The Central Bank of Iraq revealed that its cash reserves exceeded $110 billion. Noting that the banks subject to sanctions in the country are communicating with the US State Department with the aim of lifting those sanctions.
Deputy Governor of the Central Bank, Ammar Khalaf, explained that there are ongoing meetings with the US Federal Reserve and the US Treasury regarding transfers in foreign dollars.
Since the beginning of 2023, the Iraqi currency crisis has escalated after the US Treasury Department banned Iraqi banks from dealing with the global bank transfer mechanism known as “SWIFT” in an attempt to prevent the smuggling of dollars into Iran. Among the measures imposed by Washington is the imposition of restrictions on the daily auction of dollars that Iraq obtains from oil exports.
Source (Al-Sharq Al-Awsat newspaper, edited)
