange rate of the dollar. In Iraqi dinars and not to smuggle the dollar abroad.

    Al-Sheikh expected that the US Treasury Department would impose sanctions in the coming period against some Iraqi private banks on charges of smuggling foreign currency from Iraq to neighboring countries.

    In the context, Jamal Cougar, a member of the Finance Committee, said, "There is no talk of trusteeship of the World Bank over the Central Bank of Iraq because of the deal of the century and corruption and the like, because Iraq is the only country that linked its currency to the US Federal Bank according to two issues, the first is that the dollar is considered the only major foreign currency." Which is dealt with, whether it is buying or selling, and the second point is that Iraq's money goes to the Development Fund for Iraq, which contains oil revenues.

    Cougar added, "The United States will not be satisfied that another fund or another bank comes and places its hand on the Central Bank because it is the only beneficiary, just as the United States needs liquidity and has a very large debt crisis inside America and needs" for nothing in return" the Iraqi money that it has and which it does not release. directly".
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