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Iraq has requested a special shipment of $1 billion in cash from the Federal Reserve Bank of New York, but the United States has withheld approval. The US officials argue that the request contradicts their efforts to curb Baghdad's use of dollars and prevent illicit cash flows to Iran. Since the US invasion of Iraq, the US has provided $10 billion or more annually to Baghdad in cash, which has become a source of illicit dollars for militias, corrupt politicians, and Iran. The US has banned several Iraqi banks from dealing in dollars and imposed stricter rules for electronic dollar transfers. Iraq argues that it needs the cash to stabilize its stumbling currency, but the US is pushing for more traceable electronic transactions. Iraqi officials have criticized the US restrictions, calling them an infringement on Iraqi sovereignty. The decision to flood Iraq with dollars during the US occupation aimed to stabilize the economy, but it has also fueled corruption and money laundering. Efforts to disrupt the flow of illicit dollars have fallen short in the past. The latest request for cash comes amid meetings between Iraqi and US Treasury officials, and both sides have expressed a commitment to working together on reforms. Iraqi officials say they are running short of banknotes due to the US crackdown on dollar outflows. The Central Bank of Iraq has loosened rules on banks' use of prepaid cash cards, leading to billions of dollars being smuggled out of the country. The central bank plans to phase out dollar cash withdrawals from Iraqi banks by early next year. The exact amount of Iraq [Extracted from the article] |
