The US Federal Reserve suspends money transfers to 14 Iraqi banks


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The US Federal Reserve suspends money transfers to 14 Iraqi banks

 ECONOMIE THE MOST IMPORTANT NEWS NEWS TICKER

 November 15, 2022 

The Journal (JNA)

In an economic step, the first of its kind in Iraq in years, the US Federal Bank stops money transfers to 14 Iraqi banks, and opens an investigation into the files of these banks, in preparation for their inclusion in the black list. 
The US Federal Reserve’s decision to stop money transfers with Iraqi banks came as a result of accusing these banks of smuggling money from the currency auction illegally. 
An informed source said in an interview with ( The Journal ), that “the US Federal Bank issued its decision to stop money transfers to 14 Iraqi banks, on charges of smuggling money from the currency auction (of the Central Bank), to countries under US sanctions, without revealing the name of the source. These banks. 
He added, “The Federal Reserve has opened an investigation into the records of these banks, and this will result in greater and broader penalties, including the inclusion of these banks on the black list, and work with them will end.”
The blacklisting penalty stipulates that all financial transactions between the US financial system and the listed bank will be suspended and punished. 
These sanctions came less than a month after Muhammad Shia Al-Sudani assumed the presidency of the new government and pledged to work to put the Iraqi economy on the right track. 
Today, Tuesday, the Iraqi market witnessed speculations in the dollar exchange rate, as it recorded today 148,500 Iraqi dinars for 100 US dollars, knowing that the official pricing from the Iraqi Bank is 1450 dinars per one US dollar. 
The dollar exchange rate rose to record levels, a difference of 3,500 dinars from the official real price from the Central Bank, and this benefits speculators from the owners of banking companies, who started today by buying only dollars and not selling.
The Iraqi economy suffers from large economic inflation due to political problems, instability of the financial market, high rates of corruption and money smuggling, which created a kind of mistrust among the Iraqi citizen, and that the Journal could obtain statements from the Central Bank of Iraq on the subject, which witnessed the suspension of dealings In dollars with four of the largest banks during this month and for the same reasons.The Journal newspaper

https://www.aljournal.com/%d8%a7%d9%84%d9%81%d9%8a%d8%af%d8%b1%d8%a7%d9%84%d9%8a-%d8%a7%d9%84%d8%a3%d9%85%d8%b1%d9%8a%d9%83%d9%8a-%d9%8a%d9%88%d9%82%d9%81-%d8%a7%d9%84%d8%aa%d8%ad%d9%88%d9%8a%d9%84%d8%a7%d8%aa-%d8%a7%d9%84/

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