Posted On2024-07-16 By Sotaliraq Member of the Parliamentary Finance Committee, MP Moeen Al-Kadhimi, described today, Tuesday, the decision of the US Federal Reserve to stop transfers in Chinese yuan as “arbitrary” against the Iraqi economy.
[size=45]Al-Kadhimi said in a statement, "The decision to stop transfers in the Chinese yuan was issued by the US Federal Reserve, claiming that there were suspicions about some transfers in the Chinese yuan."
[size=45]He pointed out that "the Central Bank of Iraq has contracted with an international company to evaluate and monitor transfers, and this company is a source of acceptance and trust for the US Federal Reserve."
He pointed out that "after a short period, the Central Bank of Iraq will resume transferring remittances in Chinese yuan to Iraqi traders in general," indicating that "these measures of the US Federal Reserve are considered arbitrary against Iraq and its national economy."
The Central Bank of Iraq stopped dealing in the Chinese yuan after the US Federal Reserve accused Iraq of “inflating remittances.”
During the current period, America has worked to destroy the Iraqi currency by imposing sanctions on private banks and preventing the dollar under many pretexts, which in one way or another led to a severe financial crisis in local markets. LINK
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