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Iraq Currency Crisis Nearing End: Official
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ERBIL — Iraqi Foreign Minister Fuad Hussein in an interview voiced optimism about the future of Iraqi economy, and stressed that Iraqi dinar will begin to regain its value in the near future.
"The value of the US dollar against Iraqi dinar will fall across the country in the near future, thanks to the recent agreement we reached with the US government on this issue," said Hussein in an interview with Kurdistan 24 on Friday.
US dollar transactions in Iraq will be carried out through a proper electronic system, which will serve the interests of Iraq and help preserve the value of dinar."
The US-Iraq Higher Coordinating Committee met last week to review Iraq's ongoing currency crisis and coordinate plans to resolve it. Washington welcomes Iraqi efforts to reform its banking and overall financial systems to prevent money laundering and other irregularities, and supports efforts to resolve the country's currency crisis, according to a joint statement issued after the meeting.
Baghdad has in recent months been stepping up efforts to resolve its currency crisis, which continues to cause market instability and a nationwide inflation. The value of 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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