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US Reaffirms Support for Iraq Efforts to Reform Banking System: Statement
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ERBIL — The US-Iraq Higher Coordinating Committee met to review Iraq's ongoing currency crisis and plans to resolve it, with Washington welcoming Iraqi efforts to reform its banking and overall financial systems and also reiterating commitment to strengthen bilateral relations.
The committee, led by Secretary of State Antony Blinken and Foreign Minister Fuad Hussein, convened to review a range of issues of mutual concern, including Iraq's currency devaluation and relations between Erbil and Baghdad.
"The United States welcomed the Iraqi government’s efforts to enact economic and monetary-policy reforms, modernize the financial and banking system, combat corruption, and prevent manipulation of the financial system – actions that can help boost Iraq’s economic prospects, including strengthening financial and currency markets," said a joint statement released on Wednesday.
U.S. delegation reiterated support for Iraq’s ongoing efforts to build technical capacity and implement international standards to protect the banking system from financial crimes, money laundering, and terrorist financing. The two sides resolved to continue working together to modernize Iraq’s financial system for the betterment of the Iraqi people."
The US delegation also reiterated support for improved relations between Erbil and Baghdad, stressing: "The United States welcomed positive developments in relations between the Iraqi federal government and the Kurdistan Regional Government and the ongoing negotiations over the 2023 federal budget and the hydrocarbons law."
Iraq is enmeshed in a currency crisis causing public concern and a nationwide inflation. The value of its dinar began to slide after the US Treasury and the Federal Reserve Bank of New York "began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries," Wall Street Journal reported in January, citing Iraqi and US officials.
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