The Iraqi Dinar Loses 17% Of Its Value.. Bloomberg: There Are No Additional Sanctions On Iraqi Banks
Posted On2023-07-28 By Sotaliraq Today, Friday (July 28, 2023), the Bloomberg Economic Network confirmed that the Iraqi dinar lost about 17% of its value as a result of the sanctions issued by the US Federal Reserve against 14 Iraqi banks last week, declaring that there are no additional sanctions.
The network said, according to what was translated by “Baghdad Today”, that the US Federal Reserve “does not show any current indications of its intention to add more Iraqi banks to its sanctions list,” explaining, “It is now unlikely that the US Federal Reserve will add sanctions that threaten diplomatic relations between the two countries.”
It is noteworthy that the media published information during the past week that talked about the intention of the US Federal Reserve to impose more sanctions on Iraqi banks amid widespread demonstrations of beneficiaries of the services of banks that the US Federal Reserve imposed sanctions on as a result of losing part of their financial assets. LINK
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US State Department: We Did Not Impose Sanctions On The 14 Iraqi Banks
Posted On 2023-07-28 By Sotaliraq US State Department to Rudaw: The US State Department confirmed that it did not impose sanctions on the fourteen Iraqi banks, but rather removed them from the list of the Central Bank of Iraq. On Thursday (July 27, 2023), US State Department deputy spokesman Fidan Patel told the Rudaw Media Network correspondent in Washington, Diyar Korda, that his country did not impose sanctions on the 14 Iraqi banks at the beginning of this July, but rather they were removed from the list of the Central Bank of Iraq.
He stated that "the US Federal Bank and the US Treasury Department removed the names of 14 banks from the list of the Central Bank of Iraq," noting that "these measures limit the ability of parties seeking to launder the US dollar."
The following is the text of Rudaw Diyar Korda correspondent's questions and Fidan Patel's answer to them:
Roudao: I have two questions about Iraq and the region. With regard to the sanctions imposed on Iraqi banks, which caused protests in Iraq and affected the value of the Iraqi dinar, why did America impose sanctions on those banks, and did you warn Iraq against the exit of the dollar to the countries neighboring Iraq?
Vidan Patel: Let's go back a little to be more clear. Since the beginning of July, the US Treasury Department and the US Federal Bank have removed 14 banks from the list of banks that can obtain foreign currency from the Central Bank of Iraq, and these measures have helped limit the capabilities of bad people who launder The US dollar, benefiting from the Iraqi homeland, and evading US sanctions. I also want to point out that corruption causes challenges for the Central Bank of Iraq.
Our government is working with the Iraqi government to overcome these challenges, and that the Prime Minister, Muhammad Shia' al-Sudani, takes the integrity of the Iraqi financial system seriously, and all procedures are followed in coordination and parallel with the vision of the Iraqi Prime Minister, that the Prime Minister is fighting corruption and modernizing the Iraqi financial sector.
Roudao: My question is about Russia's involvement in Syria. Will you respond to Russia's practices in northwest Syria against your drones?
Vedan Patel: I talked a little bit about this issue at the beginning of the week, and I want to stress the statements of the Pentagon and the White House that these Russian practices embody a violation of the announced protocol, and a violation of international laws. We call on the Russian forces in Syria to stop these dangerous and reckless actions immediately, and without a doubt we will follow the necessary measures to preserve the safety of our forces and the civilian people in the area. LINK
