US expect Iraqi team over Banking Restrictions

Iraqi officials are set to travel to Washington next month to address issues related to US banking restrictions, according to an informed source. This comes after recent demonstrations in Iraq over the slide of the Iraqi dinar against the dollar, which has led to a rise in prices of imported consumer goods. The protesters are demanding government intervention to stop the decline of the dinar’s value as it causes suffering for people in local markets.

It is unclear whether Iraqi Prime Minister Mohammed Shia’ Al Sudani will lead the delegation or not. The visit is expected to take place in early February. The source stated that representatives from the Iraqi government will investigate the smuggling of dollars from Iraq to Iran.

The devaluation of the Iraqi dinar against the dollar began after the New York Federal Reserve imposed tighter controls on international dollar transactions by commercial Iraqi banks in November. This was done in an effort to halt the illegal siphoning of dollars to neighboring Iran, which is currently under tough US sanctions.

As people from different regions of Iraq took to the streets to protest, they waved Iraqi flags and carried banners demanding government intervention to stop the dinar’s decline. The dinar has dropped to around 1,620 to the greenback from 1,470 in November. The delegation’s visit to Washington aims to find a solution to these issues and stabilize the Iraqi economy.