INSUBCONTINENT EXCLUSIVE:
2023-02-16T19:02:29.000000Z Share fontEnable Reading ModeA-AA+Shafaq News / Iraqi Foreign Minister Fuad Hussein is visiting Washington this
officials the country’s faltering currency and a new money-tracking program aimed at cracking down on money laundering.In an interview
with VOA’s Kurdish Service, Hussein discussed his country’s strategic relations with the United States, the presence of foreign troops
in Iraq, and Iran's influence in the country, among other issues.Hussein said his team discussed the sharp decline of Iraq’s currency
dollar, an issue that has been tied to Iranian money laundering."The Central Bank of Iraq has taken a number of measures that appear in this
regard, and I think the currency rate is slowly stabilizing,” he said."Under the new system, it will be more difficult for dollars to move
without the knowledge of the Iraqi government and the U.S
Treasury," he said, adding that “a mechanism has been put in place to regulate the outflow of dollars” from Iraq.U.S
officials recently met with Iraqi officials in what they called an attempt to discuss “reforms” in Iraq’s banking sector and “a
mutual commitment to anti-money laundering and countering the financing of terrorism.”Brian E
Nelson, undersecretary of the U.S
Treasury for terrorism and financial intelligence, met with Central Bank of Iraq Governor Ali al-Allaq in Istanbul earlier this month.In a
statement, the Treasury Department said Nelson praised Iraq’s “steadfast dedication” to improving its compliance with international
standards “and offered continued cooperation in modernizing the banking sector.”Following a meeting last week with Hussein, U.S
Secretary of State Antony Blinken vowed to work with Iraqi officials “to strengthen Iraq’s economy, its integration, reintegration in
the region in ways that make a material difference in the lives of the Iraqi people.”Hussein said during the interview, "Our main reason
for coming here is to strengthen ties, especially in the fields of finance and economy, and one of these issues is related to the currency
I think the discussions we had with the U.S
Treasury and the Federal Reserve have reached a good conclusion
The Central Bank of Iraq has taken a number of measures that appear to have support, and I think the currency issue is slowly
stabilizing.""Iraqi society buys everything from abroad, from agricultural materials to food and medicines, and industrial goods
If you look at Iraq's trade or its trade balance with other countries, you will see that everything comes from abroad
The Iraqi market and the Iraqi government spend a lot of dollars on this
So, the dollar going abroad is fine if it is related to trade
And in fact, most of this is related to trade
However, there was no mechanism on how the dollar would be issued from the central bank, who would receive it from the Iraqi market and how
Now, a mechanism has been established to regulate the movement of the dollar
This mechanism slowly controls the outflow of dollars through smuggling or for other purposes."He added, "We have not come to say that the
dollar should not enter this country or that
We have come here to regulate the situation of the dollar in the Iraqi market
When it is regulated in the Iraqi market, this means that dealing with the U.S
Some of the dollars that went to some countries in the past were actually our problem — a problem related to the system in Iraq
But with this new system, it will be more difficult for dollars to go elsewhere without the knowledge of the Iraqi government and U.S
With this system of the central bank, the entire U.S
Treasury and the Federal Reserve are allowed to monitor it."Iraq,s foreign minister indicated, "We met many officials of this country
They discussed many issues, ranging from politics and the economy to oil, gas, electricity and the investment of U.S
They had some comments about their Iraqi policy, and we have reached an agreement on most of the issues that were raised
They support us, and we understand some areas of their policy
In the currency field, there is a good understanding by the Americans of the policy pursued by the Central Bank of Iraq.""We have not come
here to agree on everything
They have their own policies
For example, they have their own policy towards Russia, and they have their own policy towards Iran
For us, Iran is a neighboring country, and we treat it differently
This is a reality."Hussein concluded, "U.S
forces that are still in Iraq obviously need to stay there for Iraq’s security and military interests
But let me make something clear: These are not combat forces
Based on a mutual agreement, these American troops advise and train the Iraqi army and the [Kurdish] peshmerga forces
They have also been helping us with intelligence sharing, especially with regards to ISIS [Islamic State] terrorists."
