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[size=52]Banning dollar transfers confuses depositors in Iraq[/size]
[size=45]The Central Bank of Iraq stopped remittances received from abroad in dollars, in a move that caused unprecedented confusion among depositors.[/size]
[size=45]Official sources said that the decision came after the US Federal Reserve reduced the amount of foreign exchange transferred to Iraq by about 50 percent. Bankers expected that this step would cause depositors to withdraw their money in dollars from banks, in huge quantities, next Sunday.[/size]
[size=45]Reuters reported on the authority of Mazen Ahmed, the official of investment and transfers at the Central Bank, that Iraq is moving to ban cash withdrawals and transactions in US dollars, starting from the beginning of January, but the Iraqi official later reported, “a correction to what the agency reported,” in which he indicated Until the beginning of stopping cash withdrawals on January 1, 2024, it will only include remittances received from outside Iraq, according to certain arrangements that guarantee business sustainability, and in no way includes citizens’ balances in US dollars. According to the statement, “The reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it.”[/size]
[size=45]Dozens of Iraqis protested in front of the Central Bank building in Baghdad to demand control of the dollar exchange rate. Demonstrators, owners of exchange companies in Baghdad, said that the failure to control the exchange rate has confused the markets and raised the value of basic goods.[/size]
[size=45][You must be registered and logged in to see this link.]
[size=45]The Central Bank of Iraq stopped remittances received from abroad in dollars, in a move that caused unprecedented confusion among depositors.[/size]
[size=45]Official sources said that the decision came after the US Federal Reserve reduced the amount of foreign exchange transferred to Iraq by about 50 percent. Bankers expected that this step would cause depositors to withdraw their money in dollars from banks, in huge quantities, next Sunday.[/size]
[size=45]Reuters reported on the authority of Mazen Ahmed, the official of investment and transfers at the Central Bank, that Iraq is moving to ban cash withdrawals and transactions in US dollars, starting from the beginning of January, but the Iraqi official later reported, “a correction to what the agency reported,” in which he indicated Until the beginning of stopping cash withdrawals on January 1, 2024, it will only include remittances received from outside Iraq, according to certain arrangements that guarantee business sustainability, and in no way includes citizens’ balances in US dollars. According to the statement, “The reforms undertaken by the Central Bank of Iraq aim to achieve compliance of the bank and the banking system in general with international compliance standards, and to prevent the dollar from reaching parties prohibited from obtaining it or speculating with it.”[/size]
[size=45]Dozens of Iraqis protested in front of the Central Bank building in Baghdad to demand control of the dollar exchange rate. Demonstrators, owners of exchange companies in Baghdad, said that the failure to control the exchange rate has confused the markets and raised the value of basic goods.[/size]
[size=45][You must be registered and logged in to see this link.]
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