Iraqi Currency Crash Halts After Meeting With U.S. Official

BUSINESS

BAGHDAD (AP) — Iraq’s currency has ended after a meeting. Between the head of the Iraqi central bank and a U.S. Treasury official.

Under Secretary of the Treasury for Terrorism. And Financial Intelligence Brian E. Nelson said in a statement on Saturday. That he had met Ali al-Allaq, governor of the Central Bank of Iraq. In Istanbul earlier in the day to “discuss the mutual commitment of the opposition. Banking sector reform. – Prevention of money laundering and financing of terrorism. He praised Iraq’s “unwavering commitment” to improving compliance. With international standards and offered “continued cooperation in modernizing the banking sector.” The statement said.

Iraqi Currency Crash Halts After Meeting With U.S. Official

Iraq’s access to hard currency has been severely limited in recent months by US moves. To stop money laundering and the sending of dollars from Iraq to Iran and Syria.

Since the US invasion of Iraq in 2003, Iraq’s foreign exchange reserves have been held. At the US Federal Reserve, giving Americans significant control over Iraq’s dollar supply. The Iraqi dinar has fallen to around 1,750 to the dollar in some places on the street exchange. The official rate was 1,460 dinars to 1 dollar in various parts of the country on Thursday. The devaluation has led to protests and fears of inflation.

Iraq’s central bank said in a statement Friday evening. That the Treasury had “expressed. Its readiness for the necessary flexibility to achieve common goals.” As of Saturday, the dinar was trading at around 1,600 dinars to the dollar.

A delegation of Iraqi officials is heading to Washington next Friday.

Copyright 2023 The Associated Press. All rights reserved.

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