Douglas Silliman reveals the secrets of the Iraqi delegation's visit to Washington and makes recommendations regarding the dollar

[6ly410]

Iraqi government efforts to open up to Washington economically and commercially

| Policy Today, 17:56 | 

  Iraqi government efforts to open up to Washington economically and commercially » Baghdad Today News Agency

Baghdad Today - Follow-up

As the talks of the Iraqi delegation visiting the United States continue, Advisor to the Iraqi Prime Minister for Investment Affairs Mohammed Al-Najjar confirmed his country's endeavor to activate the inactive provisions of the strategic agreement with Washington, stressing that it concerns economic and trade cooperation.

Since Thursday, the Iraqi economic and banking delegation, headed by Foreign Minister Fuad Hussein, has been holding meetings with US officials in Washington, to discuss a number of files that both countries classify as sensitive and important, on top of these files is the crisis of the decline in the value of the Iraqi dinar following the measures recently imposed by the US Treasury Department on the Central Bank of Iraq to limit the infiltration of the dollar into Iran and the Syrian regime.

The Central Bank of Iraq confirmed, a few days ago, reaching understandings with the US Federal Bank and the US Treasury Department, and the two parties expressed their readiness to work together to meet the challenges of working with the electronic platform for remittances and cash, which allows the US Federal Bank to monitor remittances from Iraq, and discussed a number of support mechanisms and support for the Central Bank of Iraq, in a way that enhances its capabilities to deal flexibly with crises during this stage.

According to the adviser to the Iraqi Prime Minister for Investment Affairs, "the visit will lay new foundations for cooperation with the United States," noting in a statement to the official Al-Iraqiya news channel, Sunday evening, that "one part of the strategic agreement between Iraq and the United States is activated, which is the security, intelligence and military part."

He added that "the situation in Iraq has changed, and that Prime Minister Mohammed Shia Sudan seeks to activate most parts of the agreement in order to be a new starting point for cooperation between the two countries," stressing that "since the entry of ISIS and the exit of terrorism from Iraq, most of the talk and cooperation was on the security and military side, but now, Iraq has the possibility of thinking differently after the end of all the problems of terrorism, and there is a need for the stability of Iraq, as its economy is able to grow and not be dependent on energy, but rather Building large and very important economic tributaries."

He pointed out that "the Iraqi delegation is currently working to activate the terms of the strategic agreement that are not activated, and the number of seven, including the item of economy and education," adding that "the agreement also includes the cultural item and the trade item, and each item has a team to discuss it," explaining that the economic item is related to many aspects of cooperation with the American side.

"The trade item is about the introduction of modern technology, as the United States has huge potential in the field of technology, through the aircraft industry, the agricultural field and food security, all of which are economic opportunities for American companies and for the development of our companies," he said.

He pointed out that "what we are negotiating now is how to find a ground for the entry of American companies to Iraq and their cooperation with our companies, whether public or private, and benefit from the experience to be managed and developed," explaining that "the obstacles that prevented the entry of these companies are in two main aspects, the first is the previously unstable security situation and we have overcome it now, and the other side is the thought of law between the two countries, which differs from one another."

"We seek to stabilize some factors in a way that facilitates the contracting process in order to bring the greatest benefit to the Iraqi people," he said.

The Federal Reserve has imposed measures on remittances out of Iraq to ensure that they do not reach Tehran and Damascus.

Iraq is counting heavily on the results of its delegation's visit to Washington to revive the Iraqi dinar again, whose rapid collapse in recent days has put the country's economy on the abyss and caused an unprecedented wave of high prices in the Iraqi market.

In recent days, the dinar has lost more than 30 percent of its value against the dollar, and the Iraqi market has witnessed a record rise in the price levels of food and consumer goods from less than a month ago, which resulted in a significant decrease in purchasing power, and many citizens are unable to meet the requirements of their families due to the sudden rise in food and consumer prices.

[keylime]

American report: The Iraqi delegation in Washington was under “severe” pressure from the Biden administration

American report: The Iraqi delegation in Washington was under “severe” pressure from the Biden administration

2023-02-14 04:27

Shafaq News/ The American “Middle East Institute” stated that the administration of US President Joe Biden pressured the Iraqi delegation that visited Washington recently, in order to push Baghdad to reorient the Iraqi energy sector away from Iran, and to deal with accusations that its banking sector is helping the Iranian regime to escape sanctions western.

The American report, translated by Shafaq News Agency, indicated; That the Iraqi government is in a difficult situation economically and politically, as it is facing a reaction at home due to the sharp decline in the value of the dinar in light of the increasing restrictions by the US Federal Reserve, on dollar withdrawals from the Central Bank of Iraq.

The report explained; The Biden administration used the meeting held in Washington on February 9 on the “strategic framework agreement” with senior Iraqi officials, headed by Foreign Minister Fuad Hussein, to pressure Iraq to limit its economic relations with Iran.

The report recalled Hussein’s statements, in which he said that this meeting is the first in a series of meetings that began in 2009, which this time focused on economic issues.

The report continued; Before his talks with Secretary of State Anthony Blinken, Hussein expressed hope that partnerships with the US government and private companies would contribute to helping Iraq develop its economy.

On the other hand, the report said that “the American side was more severe” in expressing its position, as the American secretary publicly urged Iraq to be independent in the field of electric energy, which means that the Baghdad government should find alternatives to Iranian energy imports in order to feed the energy sector. Stalled Iraqi energy.

The report pointed out that Blinken declared the United States’ readiness to support efforts between the Gulf states and Jordan to integrate Iraq into the “regional” economy.

The report indicated that Blinken’s statements came after the phone call that took place on February 2 between President Biden, the Jordanian King Abdullah II and the Iraqi Prime Minister Muhammad Shia Al-Sudani, when Biden expressed his support for joint Iraqi-Jordanian projects, including also the field of electricity transmission, and with regard to Oil pipeline (from Basra to Aqaba).

The report stated that an American delegation that visited Iraq in the past exerted the same pressure on the Iraqis to advance the implementation of these regional energy projects.

The report pointed out that, on the other hand, the most pressing issue from the Iraqi point of view was related to the measures taken by the Federal Reserve Board last November to impose restrictions on dollar transfers from the oil revenue account of the Iraqi government in New York to the Central Bank of Iraq, which are restrictions that caused In reducing dollar flows from the central bank to clients of local commercial banks who seek to transfer dollars out of Iraq, the Federal Reserve is currently scrutinizing recipients of dollar transfers to ensure that they do not violate US sanctions on Iran and Syria.

According to the report; The decline in electronic transfers from New York has caused an increase in the demand for the paper dollar and thus raised the exchange rate of the dollar inside Iraq, which resulted in an increase in the prices of imports, which sparked sharp popular resentment against the Sudanese government.

The report continued; That the head of the Central Bank of Iraq, Ali Al-Alaq, sought during his presence in Washington within the Iraqi delegation, to promote the steps taken by the bank in order to make the banking sector in his country, committed to the new procedures with regard to the movement of funds and control of dollar transfers outside Iraq.

According to the American report, the Iraqi government was betting that Fouad Hussein and Ali Al-Alaq would be able to convince the US administration to freeze the imposition of restrictions by the Federal Reserve Board on dollar transfers to Iraq, but Washington did not make such a commitment publicly.

The report concluded by pointing out that there is pressure within the US administration and from Congress to tighten restrictions on dollar flows from Iraq, which help Iran evade sanctions.

On the other hand, the report stated that Baghdad tried to remind Washington of the difficult situation of Iraq, referring in this context to a press statement by the Iraqi Foreign Minister on February 12, that Iraq would benefit from the decrease in tensions between Washington and Tehran.

shafaq.com

[BETTYBOOP]

IMHO... The American team basically laid it on the table and told them... get these issues sorted or we will withdraw the dollar further. BUT, both parties had to keep a front for the cameras. Iraq either needs to pull their finger out on all issues or they will loose support and they will go back to the dark ages very quickly. I also think time limits have been set for everything. All the countries and 3 letter agencies supporting them have had enough

[Fairways&Greens]

32 minutes ago, BETTYBOOP said:

IMHO... The American team basically laid it on the table and told them... get these issues sorted or we will withdraw the dollar further. BUT, both parties had to keep a front for the cameras. Iraq either needs to pull their finger out on all issues or they will loose support system" rel="">support and they will go back to the dark ages very quickly. I also think time limits have been set for everything. All the countries and 3 letter agencies supporting them have had enough

Just take the frustration we all feel with Iraq’s slow progress and put it on government and economic leaders in the world and you get a sense of the real picture and the plans these organizations have for Iraq. But most of Iraq’s leaders are corrupt and profiting from the auctions and on the take with Iran and others. It’s time it stops. 

[southbeach]

1 hour ago, BETTYBOOP said:

IMHO... The American team basically laid it on the table and told them... get these issues sorted or we will withdraw the dollar further. BUT, both parties had to keep a front for the cameras. Iraq either needs to pull their finger out on all issues or they will loose support system" rel="">support and they will go back to the dark ages very quickly. I also think time limits have been set for everything. All the countries and 3 letter agencies supporting them have had enough

Amen

[NMP2017]

45 minutes ago, Fairways&Greens said:

...most of Iraq’s leaders are corrupt and profiting from the auctions and on the take with Iran and others. It’s time it stops. 

100% absolute truth! A well known fact in Iraq yet no consequences other than "investigations" and "words". Iraq needs a "RULER" again. Someone who can and will smack heads around when needed.

[Dretown39]

1 hour ago, BETTYBOOP said:

IMHO... The American team basically laid it on the table and told them... get these issues sorted or we will withdraw the dollar further. BUT, both parties had to keep a front for the cameras. Iraq either needs to pull their finger out on all issues or they will loose support system" rel="">support and they will go back to the dark ages very quickly. I also think time limits have been set for everything. All the countries and 3 letter agencies supporting them have had enough

Remember if they don't add value to their currency the IMF will add value themselves and take over their management rights.

[Fairways&Greens]

13 minutes ago, NMP2017 said:

Iraq needs a "RULER" again. Someone who can and will smack heads around when needed.

Agreed. It’s all they understand. 

[yota691]

The Foreign Minister confirms Iraq's keenness to continue coordination with America to combat terrorism

2023-02-14 09:40

 

 

 

Shafaq News/ The Deputy Prime Minister and Minister of Foreign Affairs, Fouad Hussein stressed, on Tuesday, the necessity of continuing joint coordination between Iraq and America to eliminate terrorist organizations and combat extremist ideologies, stressing the Iraqi government's keenness to provide the best means of training and qualification for the security forces.

 

 

 

The media office of the Ministry of Foreign Affairs stated, in a statement received by Shafaq News agency, that the Deputy Prime Minister received, at his residence in Washington, DC, the US Deputy Assistant Secretary of Defense for International Security Affairs, Theresa Stephen Joynov, and during the meeting they discussed issues of common interest and praised the efforts of the US forces. In assisting Iraq in eliminating ISIS terrorist gangs, in military and security cooperation with Iraqi forces, and in reviewing Iraq's efforts to achieve stability and security in the region.

 

Hussein pointed out the necessity of continuing joint coordination to eliminate the remnants of terrorist organizations and combat extremist ideologies and ideas that support this organization, and the Iraqi government's keenness to provide the best means of training and qualification for the Iraqi security forces in all their forms.

 

He pointed to Iraq's commitment to achieving the best balanced friendly relations with neighboring countries and the region, not to use Iraqi lands to attack others, not to allow others to interfere in Iraq's affairs, not to enter into disputes and conflicts, and to be keen to bridge the views between the different parties and to build good relations based on common interests.

 

Hussein explained Iraq's role in rejecting wars in principle because of the suffering of the Iraqi people for decades from these wars, and affirmed the constant endeavor within the initiative of the League of Arab States to end the war between Russia and Ukraine, which affected the whole world in all political, economic, social and humanitarian aspects.

 

For her part, Joynov emphasized the United States' support for Iraq in achieving stability, building its armed forces, and supporting Iraq's efforts to achieve stability in the region.

[screwball]

17 hours ago, 6ly410 said:

The newspaper's sources stated that "the Iraqi delegation to Washington was able to obtain a period of 3 months, which can be extended, before entering the SWIFT system (a global remittance system)."  

okay so this would have started when the were instructed to stop using USD....remember they were suppose to do this back in 2019

[screwball]

9 hours ago, 6ly410 said:

US Treasury Department on the Central Bank of Iraq to limit the infiltration of the dollar into Iran and the Syrian regime.

only one way to do this!

[6ly410]

Fouad Hussein: We reached an agreement with US officials on the dollar

2023.02.15 - 12:04

Fouad Hussein: We reached an agreement with US officials on the dollar (nasnews.com)

 

 

Baghdad - Nas  

Iraqi Foreign Minister Fuad Hussein said on Wednesday that the Iraqi delegation in Washington reached an agreement with US officials on the dollar.  

 

  

The foreign minister said in remarks to the Voice of America followed by "NAS" (February 15, 2023), that "an agreement has been reached with US officials on the dollar, oil, gas, electricity and many other issues."  

  

"Iraq imports most of its needs from abroad, and buys needs in dollars, so most of the dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the Central Bank and Iraqi markets," he said.  

  

"Iraq has taken banking measures and now there is a mechanism," Hussein said.  

  

Follows..  

[6ly410]

'New Package of Instructions'

Al-Alaq reveals the latest developments in the Central Bank's talks with the US authorities

2023.02.15 - 09:27

Al-Alaq reveals the latest developments in the Central Bank's talks with the US authorities (nasnews.com)

 

 

  

Baghdad - Nas  

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the latest developments in the Central Bank's talks with the American authorities, pointing to the imminent issuance of "packages of facilities"  

  

  

  

Al-Alaq said in a video interview with Kurdish media in Washington followed by NAS (February 15, 2023), that "the aim of the visit is to search for how the external remittance system adapts to the new electronic platform and transfers funds through international accredited banks in a way that does not affect foreign remittances to prevent large gaps between supply and demand."  

  

"We have seen a great understanding of joint work to provide facilities and expand remittance outlets and sell dollars," the central bank governor added.  

  

He stressed that "there are no restrictions on foreign remittances, and on the contrary, the new platform preserves Iraqi banks and foreign banks. The audit of the new platform was submitted to before the transfer of funds, and the funds can only be transferred after auditing and approval, and this ensures that they are not subjected to penalties and fines in the future, as happened in previous periods."  

  

He continued, "We have intensified work in order to bring merchants to the platform, and at that time we are in the process of issuing new packages of instructions and facilities for merchants to enter the platform, and if traders join the platform, the gap will be reduced."  

  

"The appreciation of the dinar came after careful study, and we do not want the citizen to bear the tax of rising prices, and this is in line with the objectives of the Central Bank," al-Alaq said.  

  

He explained that "the official rate should not exceed 132 thousand dinars and the Central Bank is committed to that and we will secure the dollar at this price, and that what is currently happening in the market of high price is not the normal price."  

  

"The central bank cannot deal as a commercial bank and sell dollars to everyone except banks and companies, but we have opened a hotline to follow up on complaints and problems," the governor said.  

  

"The talks with the International Monetary Fund were very fruitful and he stressed that the Iraqi dinar is strong and depends on its large reserves," al-Alaq said.  

  

[6ly410]

Now in the event Incident meeting with Dr. Ali Alaq, governor of the Central Bank of Iraq

[6ly410]

Governor of the Central Bank of Iraq for Events: In the United States, we discussed opening the gate and external channel through the Trusted World Bank

[6ly410]

Governor of the Central Bank of Iraq for Events: We have seen a great understanding with the United States

[6ly410]

Dr. Ali Alaq, governor of the Central Bank of Iraq: We will issue a number of instructions and recommendations to banks and other institutions

[6ly410]

The Governor of the Central Bank of Iraq reassures the people: We found an understanding from the Americans about the dollar

\\

politics ,  2023/02/15 09:19, Views: 216 

Iraq Today (iraqtoday-com.translate.goog)

 

 

Baghdad - Iraq Today:
The Governor of the Central Bank of Iraq, Ali Al-Alaq, said that the delegation, which is visiting Washington, found "great understanding and readiness to work together in order to facilitate and expand the ports of foreign transfers, as well as to expand the categories covered by the transfer process."
The governor of the Central Bank of Iraq, Ali Al-Alaq, said in a press interview that the official exchange rate of the dollar should not exceed 1320 dinars, noting that with the procedures and instructions that have been issued and will be issued, " We will not find there is a reason to pay more than the official rate.”

The new remittance system "will free banks from the problem of worrying about their external remittances", he said.
Regarding the US restrictions on the Central Bank of Iraq, Al-Allaq said: "The truth is that we did not find any restrictions on the process of external transfer, as long as the purposes and sources of funds are legitimate."

[6ly410]

Fouad Hussein: We reached an agreement with US officials on the dollar

2023.02.15 - 12:04

Fouad Hussein: We reached an agreement with US officials on the dollar (nasnews.com)

\

Iraqi Foreign Minister Fuad Hussein said on Wednesday that the Iraqi delegation in Washington had reached an agreement with US officials on the dollar.  

\

  

In an interview with the Kurdish section of VOA, translated by NAS, Hussein stated (February 15, 2023) that "an agreement was reached with US officials on the dollar, oil, gas, electricity and many other issues."  

  

"Iraq imports most of its needs from abroad, and buys needs in dollars, so most of the dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the Central Bank and Iraqi markets," he said.  

  

The Foreign Minister stressed that "Iraq has taken banking measures and now there is a mechanism," adding, "I see that the currency issue will be gradually resolved and that the Americans have developed a mechanism to monitor the withdrawal of the dollar, which affected the price and this will stabilize step by step."  

  

Hussein continued, "Iraqi society imports almost everything from abroad and we only sell oil and that import needs dollars and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit of the dollar, and we put a mechanism to regulate the currency and control the movement of the dollar."  

  

The Foreign Minister explained that "we did not visit Washington to prevent the exit of the dollar to Iran, but to regulate its movement inside Iraq," noting that "according to the new system, it will be difficult for the dollar to exit outside the control of the state and the responsible American authorities."  

  

Hussein pointed out that "the visit was for a week and we discussed almost everything with regard to bilateral relations and the Americans put forward their visions and we reached an agreement on most issues," pointing out that "the Americans understand well the steps of the Central Bank on the currency side."  

[screwball]

2 hours ago, 6ly410 said:

Dr. Ali Alaq, governor of the Central Bank of Iraq: We will issue a number of instructions and recommendations to banks and other institutions

 

2 hours ago, 6ly410 said:

The Governor of the Central Bank of Iraq reassures the people: We found an understanding from the Americans about the dollar

Agreed on a dollar rate is my thoughts! Pie in the sky? Maybe? But I don’t think so! 😂

[screwball]

Zeros coming off 

[yota691]

'New package of instructions'

Al-Alaq reveals the latest developments in the Central Bank's discussions with the American authorities

2023.02.15 - 09:27

 

Baghdad - Nas  

The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the latest developments in the central bank’s discussions with the American authorities, indicating the imminent issuance of “packages of facilities.”  

  

  

Al-Alaq said in a video interview with Kurdish media in Washington, followed by "NAS" (February 15, 2023), that "the aim of the visit is to search for how the foreign remittance system can adapt to the new electronic platform and transfer money through international accredited banks in a way that does not affect foreign remittances." To prevent large gaps between supply and demand.  

  

The governor of the Central Bank added, "We sensed a great understanding of joint work in order to provide facilities and expand remittance outlets and sell dollars."  

  

He stressed that "there are no restrictions on foreign transfers, and on the contrary, the new platform preserves Iraqi banks and foreign banks. The audit was submitted in the new platform to before transferring funds, and funds cannot be transferred except after verification and approval, and this ensures that they will not be subjected to penalties and fines in the future, as happened in previous periods." .  

  

And he continued, "We intensified the work in order to bring merchants to the platform, and at that time we are in the process of issuing new packages of instructions and facilities for merchants to enter the platform, and in the event that merchants join the platform, the gap will be reduced."  

  

Al-Alaq pointed out that "raising the value of the dinar came after a careful study, and we do not want the citizen to bear the price hike tax, and this is consistent with the objectives of the Central Bank."  

  

He explained, "The official price should not exceed 132,000 dinars, and the Central Bank is committed to that, and we will secure the dollar at this price, and that what is currently happening in the market of its high price is not the normal price."  

  

And the governor of the central bank stated, “The central bank cannot deal as a commercial bank and sell the dollar to everyone except banks and companies, but we have opened a hotline to follow up on complaints and problems.”  

  

Al-Alaq said, "The talks with the International Monetary Fund were very fruitful, and he confirmed that the Iraqi dinar is strong and relies on its large reserves."  

[yota691]

Fuad Hussein: We reached an agreement with American officials regarding the dollar

2023.02.15 - 12:04

 

Baghdad - Nas  

Iraqi Foreign Minister Fouad Hussein said, on Wednesday, that the Iraqi delegation in Washington had reached an agreement with US officials regarding the dollar.  

  

 

  

  

Hussein stated in an interview with the Kurdish section of (VOA) translated by "Nass" (February 15, 2023), that "an agreement was reached with American officials regarding the dollar, oil, gas, electricity and many other issues."  

  

He explained that "Iraq imports most of its needs from abroad, and buys needs in dollars, so most dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the central bank and Iraqi markets."  

  

And the Foreign Minister confirmed, "Iraq took banking measures and now there is a mechanism," adding, "I see that the currency issue will be gradually resolved, and that the Americans have put in place a mechanism to monitor the withdrawal of the dollar, which affected the price, and this will stabilize step by step."  

  

Hussein continued, "The Iraqi society imports almost everything from abroad, and we sell only oil, and the import needs the dollar, and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit of the dollar, and we put in place a mechanism to regulate the currency and control the movement of the dollar."  

  

The Foreign Minister stated, "We did not visit Washington to prevent the exit of the dollar to Iran, but rather to organize its movement inside Iraq," noting that "according to the new system, it will be difficult for the dollar to exit outside the control of the state and the responsible American authorities."  

  

Hussein pointed out, "The visit was for a week, and we discussed almost everything related to bilateral relations, and the Americans put forward their visions and we reached an agreement on most issues," noting that "the Americans understand very well the central bank's steps on the currency side."  

[yota691]

Central Bank: There is no justification for the dollar's exchange rate to rise more than the official one

 

February 15, 2023

Baghdad / Obelisk: The Governor of the Central Bank of Iraq, Ali Al-Alaq, revealed the secrets and the reason for the government's decision to reduce the exchange rate of the dollar against the dinar, on the recommendation of the bank.

 

Al-Alaq said in a press statement on the sidelines of the Iraqi delegation's visit to Washington, "The decision is based on an in-depth study in this field, and the main reason is the high rate of inflation, and we do not want to burden the citizen with the consequences of this price, especially with the high general level of prices."

 

And he indicated that “the main goal of the central bank in all the world is the general stability of prices, or preventing inflation and crossing unwanted levels, and this is one of our tools that we use in adjusting the exchange rate, in a way that reduces the rate of inflation.”

 

Al-Alaq added, “What we are doing and focusing on internally and externally is trying to facilitate and simplify the entry of merchants, especially those seeking dollars, to the platform. The sooner they enter the platform, the closer we are to achieving stability and balance between supply and demand.”

 

He stressed, “This is our mission, and we will issue a number of instructions and directives to banks and other financial institutions in order for things to be clear and easy, so that they can enter the platform as soon as possible.

 

He pointed out that “the official price should not exceed 1,320 dinars against the dollar in the market. We believe that there is no reason or justification for selling the dollar at more than this price, as long as the Central Bank is committed to providing the dollar at the official price for all dollar seekers, whether for commercial purposes or For personal purposes or for all existing purposes, and if the Central Bank provides the dollar to all its applicants at the official rate, there is no longer justification for another price, unless it is for reasons related to speculation or illegal operations, so we do not believe that this price is the real price.

 

And he stressed that “with the procedures and instructions that were issued and that will be issued, we will not find there is a reason to pay more than the official price, as long as we provide it to everyone, and also everyone can report to the Central Bank about cases of exceeding the official price, and we cover the difference, and there is no longer any reason.” There is a problem with the price issue.

 

Al-Alaq continued, “As it is clear, the Iraqi dinar enjoys strength based on the large reserves that cover this dinar, and it constitutes real strength. The value of the dinar is a real value and not made up, given that there are large foreign reserves that cover this dinar, and as long as the Central Bank confirms and works to achieve its goal of general price stability and preserving the value of the dinar against the dollar, its external force is represented by the exchange rate, there should be great reassurance that This is our goal and we are working on it and we will achieve it.”

[yota691]

The Foreign Minister talks about an agreement with America regarding the dollar

 

February 15, 2023

Baghdad / Obelisk: Iraqi Foreign Minister Fouad Hussein said, on Wednesday, that the Iraqi delegation in Washington had reached an agreement with US officials regarding the dollar.

 

In statements to Voice of America, Hussein said, "An agreement has been reached with American officials on the dollar, oil, gas, electricity and many other issues."

He explained that "Iraq imports most of its needs from abroad, and buys needs in dollars, so most dollars go abroad for trade, but there was no organized mechanism to withdraw dollars from the central bank and Iraqi markets."

 

And the Foreign Minister confirmed, “Iraq took banking measures and now there is a mechanism,” adding, “I see that the currency issue will be gradually resolved, and that the Americans have put in place a mechanism to monitor the withdrawal of the dollar, which affected the price, and this will stabilize step by step.”

 

Hussein continued, "The Iraqi society imports almost everything from abroad, and we sell only oil, and the import needs the dollar, and this is the reason for the exit of the dollar from Iraq, and we did not have a mechanism to regulate the exit of the dollar, and we put in place a mechanism to regulate the currency and control the movement of the dollar."

 

The Foreign Minister stated, "We did not visit Washington to prevent the exit of the dollar to Iran, but rather to organize its movement inside Iraq," noting that "according to the new system, it will be difficult for the dollar to exit outside the control of the state and the responsible American authorities."

 

Hussein pointed out, "The visit was for a week, and we discussed almost everything related to bilateral relations, and the Americans put forward their visions, and we reached an agreement on most issues," noting that "the Americans understand very well the central bank's steps on the currency side."