Latest topics
U.S. Federal Reserve imposes tight controls on Iraqi banks’ transactions
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
U.S. Federal Reserve imposes tight controls on Iraqi banks’ transactions
U.S. Federal Reserve imposes tight controls on Iraqi banks’ transactions
- Amr Salem
- January 22, 2023
Packs of U.S. dollars and Iraqi dinars. Photo: Pukmedia
Baghdad (IraqiNews.com) – In light of the difficult economic crisis that Iraq is going through, especially with the rise in the exchange rate and the subsequent repercussions that greatly affected the lives of citizens, U.S. officials revealed that the depreciation of the Iraqi dinar and the rise in the prices of foodstuffs and imported goods is caused by the remarkable change in the policy adopted by the U.S. Department of the Treasury and the Federal Reserve System in New York towards Baghdad.
U.S. and Iraqi officials said that the New York Federal Reserve System began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries, the Wall Street Journal reported.
Last November, the Federal Reserve System began imposing stricter controls on the transactions of Iraqi commercial banks, which had been operating under less stringent rules since the U.S. invasion in 2003.
The Federal Reserve System stressed that the time has come to bring the Iraqi banking system into compliance with international money transfer practices.
Since the adoption of the new procedures, 80 percent or more of daily dollar transfers to Iraq have been banned, noting that these transactions used to be more than 250 million USD per day.
The value of the Iraqi currency has fallen by up to 10 percent against the U.S. dollar, which led to a sharp rise in the prices of imported goods, including basic commodities such as eggs, flour and cooking oil.
U.S. officials confirm that the strict rules for electronic dollar transfers by Iraqi private banks were not surprising to officials in Baghdad, but rather have been implemented jointly since last November, after two years of discussions and planning between the Central Bank of Iraq and U.S. authorities.
U.S. and Iraqi officials said that the New York Federal Reserve System began enforcing tighter controls on international dollar transactions by commercial Iraqi banks in November in a move to curtail money laundering and the illegal siphoning of dollars to Iran and other heavily sanctioned Middle East countries, the Wall Street Journal reported.
Last November, the Federal Reserve System began imposing stricter controls on the transactions of Iraqi commercial banks, which had been operating under less stringent rules since the U.S. invasion in 2003.
The Federal Reserve System stressed that the time has come to bring the Iraqi banking system into compliance with international money transfer practices.
Since the adoption of the new procedures, 80 percent or more of daily dollar transfers to Iraq have been banned, noting that these transactions used to be more than 250 million USD per day.
The value of the Iraqi currency has fallen by up to 10 percent against the U.S. dollar, which led to a sharp rise in the prices of imported goods, including basic commodities such as eggs, flour and cooking oil.
U.S. officials confirm that the strict rules for electronic dollar transfers by Iraqi private banks were not surprising to officials in Baghdad, but rather have been implemented jointly since last November, after two years of discussions and planning between the Central Bank of Iraq and U.S. authorities.
https://www.iraqinews.com/iraq/u-s-federal-reserve-imposes-tight-controls-on-iraqi-banks-transactions/
*****************
>>>TNTBS's YouTube Channel<<<
RamblerNash- GURU HUNTER
- Posts : 24270
Join date : 2015-02-19
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
Fri May 10, 2024 5:03 pm by kenlej
» Go Russia
Sun May 05, 2024 11:37 am by kenlej
» Go Russia
Sun May 05, 2024 10:51 am by kenlej
» Textbook Tony
Mon Apr 29, 2024 4:13 pm by Mission1st
» The Rockefellers and the controllers are freaking out right about now
Fri Apr 26, 2024 11:16 am by kenlej
» Phony Tony sez: Full Steam Ahead!
Sat Apr 13, 2024 11:51 am by Mission1st
» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Sat Apr 13, 2024 11:45 am by Mission1st
» Russia aren't taking any prisoners
Fri Apr 05, 2024 6:48 pm by kenlej
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Wed Mar 27, 2024 6:02 am by Ditartyn
» ZIGPLACE
Wed Mar 20, 2024 6:29 am by Zig
» CBD Vape Cartridges
Thu Mar 07, 2024 2:10 pm by Arendac
» Classic Tony is back
Tue Mar 05, 2024 2:53 pm by Mission1st
» THE MUSINGS OF A MADMAN
Mon Mar 04, 2024 11:40 am by Arendac
» Minister of Transport: We do not have authority over any airport in Iraq
Mon Mar 04, 2024 11:40 am by Verina
» Did Okie Die?
Mon Mar 04, 2024 11:34 am by Arendac
» Hello all, I’m new
Wed Jan 31, 2024 8:46 pm by Jonny_5
» The Renfrows: Prophets for Profits, Happy Anniversary!
Wed Jan 31, 2024 6:46 pm by Mission1st
» What Happens when Cancer is treated with Cannabis? VIDEO
Wed Jan 31, 2024 8:58 am by MadisonParrish
» An Awesome talk between Tucker and Russell Brand
Wed Jan 31, 2024 12:16 am by kenlej
» Trafficking in children
Mon Jan 29, 2024 7:43 pm by kenlej