Washington is "satisfied" with Iraq's banking performance and pledges the continued flow of dollars

[RJG]

Washington is "satisfied" with Iraq's banking performance and pledges the continued flow of dollars
 

Drains

Economy News _ Baghdad

The US Ambassador to Iraq, Elena Romanowski, announced today, Sunday, the continuation of providing dollar services to Iraq to achieve economic stability.

Romanowski said in a tweet followed by Al-Eqtisad News, "Many Iraqi banks have now formed relationships with international banks for the first time, which is a positive step in making progress in reforming the banking sector."

She added: "We will continue to provide US dollar services to Iraq in the interest of economic stability."

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Added 12/24/2023 - 2:50 PM
https://economy-news.net/content.php?id=38794

 

 

[RJG]

Washington confirms the continued provision of dollar services to Iraq

Iraqi banks have formed relationships with international banks for the first time

16:14 PM

Related news

Zagros - Erbil

 The US Ambassador to Baghdad, Alina Romanski, confirmed on Sunday that the United States will continue to provide dollar services to Iraq.

While the Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed in a statement at the end of last month to the official news agency, that the Federal Reserve Board (the US central bank) and the US Treasury Department respond “to all requests related to the process of providing and enhancing the dollar Iraq needs by following sound rules and standards for the movement of funds.” ".

Romanski also pointed out in a tweet on the “X” platform the US Treasury Department’s “cooperation” with the Central Bank of Iraq, noting that many Iraqi banks have formed relationships with international banks for the first time, considering this a positive step in reforming the banking sector.

She confirmed that the United States will continue to provide dollar services to Iraq to serve its economic stability.

It is noteworthy that the Federal Reserve Bank imposed procedures and restrictions on external financial transfers from Iraq, to ensure that they do not reach Tehran and Damascus.

In an attempt to control dollar smuggling, the Central Bank issued a number of measures that did not have a significant impact in raising the value of the dinar or reducing the large demand for the dollar. The difference between the official exchange rate of 1,320 dinars per dollar and what is sold in the market encourages dollar smuggling networks. To increase its activity to achieve profits, in addition to the impact of this matter on the daily life of the Iraqi citizen.

 

A report issued by the International Center for Development Studies, based in the British capital, also previously warned that the attempts of the Central Bank of Iraq to prevent the smuggling of the dollar have failed, as the price of the dinar continues to decline against the dollar, which exacerbates the suffering of Iraqis and raises the prices of goods.

The report indicated that the Iraqi banking system, instead of contributing to the development of the Iraqi economy, has become a major obstacle to growth or attracting investments, in addition to becoming an essential accessory to money smuggling and money laundering networks.

 

The report also estimates that two-thirds of the Central Bank of Iraq's sales in what is known as the "currency selling window", which ranges at levels of $250 million per day, did not benefit the Iraqi market over the past two decades, which led to the country losing sums of money of no less than $400 billion.

 

The British report did not rule out that dollar smuggling operations would lead to the isolation and ban of more Iraqi banks because some of them contribute to violating international sanctions, pointing out that the recent US Treasury decisions to impose a ban on a number of Iraqi banks, and oblige the rest to comply with the platform for monitoring the movement of electronic funds. It is only the beginning of more difficult, deeper and more painful steps.

https://zagrosnews.net/ar/news/49246#hathalyoum

 

 

[haymon]

And has anything slowed the USA from giving money.....

Hay elves, keep printing.

 

[HowieC]

Hopefully the "continuous flow" is for trade and not for the use of citizens inside Iraq. Last I heard or read..... there was to be no use of USD inside Iraq as of 1/1 24.

[3n1]

14 minutes ago, HowieC said:

Hopefully the "continuous flow" is for trade and not for the use of citizens inside Iraq. Last I heard or read..... there was to be no use of USD inside Iraq as of 1/1 24.

 

hopefully the continuous flow will be as you stated as u know iraq has no problem blowing past hard deadlines that we read and perceive from the articles ive moved to the front car of the coaster for the final lap .. cheers dv'ers 

[rvmydinar]

1 hour ago, RJG said:

Washington confirms the continued provision of dollar services to Iraq

Is it a good news for dinar holders?

[southbeach]

12 minutes ago, rvmydinar said:

Is it a good news for dinar holders?

Yes

[jake21]

Nope! I know this will sound negative, but, I'm thinking January 1st will come and go with no change. It will be pushed back due to some "disagreement" or it will be decided that a committee must be formed to look into the shutting down of the dollar. We all know that  the dollar will not be completely gone. We know that the rate will not change on that date. Sadly, Iraq is known as the king of deception. I hope I'm wrong but history is on my side. 

[stanleypower]

3 minutes ago, jake21 said:

Nope! I know this will sound negative, but, I'm thinking January 1st will come and go with no change. It will be pushed back due to some "disagreement" or it will be decided that a committee must be formed to look into the shutting down of the dollar. We all know that  the dollar will not be completely gone. We know that the rate will not change on that date. Sadly, Iraq is known as the king of deception. I hope I'm wrong but history is on my side. 

Then why do you hold Dinar? You should sell and get out if you feel it will never happen. I think their actions recently tell a different story. Maybe it won't be January 1st but a change is coming. Just my opinion of course. 

[rvmydinar]

35 minutes ago, southbeach said:

Yes

even Nadar from Mid-east and Iraqi citizens have said ( in the rumor section ) that they have still been using dollar instead of dinar in Iraq because it is more convenient to carry dollar instead of dinar in their pockets. So does that mean the dollar has still been flowing around in Iraq before and after 01/01/24??

[horsesoldier]

I'm comfortable knowing that the Washington crooks are happy...I feel so much better now, doesn't everyone here at DV feel the Washington love fest with Iraq.

Right now I'm as happy as a happy person who has something to feel happy about. ( Sarcasm ).

[Bama Girl]

I was advised many years ago by someone who was well read in the Middle East to pay no attention to what is said, only in what they do. I believe that advice will serve well in this scenario. 

[horsesoldier]

21 minutes ago, Bama Girl said:

I was advised many years ago by someone who was well read in the Middle East to pay no attention to what is said, only in what they do. I believe that advice will serve well in this scenario. 

Absolutely 💯% 

[keylime]

10 hours ago, stanleypower said:

Then why do you hold Dinar? You should sell and get out if you feel it will never happen. I think their actions recently tell a different story. Maybe it won't be January 1st but a change is coming. Just my opinion of course. 

History is on your side but is the future? We will see....

[tn vol]

2 hours ago, Bama Girl said:

I was advised many years ago by someone who was well read in the Middle East to pay no attention to what is said, only in what they do. I believe that advice will serve well in this scenario. 

I agree, Merry Christmas and Go Big Orange!

[gregp]

16 hours ago, rvmydinar said:

Is it a good news for dinar holders?

You laughed at the article, just as you do every article and then you ask if this is good for us?  I would say the mold is a little distorted. 

[BETTYBOOP]

2 hours ago, gregp said:

You laughed at the article, just as you do every article and then you ask if this is good for us?  I would say the mold is a little distorted. 

He laughs because he has no understanding of any of this

 I have him blocked so I don't get irritated by stupidity

[rvmydinar]

2 hours ago, gregp said:

You laughed at the article, just as you do every article and then you ask if this is good for us?  I would say the mold is a little distorted. 

I laughed at the article because this article about " the continued flow of dollars " is contradicted to what Iraq want " no more dollar on 01/01/24 ". And also, Nadar from mid-east ( at the rumor section ) and Iraqi citizens have said that they have still loved to use dollars instead of dinar in Iraq because it is very convenient to carry dollars instead of dinar in their pockets.