The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates “illegal trade” - 3/14/2024

[ronscarpa]

The Central Bank announces an understanding with the US Treasury to reconsider sanctions and indicates “illegal trade”

PoliticsBreakingCentral Bank Of IraqAli Al-Alaq

 

2024-03-14 // 09:39

 

Shafaq News / On Thursday, the Governor of the Central Bank of Iraq, Ali Al-Alaq, announced an understanding with the US Treasury Department to reconsider the sanctions imposed on Iraqi banks, indicating at the same time “illegal trade” that causes the stability of the dollar exchange rate.

 

Al-Alaq said during his stay in the Parliamentary Finance Committee, according to a statement received by Shafaq News Agency, that “basic rules have been established in order to monitor the process of external and internal transfers, attributing the instability of the exchange rate to the existence of illegal trade carried out by small merchants and some speculators, which is financed by withdrawing the dollar.” Cash from the market.

 

He added, "The foreign sanctions imposed on a large number of our local banks have hindered efforts and plans to open relationships and lines of communication with accredited international correspondent banks," pointing to "continuous meetings with the US Treasury, and an understanding was reached to reconsider the sanctions imposed on Iraqi banks, and that Such decisions should not be issued in the future except after discussing and informing the Central Bank of Iraq, as it is responsible for monitoring its activity.”

 

He explained, “We are currently coordinating with the relevant authorities regarding the implementation of the plan to regulate foreign trade,” noting that “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”

https://www.shafaq.com/ar/سیاسة/البنك-المركزي-يعلن-تفاهما-مع-الخزانة-الامريكية-ل-عادة-النظر-بالعقوبات-وي-شر-تجارة-غير-شرعية

[screwball]

3 hours ago, ronscarpa said:

noting that “the process of printing the local currency is carried out according to the required financial cover and in a way that balances the foreign and local currency and prevents any financial inflation.”

This goes hand in hand with exchanging old for new, as they take old damaged currency during exchange process out of circulation they must print….they must also ensure they don’t over print…