When will it be freed?..Iraqi money is captive in the prisons of American banks, 20 FEB

When will it be freed?..Iraqi money is captive in the prisons of American banks

Information/Baghdad…
In the spring of 2003, Iraq witnessed an American occupation and was placed under American guardianship. Iraq’s money derived from the sale of oil, which constitutes more than 90 percent of Iraq’s hard currency imports, was placed in the US Federal Reserve Bank to protect it from compensation demands. Submitted by some countries affected by the policies of the previous regime that ruled Iraq before 2003.

In order for the Iraqi government to benefit from these funds, the Iraqi Ministry of Finance submits a request to the United States accompanied by an explanation explaining the means of disbursing these funds, so that the US Federal Bank can study and audit the request and recommend disbursing the required amount of funds. These funds are then transferred to the Central Bank of Iraq, which in turn transfers them to the Iraqi government in either US dollars or Iraqi dinars as needed.

The United States had stated on previous occasions that the reasons for imposing sanctions were mainly money laundering and currency smuggling, without providing precise details about those charges.

Experts said, “Iraq imports approximately 90 percent of its needs for goods and services from outside Iraq. This is due to the deterioration of industry, the diminishing role of the private industrial sector, and the decline of agriculture to a large extent due to the lack of rain and the decline in water levels in the Tigris and Euphrates rivers.”

They added, “This necessarily leads to a major drain in Iraq’s foreign exchange reserves. Moreover, because of the broad relations and the close distance between Iraq and its eastern neighbor, Iran, Iraq’s trade with Iran takes over the lion’s share of Iraq’s imports of goods and services, which raises the ire of Iraq.” The United States imposes tough sanctions on Iran and prohibits the supply of US dollars to Iran.”

This scene requires Iraq to be liberated from American control over its money, in order to continue building the country.

On Monday, Ali Hussein, a member of the Al-Fatah Alliance, warned of American control over oil financial revenues at the Federal Reserve, accusing Washington of exploiting this control to put pressure on Iraq.

Hussein told Al-Ma’louma, “America is exploiting this control by imposing its will on many issues, including armaments, in addition to its pressure on the economic card.”

He called on the government to “free itself from this pressure, and to have a say in reformulating the relationship with the Americans.”

He stated that “the Iraqi and international financial system is captive to the American administration, which necessitates resorting to other methods to ensure the liberation of money from its authority, and reaching an understanding through other windows away from the pressure it is exercising against Baghdad.”

In the same context, the head of the Coordinating Body of the Popular Movement for the Belt and Road, Hussein Al-Karaawi, confirmed that Iraq possesses great economic components that require proper management to lead it towards achieving success, investment, and getting rid of American will.

He told Al-Maalouma, “There is an urgent need for Iraq to turn towards the countries of the East to develop economic and trade relations in various fields and get rid of the American hegemony imposed on Baghdad.”

He called for “dealing in the ruble or the Chinese yuan, and not limiting the economy to the US dollar.”

Last year, Iraq demanded that the United States of America release its money from its treasury.

A previous statement by the Ministry of Foreign Affairs said that Minister Fuad Hussein discussed with his American counterpart, Anthony Blinken, a number of issues, including the sanctions imposed by the US Treasury on Iraqi banks.

According to a statement by the Iraqi Ministry of Foreign Affairs, the US Treasury did not provide the reasons behind imposing such sanctions, and whether Washington imposed these sanctions was due to the lack of discipline of these banks in implementing the banking instructions and rules set by the Central Bank of Iraq or the US Federal Reserve Bank, or whether For other reasons.

According to the statement, the Iraqi Foreign Minister officially called on the US Secretary of State to reconsider the US Treasury’s decision on the issue, especially since the US Treasury is in constant communication with the Central Bank of Iraq and that these banks play an important and major role in financing the ration card expenses that benefit low-income families. Limited, providing them with a food basket consisting of basic foodstuffs such as flour, rice, sugar, tea, some legumes, washing powder, and others.

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