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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Iraq prevents 8 local banks from dealing in US dollars

    Rocky
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    • Post n°1

    Iraq prevents 8 local banks from dealing in US dollars Empty Iraq prevents 8 local banks from dealing in US dollars

    Post by Rocky Sun 04 Feb 2024, 11:14 am

    [size=38]Iraq prevents 8 local banks from dealing in US dollars[/size]


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    February 4, 2024[You must be registered and logged in to see this link.]
    Baghdad/Al-Masala Al-Hadath: An official document issued by the Central Bank of Iraq showed that 8 Iraqi banks were banned from participating in the foreign currency buying and selling window.
    The document included prohibiting banks from participating in the foreign currency buying and selling window and not dealing in dollars.
    The eight banks are (the Iraqi Investment Bank, the Kurdistan International Islamic Bank, the Iraqi Union Bank, Al-Huda Bank, the Assyria International Investment Bank, the South Islamic Bank for Investment and Finance, the Arab Islamic Bank, and Hammurabi Commercial Bank).
    The main source of hard currency (America) prevents Iraqi banks from accessing the daily dollar auction organized by the Central Bank of Iraq, according to Reuters.
    Iraq is a rare ally of both the United States and Iran with reserves of more than $100 billion in the United States, and relies heavily on the goodwill of Washington to ensure that its access to oil revenues and finances are not hampered.
    A US Treasury Department spokesman said: We commend the continued steps taken by the Central Bank of Iraq to protect the Iraqi financial system from misuse, which has led to legitimate Iraqi banks achieving international connectivity through compatible banking relationships.
    In July 2023, Iraq banned 14 banks from conducting dollar transactions as part of a broader crackdown on the smuggling of dollars into the Iraqi banking system.
    The central bank says that banks banned from dealing in dollars are allowed to continue operating and are allowed to conduct transactions in other currencies.
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