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[size=36]The Financial Services Court rejects the lawsuits of 4 banks regarding preventing their dealings in dollars[/size]
political| 10:06 - 01/16/2023
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Baghdad - Mawazine News
The Financial Services Court announced, on Monday, the rejection of the four banks' lawsuits regarding preventing their dealings in dollars.
The media center of the Supreme Judicial Council stated, in a statement received by Mawazine News, that "the Financial Services Court dismissed 4 cases filed by four banks, which are the Islamic Bank of Asia Iraq, the Middle East Bank of Iraq, Al-Ansari Bank, and the Islamic Holding Bank."
He added, "The four lawsuits were filed against the governor of the Central Bank in addition to his job, in which they ask the aforementioned bank agents to cancel the (Central Bank Governor's) decision to stop dealing with their client in the currency of the US dollar."
And he explained, “The court reviewed the provisions of the Central Bank of Iraq Law No. (56) of 2004, which obligates the Central Bank of Iraq to possess and manage all foreign reserves for Iraq, and that this matter requires entering into the necessary agreements and memorandums of understanding with international monetary institutions to provide foreign reserves and properly manage its assets.” And effective with the aim of protecting and preserving those reserves, and giving it the power to conclude agreements and treaties, especially with the Federal Reserve Bank, as it is the owner of the right to issue the US dollar currency and has the right to prohibit dealing in that currency with any country or international or local financial institution in a specific country.
And he pointed out, "The Federal Reserve Bank has the right to request the termination of processing the US dollar currency to that entity that poses risks, and the Central Bank of Iraq stops supplying the US dollar currency to any direct or indirect recipient upon receiving a written request from the Federal Reserve Bank to do so," pointing out He indicated that "as a result, a deprivation list for the Federal Reserve Bank was created, in which banks and non-bank financial institutions are included, in cooperation with this bank, and this happens on a weekly basis, after ensuring compliance with this list by an international auditing company." Ended 29/N33
The Financial Services Court announced, on Monday, the rejection of the four banks' lawsuits regarding preventing their dealings in dollars.
The media center of the Supreme Judicial Council stated, in a statement received by Mawazine News, that "the Financial Services Court dismissed 4 cases filed by four banks, which are the Islamic Bank of Asia Iraq, the Middle East Bank of Iraq, Al-Ansari Bank, and the Islamic Holding Bank."
He added, "The four lawsuits were filed against the governor of the Central Bank in addition to his job, in which they ask the aforementioned bank agents to cancel the (Central Bank Governor's) decision to stop dealing with their client in the currency of the US dollar."
And he explained, “The court reviewed the provisions of the Central Bank of Iraq Law No. (56) of 2004, which obligates the Central Bank of Iraq to possess and manage all foreign reserves for Iraq, and that this matter requires entering into the necessary agreements and memorandums of understanding with international monetary institutions to provide foreign reserves and properly manage its assets.” And effective with the aim of protecting and preserving those reserves, and giving it the power to conclude agreements and treaties, especially with the Federal Reserve Bank, as it is the owner of the right to issue the US dollar currency and has the right to prohibit dealing in that currency with any country or international or local financial institution in a specific country.
And he pointed out, "The Federal Reserve Bank has the right to request the termination of processing the US dollar currency to that entity that poses risks, and the Central Bank of Iraq stops supplying the US dollar currency to any direct or indirect recipient upon receiving a written request from the Federal Reserve Bank to do so," pointing out He indicated that "as a result, a deprivation list for the Federal Reserve Bank was created, in which banks and non-bank financial institutions are included, in cooperation with this bank, and this happens on a weekly basis, after ensuring compliance with this list by an international auditing company." Ended 29/N33
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