The Iraqi Prime Minister relieves the governor of the Central Bank of his post

The Iraqi Prime Minister relieves the governor of the Central Bank of his post
The Iraqi Prime Minister relieves the governor of the Central Bank of his post
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Today, Monday, the Iraqi News Agency reported that Prime Minister Muhammad Shia’a al-Sudani relieved Central Bank Governor Mustafa Ghaleb Makhaif of his post.

A government source said, “The prime minister decided to relieve Central Bank Governor Mustafa Ghaleb Makhaif of his post, at his request.”

The source added, “The Prime Minister assigned Ali Mohsen Al-Alaq to run the Central Bank by proxy.”

The Iraqi currency fell by up to 10% against the dollar, as controls were applied to international transactions in dollars.

A few days ago, US and Iraqi officials said that the Federal Reserve Bank in New York began imposing stricter controls on international dollar transactions by Iraqi commercial banks in November 2022, in a move to curb money laundering and the illegal seizure of dollars destined for Iran and other countries in the east. Middle are subject to severe penalties.

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US officials added to the newspaper that Iraq was used as a haven for money laundering for Tehran and Damascus, as money in dollars was transferred based on forged invoices outside Iraq to unknown persons.

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The bankers confirmed forging invoices in dollars for goods that did not enter Iraq.

According to the newspaper, US officials aim to prevent “malicious parties” from using Iraqi banks.

Cash transfer controls in Iraq are intended to prevent smuggling to Tehran, according to US officials.

The price of the dollar in Iraq recently against the local currency reached 1610 dinars per dollar, while it settled in the official market at 1459 dinars per dollar, with a gap between the price in the official and parallel market of more than 10%.

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