Iraq was the biggest buyer of US bonds last year

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[size=52]Iraq was the biggest buyer of US bonds last year[/size]

[size=45]Yesterday, Saturday, the US Treasury Department revealed that Iraq ranked first among the Arab countries that purchased US bonds the most during the past year 2022.[/size]
[size=45]This comes at a time when an economic academic spoke about promises made by the Central Bank to cancel the most important obstacle for merchants to join the electronic platform concerned with the dollar conversion process.[/size]
[size=45]And the US Treasury stated in a statistic on its official website, that “Iraq bought US bonds during the past year 2022, starting from January to December, at an amount of $ 18.31 billion, with a growth rate of 81.38%, and its possession amounted to $ 40.814 billion, and it ranked first among the Arab countries that were The most bought US bonds during the past year.[/size]
[size=45]And she added, "The UAE came second by purchasing bonds during one year by $13.7 billion, with a growth of 30.51%, followed by Kuwait by purchasing $2.1 billion, with a growth of 4.53%, followed by Saudi Arabia by purchasing $700 million, with a growth of 0.59%."[/size]
[size=45]And she indicated that "Saudi Arabia was the most Arab country in possession of US bonds, with a value of $119.709 billion, followed by the UAE with $58.50 billion, followed by Kuwait with $48.522 billion, and then Iraq fourth with $40.814 billion, followed by Oman with $6.860 billion." In addition, a member of the Parliamentary Finance Committee, Jamal Cougar, stated that "the only solution to address the exchange rate crisis in Iraq is full commitment to the electronic platform."[/size]
[size=45]Cougar continued, "The government has begun to take important steps in this regard, most notably its decision to switch to electronic transactions with money and move away from manual purchase."[/size]
[size=45]For his part, economic academic Abdul Rahman al-Mashhadani said, "The electronic procedures for the dollar have been excluded from Iraq since 2006." Al-Mashhadani continued, "The application of the electronic platform has actually started, which contains complete details, to prevent money laundering and terrorist financing." He pointed out, "Full details are supposed to be available about the merchant and the source of the funds, the Iraqi correspondent bank and the addressee bank, the beneficiary and the verification of the purpose."[/size]
[size=45]Al-Mashhadani explained, "If any merchant requests spare parts from China, this platform will include all the details of the process of transferring the amount and verify the fact that those goods are sent and arrived in Iraq, including the ports."[/size]
[size=45]And he finds, “These measures are in the interest of Iraq, given that we will control the money smuggling and laundering process.”[/size]
[size=45]Al-Mashhadani added, "Iraqi merchants are not accustomed to these procedures, because the merchant previously carried out the transfer via a mobile phone, and no information about him appears in the tax, customs, and companies registrar records." And he continues, “Merchants, especially the small ones, did not join the new banking mechanism until the transfers were completed in a proper manner,” and he talked about “obstacles from the banking system; The fact that the banks are asking for the deposit of insurance or a financial deposit estimated at 250 million dinars, and this is a large amount.[/size]
[size=45]Al-Mashhadani concluded, “The governor of the Central Bank, Ali Al-Alaq, promised us that he would ease the procedures and cancel the deposit requirement, which was the main obstacle to the entry of merchants into the electronic platform.”[/size]
[size=45]It is noteworthy that the dollar witnessed an increase in the parallel market after the US Treasury imposed compliance with the procedures of the electronic platform.[/size]
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