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Iraq Reaches Deal with US to Restart Dollar Cash Deliveries
(MENAFN) Iraq and the United States have reached an agreement to restart shipments of US dollar banknotes to Baghdad after a suspension lasting several months, an Iraqi government spokesman said Saturday.
Haider al-Aboudi said the understanding was reached during Prime Minister Ali Faleh al-Zaidi's visit to the US. He said the renewed deliveries are intended to help satisfy domestic demand for foreign currency.
“A new shipment will arrive in the coming days,” he said, without providing details on the amount or specific arrival date.
Al-Aboudi said the agreement followed measures introduced by Baghdad to strengthen supervision of dollar distribution, prevent the misuse of foreign currency and expand electronic payment systems as Iraq moves toward a more digital financial system.
Washington halted dollar cash deliveries to Iraq in April, including a shipment reportedly worth about $500 million, as the US sought measures from Baghdad to limit the influence of Iran-backed armed groups.
Cash dollar shipments remain important for Iraq's heavily cash-dependent economy. The country's foreign currency reserves are maintained in an account at the Federal Reserve Bank of New York.
Haider al-Aboudi said the understanding was reached during Prime Minister Ali Faleh al-Zaidi's visit to the US. He said the renewed deliveries are intended to help satisfy domestic demand for foreign currency.
“A new shipment will arrive in the coming days,” he said, without providing details on the amount or specific arrival date.
Al-Aboudi said the agreement followed measures introduced by Baghdad to strengthen supervision of dollar distribution, prevent the misuse of foreign currency and expand electronic payment systems as Iraq moves toward a more digital financial system.
Washington halted dollar cash deliveries to Iraq in April, including a shipment reportedly worth about $500 million, as the US sought measures from Baghdad to limit the influence of Iran-backed armed groups.
Cash dollar shipments remain important for Iraq's heavily cash-dependent economy. The country's foreign currency reserves are maintained in an account at the Federal Reserve Bank of New York.
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