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MAJOR BREAKING NEWS 7/26/23 Iraq Bank owners and citizens protest IQD value decreasing after DOT move

Tags: bank rate dollar

Anger and frustration raged in the streets of Iraq as hundreds of protesters surrounded the Central Bank of Iraq in Baghdad. Bank owners, desperate to put a stop to the crashing currency Rate, vehemently demanded that official action be taken. In a matter of two days, the market rate of the dollar skyrocketed from 1,470 dinars per dollar to an alarming 1,570 dinars per dollar. Word had spread throughout Iraq that the U.S. Treasury Department and the Federal Reserve Bank of New York had blacklisted 14 Iraqi banks due to suspicions of money laundering and funneling funds to Iran. Unrest and uncertainty flooded Iraq's economy as citizens are upset. 

Now here's the deal: 

As Iraq's private banking sector reels from the news that 14 of its banks are now banned from dealing with the U.S. Dollar, Haidar al Shamaa, owner of a private bank in Baghdad, called on his “brothers” at the Iraqi government to take action to reverse this disaster. At an impassioned press conference, he warned that the ban would have dire consequences for not only Iraq's currency exchange rate but also foreign investment.

Meanwhile, protesters dubbed the October Revolutionaries descend upon the capital demanding that the government act to stem the tide of crippling inflation. In response, Central Bank Chief Ali al-Allaq promises that all legitimate transactions will be covered at the official rate of 1,320 dinar to the dollar. Yet, nefarious activities outside of legitimate platforms continue to drive up prices against their official rate. Prime Minister Mohammed Shia al Sudani convenes with Al-Allaq in a desperate attempt to stabilize the dinar price before it is too late

This post first appeared on Iraqi Dinar US Rates News, please read the originial post: here

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MAJOR BREAKING NEWS 7/26/23 Iraq Bank owners and citizens protest IQD value decreasing after DOT move


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