America deprives Iraq of a billion dollars due to currency smuggling

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[size=52]America deprives Iraq of a billion dollars due to currency smuggling[/size]

[size=45]The US government rejected Iraq's request to obtain an amount of one billion dollars in cash from the Federal Reserve Bank, from Iraqi funds generated from oil revenues, due to its opposition to efforts to curb excessive circulation of the dollar and stop illicit cash flows to countries banned by the US Treasury.[/size]
[size=45]In a press report recently published by the American newspaper, The Wall Street Journal, it said that the United States has been providing $10 billion or more annually to Baghdad via bi-monthly cargo flights since the invasion of Iraq in 2003, and this money comes from the proceeds of Iraqi oil sales deposited in a bank. US Federal Reserve.[/size]
[size=45]The report, citing American officials, stated that banknotes in the hands of Iraqis have become a lucrative source of illicit dollars that go back to militias and corrupt politicians, as well as to Iran and other countries.[/size]
[size=45]For his part, a senior official in the Central Bank of Iraq said that the Central Bank is working to implement all international laws and instructions in the optimal use of the dollar, in order to create a state of monetary balance and prevent any risks that threaten the value of the Iraqi dinar against foreign currencies.[/size]
[size=45]Speaking to Al-Arabi Al-Jadeed, the official, who requested to remain anonymous because he was not authorized to make a statement, explained that the request submitted to the US Treasury Department is still under study, but there are official requests submitted to the US government that were rejected, and it is also expected that the last request will be rejected based on The United States' vision in dealing with this matter.[/size]
[size=45]He pointed out that the bank requested that it be provided with this amount of Iraqi funds related to the oil revenues it exports, which are in the United States, in order to take monetary measures to limit the rise in the dollar exchange rate in the local market.[/size]
[size=45]Regarding Iraq’s adoption of the local cash currency instead of the dollar at the beginning of next year 2024, the official explained that the Central Bank issued instructions regarding stopping cash withdrawals that include transfers received from outside Iraq in hard currency, and delivering them to beneficiaries in local currency, and this procedure does not include balances deposited by Citizens in dollars.[/size]
[size=45]The economic expert, Durgham Muhammad, said that the trading operations approved in Iraqi trade with the rest of the countries are carried out in cash dollars, due to the prevention of foreign transfers to them following the imposed sanctions, which will increase the problems of the exchange rate in Iraq.[/size]
[size=45]Muhammad explained, during his talk to Al-Araby Al-Jadeed, that the US Treasury’s refusal to hand over additional funds to Iraq, due to smuggling operations, will create a scarcity of the dollar money supply at the central bank auction and an increase in its price in the parallel market.[/size]
[size=45]Muhammad stated that the Central Bank’s instructions not to deliver dollars to beneficiaries for remittances coming from abroad will open the way for speculators to exploit this matter to raise the dollar exchange rate in a way that will cause great harm to the citizen on the one hand and the local market on the other hand.[/size]
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