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Iraq's central bank will ban five more local banks from engaging in U.S. dollar transactions, a move that comes after meetings with U.S. Treasury officials in efforts to combat money laundering ...
The banks are banned from accessing the Iraqi central bank's daily dollar auction, a main source of hard currency in the import-dependent country that has become a focal point of a U.S. crackdown ...
Iraq's central bank must address continued risks of the misuse of dollars at Iraqi commercial banks to avoid new punitive measures targeting the country's financial sector, a top U.S. Treasury ...
EO 13303 is part of a broader endeavor by the Bush administration to exert control over Iraqi oil revenues. The plan centers on the Development Fund for Iraq, created by the United Nations and nominally controlled by the United States, with advice from the World Bank and the International Monetary Fund (IMF). The second part of the plan is EO ...
The National Bank of Iraq became the Central Bank of Iraq in 1956. [5] Since switching over to its own central bank, the Iraqi monetary system was "replete with mismanagement, coercive stop-gap measures, and the production of an unstable, unreliable currency which ha[d] not been tradeable on the international market for [many] years".
Several United States senators had also criticized the deal, arguing it was hindering efforts to pass the hydrocarbon law. [5] Bremer's transitional government featured figures close to the George W. Bush administration, such as grain-trading industry lobbyist Dan Amstutz, who was put in charge of agricultural policy in Iraq.
WASHINGTON/BAGHDAD (Reuters) -The United States has barred 14 Iraqi banks from conducting dollar transactions, the Wall Street Journal reported on Wednesday, citing U.S. officials. The ban, which ...
The Development Fund for Iraq receives 95 percent of the government proceeds from Iraqi oil sales. The 2003 budget also noted that the Development Fund will provide $1.2 billion for the budget. However, the relationship between the DFI and the budget has not been made clear—the budget anticipated oil revenues of $3.4 billion—much greater ...