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[size=52]A private bank loses 3.5 billion dinars due to US federal sanctions within 4 months[/size]
- May 11 19:39
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Information/Baghdad..
The Iraq Stock Exchange Investors Association announced, on Thursday, that a private bank lost 3.5 billion dinars within 4 months due to the US Federal Reserve's measures.
"The result of the Middle East Bank's activity during the first quarter of 2023 is a loss of 3 billion and 543 million dinars," said Alaa Al-Moussawi, head of the association, in a statement received by Al-Maalooma.
He explained that "the reason for this large loss is the significant decrease in revenues after the sanctions imposed by the US Federal Bank on the bank and preventing the bank from dealing in dollars, which is the main activity of the bank."
He pointed out that "the effect of changing the exchange rate is very slight, because the bank transferred its assets from dollars before imposing sanctions on it." Ended/25h
[You must be registered and logged in to see this link.]
The Iraq Stock Exchange Investors Association announced, on Thursday, that a private bank lost 3.5 billion dinars within 4 months due to the US Federal Reserve's measures.
"The result of the Middle East Bank's activity during the first quarter of 2023 is a loss of 3 billion and 543 million dinars," said Alaa Al-Moussawi, head of the association, in a statement received by Al-Maalooma.
He explained that "the reason for this large loss is the significant decrease in revenues after the sanctions imposed by the US Federal Bank on the bank and preventing the bank from dealing in dollars, which is the main activity of the bank."
He pointed out that "the effect of changing the exchange rate is very slight, because the bank transferred its assets from dollars before imposing sanctions on it." Ended/25h
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